Ac coun t i ng Tene t s
NO SURPRISES! Hospitality is often a very fluid and dynamic operation. Many things happen which cannot be foreseen. However, as soon as changes occur, especially those having a financial impact, all stakeholders need to be made aware. For example, staff accountants may experience occasions where resolutions to balance sheet issues require an unplanned expense or credit to the P&L. These events need to be communicated to the property and operations team immediately. Likewise, there may arise difficulties and times when a team member realizes they will be unable to meet a deadline. That challenge needs to be communicated to their manager as soon as it is known, rather than waiting until after the deadline has past.
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