Another Accounting Specialty and Certification
There is another specialty and certification in the field of accounting which have been designated as the hospitality accountants. This is a specialty which is needed as it covers accounting for businesses such as hotels, restaurants, spas, casinos, tourism, and similar types of businesses. These businesses have specific differences in their operations which require specialized expertise in their accounting and financial matters to assist in the guidance of managers in operating the businesses effectively. Consider that a major difference in these businesses than other businesses in that they have no physical inventory in the classic sense of actual good for sale-their inventory is in the concept of time passage. In a hotel every day that a room is not rented is gone forever it cannot be sold the following day. In the casino business any time that a gambling seat is not being occupied by an active player is gone the revenue from the empty seat cannot be recouped in the future.
The Hospitality Financial & Technology Professionals (HFTP) organization has developed course work and requirements needed to pass a test to achieve the designation of Certified Hospitality Account Executive (CHAE) which shows that a knowledge and proficiency in hospitality industry accounting has been achieved. There are a number of other nuances that are specific to these businesses which have made a specialized accountant for these industries a necessity in gaining knowledge to present information that is useful in managing the business successfully. The knowledge gained by the accounting professional from the studies necessary to pass the test includes the construction and format of various financial statements which are geared to the reporting and analysis needs of the hospitality industry. There are also other courses and seminars which address the needs of the hospitality industry many of which offer continuing education credits for the participants. This area of accounting presents professionals with an opportunity to specialize in an industry which is both interesting and challenging.