My role involves implementing, monitoring and controlling all financial aspects of the business. I produce a full monthly accounts pack that looks at the key performance indicators for the business. I compare the actual results achieved with the budget and the previous periods. I investigate any variances and recommend changes for the next period to address any variances that occurred. I also manage the cashflow of the business.
I have worked in other sectors, but particularly enjoy hospitality as it is constantly changing and evolving. The results of the financial period are always important in good and bad times. The finance and accounts department plays a pivotal role in the business.
Continued learning and development allows for a challenging, rewarding and evolving career
My department has played its part in dealing with the challenges of 2021 by ensuring the hotel was paid the government subsidies and grants it was eligible for. Another key part of my role throughout the pandemic was to manage cashflow. This was a crucial daily task. It was imperative to keep communication open with all staff to ensure they were aware of what they were entitled to and the tax implications, and to provide them with information on the training and courses available to them. It was also important to keep communication open with other stakeholders, such as suppliers, Revenue and banks.
Last year, I spent a lot of time working on forecasts and budgets, preparing projections in line with changing restrictions and likely outcomes. I also spent a lot of time attending webinars and industry updates to ensure that the business had all the information it needed.
If I could recommend one government action for the hospitality sector it would be to implement a sector-specific training initiative to bring people back to the industry. Looking to the year ahead, our business goal is to achieve the budget we have set out for the year and to finally get to host several events that were postponed due to the restrictions.
My other area of expertise is lecturing on business, human resources management and accounting. I teach at the lifelong learning faculty at TUS (Technological University of the Shannon), which provides a broad range of online and blended courses open to adults all over the country. I also correct and mark papers for Accountancy School in Dublin. This college provides training for those students who are studying their ACCA exams and preparing for the ACCA Qualification.
The portfolio approach to my career ensures I keep up to date through preparing and researching for classes. Coming from an industry background allows me to provide relevant work scenarios for the students to apply the academic theory to. It is particularly satisfying as I get the opportunity to meet with students starting out on their accounting and finance careers and help them to gain the knowledge required to work in the industry.
The most important career advice I would give is to continue to learn. I studied my diploma in FRS 102 with Accountancy School in Dublin from 2019 to 2020, which enabled me to stay up to date with all the changes brought about by FRS 102. I am also undertaking the MBA programme at Griffith College’s graduate business school. Continued learning and development allows for a challenging, rewarding and evolving career.