Many people imagine that accounting is dry, boring, and something only professional accountants need to understand. In fact, it is central to every facet of the hospitality business. A thorough grounding in USALI principles is essential for anyone hoping to advance their career.
The hospitality industry, with all the various activities it involves, poses a unique accounting challenge. The USALI system is almost universally accepted as the gold standard for streamlined bookkeeping and accurate, consistent reporting across business units.
The Uniform System of Accounting for the Lodging Industries has been around since 1926. Naturally, it has been updated numerous times over the years to adapt to changes in technology and the hospitality industry itself. The most recent edition is the 11th, with the 12th, a refinement of the current guidelines, set to be released shortly.
The rules and procedures defined by USALI are specifically tailored to the hospitality industry instead of trying to apply accounting practices meant for, say, manufacturing or shipping companies. This makes it an invaluable tool for both senior executives and the managers who report to them.
In addition, following these outlines allows meaningful comparisons to be made between one hotel and another. Aside from well-known financial ratios, USALI provides industry-specific performance metrics and statistics that not only give a highly granular view of business performance but can be used for forecasting.
All in all, familiarity with USALI is the bedrock of any career in hotel management. Candidates who can show relevant qualifications are automatically in higher demand.
Due to the extent of the material covered, students without any prior knowledge of accounting will find this course challenging. If so, or you’d prefer to refresh your memory this course can provide an introduction to the subject matter.
You can expect to complete the syllabus in approximately one month by studying for 1 hour each day. After this, you will:
In the hospitality industry, numbers don’t quite tell the full story. When using the USALI system, however, they also don’t lie and can provide invaluable insights not available in any other way. This makes USALI essential knowledge for anyone hoping to pursue a managerial career.