One goal of the new guidelines was to recognize the increasing globalization of the hotel industry, Temling said.
“Many of the changes are reflective of what’s happening in the world in our industry,” he said. “Chains based in the (United States) have generally adopted the guidelines; that’s not the problem. But we also hope chains domiciled outside this country will accept the changes outlined in the book.”
Some of the changes are small, but symbolic, Temling said. In previous editions of the book, accounting for some employee benefits reflected terminologies used by U.S. companies.
“Up through the 10th edition, we called it FICA or social security for employees’ benefits,” Temling said. “This time around we call it social benefit contribution, which is more universally acceptable.”
Large hotel companies might have more difficulty adopting the new guidelines than will smaller ones, said Michelle Russo, founder and CEO of Hotel Asset Value Enhancement, a hotel asset management and real estate advisory company. She is a member of the financial committee that created the latest edition.
“It’s actually harder for larger operators because they often have many divisions,” she said. Examples she cited affect reporting of telecommunications, labor and segmentation data.
“We created a new (information technology) department, and in a large company that is worldwide that operates on multiple accounting platforms, the mapping process is massive,” she said, adding that some companies have decided to defer adopting the new IT department guideline until 2016.
The new guidelines created more detail in labor cost reporting, which is important for ownership but a daunting task for management, Russo said.
“Previously, the rooms department (category) had one line called ‘Labor’ and 43 lines called other things, and that included printing, stationary, stamps and other stuff,” she said. “While labor is 60% of that department, previously there was no breakdown of housekeeping labor versus front office, etc.”
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Five tech tips to prevent employee theft | Hotel Management - 0 views
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this article talks about five tech tips that help to prevent employee theft. for problem 1 taking money from the register, CCTV can help, but internet protocol cameras can bring more convenience and new features. For copying the company's digital asset, using cloud-based security services, company can monitor where its information has been removed. For stealing customer data, encrypting customer data can be vital in dealing with this problem. For pilfering products, RFID readers can help detect either up to 40 feet way or up to 300 feet away. For cheating on time sheets, biometric identification systems keep employees accountable for their time on the job and prevent "buddy punching," the practice of having colleagues clock their peers in and out.
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HNN - Hoteliers adjust to new accounting guidelines - 0 views
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This article explains the changes and increasing globalization in the world and hotel industry. It explains the new guidelines and the procedures large and small hotels take.
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This article explains the changes and increasing globalization in the world and hotel industry. It explains the new guidelines and the procedures large and small hotels take.
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shared by bbguy09 on 13 Feb 17
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What Dominated Hotel Technology in 2016, and What's Next? - 0 views
insights.samsung.com/...hnology-in-2016-and-whats-next
Technology Hospitality Investment Engagement CIO Hotels VR AR RFID Robotics Apps Mobile Voice Activation Innovation Incubator
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Consumers are wowed by new technology, and expect the latest gadgets they use at home and on-the-go to be a regular part of their travel experience.
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Guest-facing apps have drawn well-earned attention as part of a larger trend toward enhancing the guest experience
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Guest room controls were a hot area for hotel technology investment last year, and show no sign of slowing in 2017.
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Brands are using AR for innovative uses such as translation services, wayfinding through interactive wall maps and even virtual decor.
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Other emerging technology catching hoteliers’ attention include RFID for asset tracking, interactive walls and displays, and robotics.
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Expect incubators to become one of the bigger trends in hospitality as brands seek to discover the tech that resonates with their guests.
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hotel CIOs are kicking up investment in digital customer engagement in 2017, rising from 32 percent in 2016 to 52 percent
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Increasingly, consumers expect their travel experiences to include the latest and greatest technologies that they experience in their daily lives. This is driving increased investment from hospitality (esp. hotelier) CIO's in digital customer engagement. Top technologies include virtual/augmented reality for consumers as training of employees; voice activation in hotel rooms and common areas as well as for coaching staff; mobile apps for booking, check-ins/check-outs, IRD orders, and front-desk communications, as well as back-end management of labor, inventory, and customer relations; RFID asset tracking; interactive displays; and robotics. All of these trends culminate in Innovation Incubator hotels like M Beta at Charlotte Marriott City Center where technologies are rapidly prototyped and guest feedback is provided in real-time to help drive decisions about which technologies represent the greatest value to cutting-edge hoteliers through guest engagement.
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A London Hotel's Ratings Skyrocket after It Starts Reading Its TripAdvisor Reviews - 0 views
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In the case of one ailing hotel in Central London, the website's honest insights turned out to be an essential tool for management to assess the property and improve the customer experience.
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This article shows the importance of guest reviews in a hotel through online websites like TripAdvisor. Before purchasing the antique St. Ermin's Hotel in Central park, management decided to take a look of what customers thought about the property. People said the location was fantastic and it had beautiful physical assets but it needed a major renovation. TripAdivisor played a huge role for the hotel to recover and maintain high level of guest satisfaction raking their property from 480 to number 25 in TripAdvisor's Central London rankings and later jumped to number 18. Websites like TripAdvisor enables management to be informed and up-to-date of what customers are looking for before they travel. At the end, customers are they reason why we are still in business.
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This article shows the importance of guest reviews in a hotel through online websites like TripAdvisor. Before purchasing the antique St. Ermin's Hotel in Central park, management decided to take a look of what customers thought about the property. People said the location was fantastic and it had beautiful physical assets but it needed a major renovation. TripAdivisor played a huge role for the hotel to recover and maintain high level of guest satisfaction raking their property from 480 to number 25 in TripAdvisor's Central London rankings and later jumped to number 18. Websites like TripAdvisor enables management to be informed and up-to-date of what customers are looking for before they travel. At the end, customers are they reason why we are still in business.
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Events2HVAC Blog - Five Steps to Energy Efficiency - 0 views
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Instruct your team to focus on energy efficiency rather than renewable energy (solar, wind, etc). Energy efficiency improvements are generally less expensive and have better return on investment (ROI). Take a look at this presentation, The Economics of Energy Efficiency vs. Renewable Energy, if you have doubts.
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According to the July 2011 results of the Sustainable Asset Management Survey by Gartner and TRIRIGA, an IBM company, only 8% of their 130 respondents in large corporations and public sector organizations indicated that they did not have an energy and environmental strategy. However, I suspect that this problem is more prevalent in medium and small organizations.
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Article discusses results of study on sustainable facilities management and provides a rubric to set and reach energy efficient goals. Key point of the article I think was item number three in which the article instructs managers to focus on energy efficiency rather than renewable energy sources such as solar, wind, and other areas. See also link below to study... http://1105govinfoevents.com/custom/IBM/sustainability_white_paper.pdf
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Hotel technology trends that are changing how hotels do business - 1 views
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Choice created the software in 2003 as an inexpensive solution for franchisees of its economy brands.
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The PMS had a lot of growing pains at first, but eventually it became more and more cloud enabled and was adopted across the company.
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“A lot of companies had outsourced their IT and now they’re bringing it back in house because they can do almost everything they need on the cloud or through software as a service.
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pects of a franchisee’s business, from guest check-ins and housekeeping services to billing and finances. Over time new features have been rolled into the software platform making it more robust and useful for hotel owners—it’s currently distributed in eight countries and available in four languages. And while plenty of cloud-based PMS packages are now available from third-party vendors like Micros, Maestro, and RoomKey, Choice’s internal solution has garnered its fair share of attention. “We had been getting knocks on the door from IT vendors at other hotel companies and individual Choice franchisees that own other brands, saying they were interested in our product,” says Pacious, “So we set up a new division so we could take a look at other opportunities we could develop.” This led the company to launch SkyTouch last year, a new division that develops and markets cloud-based software solutions to hotels inside and outside the Choice system. Pages: 1 2 3 4 2013-06-18 Sean Downey !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/all.js#xfbml=1"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); (function() { var po = document.createElement('script'); po.type = 'text/javascript'; po.async = true; po.src = 'https://apis.google.com/js/plusone.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(po, s); })(); (function() { var li = document.createElement('script'); li.type = 'text/javascript'; li.async = true; li.src = ('https:' == document.location.protocol ? 'https:' : 'http:') + '//platform.stumbleupon.com/1/widgets.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(li, s); })(); inShare0 Related Articles attachment-3
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Switching to the cloud from a client server platform pays off with a big drop in both the initial capital outlay and the ongoing operating costs for the property management and other systems.
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his led the company to launch SkyTouch last year, a new division that develops and markets cloud-based software solutions to hotels inside and outside the Choice system. Pages: 1 2 3 4 2013-06-18 Sean Downey !function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0];if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src="//platform.twitter.com/widgets.js";fjs.parentNode.insertBefore(js,fjs);}}(document,"script","twitter-wjs"); (function(d, s, id) { var js, fjs = d.getElementsByTagName(s)[0]; if (d.getElementById(id)) return; js = d.createElement(s); js.id = id; js.src = "//connect.facebook.net/en_US/all.js#xfbml=1"; fjs.parentNode.insertBefore(js, fjs); }(document, 'script', 'facebook-jssdk')); (function() { var po = document.createElement('script'); po.type = 'text/javascript'; po.async = true; po.src = 'https://apis.google.com/js/plusone.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(po, s); })(); (function() { var li = document.createElement('script'); li.type = 'text/javascript'; li.async = true; li.src = ('https:' == document.location.protocol ? 'https:' : 'http:') + '//platform.stumbleupon.com/1/widgets.js'; var s = document.getElementsByTagName('script')[0]; s.parentNode.insertBefore(li, s); })(); inShare0 Related Articles Hotel Market Insight: Cleveland a
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This led the company to launch SkyTouch last year, a new division that develops and markets cloud-based software solutions to hotels inside and outside the Choice system.
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Choice Hotels has been a industry leader in the cloud PMS movement. They identified the opportunity to create their own platform 10 years ago when cloud was barely on the radar and have now successfully distributed it to 5,500 of their properties. Unique functionality built into the system is internet redundancy via cellular data plan, company-wide campaign pop-up messages to staff, interface to Pegasus and revenue management through predictive analytics. The platform has been so successful that, in response to inquiries from other companies who wanted to use Choice's proprietary system themselves, they created an additional revenue stream by establishing a separate company that sells and creates custom cloud PMS systems. One advantage pointed out is that managers no longer need to be on property to access and make changes to their PMS. While this is hugely beneficial to the majority of the industry (who already work long hours and visit the property on their day off), there may be some who take advantage of the situation. If this becomes the case, less oversight at the property means that operations has the potential to slip. It doesn't seem that this is a concern for Choice Hotels but it should be considered.
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shared by dstro007 on 13 Sep 15
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Booking trends: Don't ignore impact of GDSes - 0 views
www.hotelnewsnow.com/...ds-Dont-ignore-impact-of-GDSes
GDS; GLOBAL; DISTRIBUTION; SYSTEMS; TRAVEL; BOOKINGS; HOTEL; AIRLINES; CRUISES; CAR RENTALS;
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Hotel bookings through travel agents are expected to reach a record high in 2015 and have held their share of the market despite dire predictions for years.
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TravelClick is projecting 62 million bookings through GDSes in 2015, which is up from 61 million in 2014 and 42 million during the depths of the recession in 2009.
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a total of $12 billion in revenue was booked across all channels in the second quarter in the top 50 global markets, encompassing 69 million roomnights
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Don't sleep on the GDS systems. The are making their mark and proving to be an important asset in the process of making a booking. Whether it is a hotel, car, cruise, or airline reservation, the GDS systems got you covered. Being that nowadays, travel agent would use this system for their non-tech savvy clients, bookings are expected to be at a record high this year. In a report generated by TravelClick, out of the $12 billion dollars generated in the second quarter alone, GDS systems accounted for a little over 16% of that total; the highest percentage came from direct bookings, of course. So at least we can count on the use of these GDSes to help turn a profit within our industry.
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shared by lvela051 on 30 Oct 16
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Safety Security and Loss Prevention During Hospitality Emergencies - Disaster Recovery ... - 0 views
www.drj.com/...g-hospitality-emergencies.html
business Hospitality hotel tech prevention security emergency
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Emergency preparedness should be a major part of the hospitality managers’ duties; they must work side by side with other tourism organizations to be prepared well to assist and save the lives of the tourist before, during and after the catastrophic events, and should adopt an updated effective emergency plan.
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Safety and security are classified as the most important factors in the hospitality industry. Pizam et al., (1997) argued that safety and security are the most important factors to the tourist, and the first in mind when planning to travel.
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The effective usage of safety surveillance such as closed circuit television (CCTV), electric emergency generators, body guards, fire extinguishers, fire sprinklers, emergency lights will maintain the security procedures adopted by the hotels to ensure their guests' safety, and updated emergency plans to confirm the emergency preparedness and effective planning to overcome the potential risks.
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Furthermore, it is important to consider the proper dress for the security staff to be in line with the hospitality management philosophy.
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Safety is a term which relates to protecting guests and staff within the hotel from the potential hazards, injury, and death by dealing with dangerous materials and different kinds of accidents. In contrast, security regards the protection of property from criminal accidents and terrorist activities.
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Providing the highest levels of safety standards and security ensures good marketing for the hotels by preventing an accident before it becomes a major issue causing loss of life and property.
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effective information system and being well prepared for emergencies could prevent or minimize loss for the hotels.
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four-phase model to plan for the crisis and to deal with the emergencies; this model proposed reduction, readiness, response, and recovery phases to deal with the crisis.
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Many practitioners imply that regarding the technology evolution in the last decade, Information Technology has become a fundamental part of the hospitality industry,
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the importance of an updated emergency plan
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is vulnerable to both internal and external emergencies.
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updated regularly, and a direct communication system should be employed to respond to and overcome the crisis.
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ole of the media, information, and the social media should be reviewed and evaluated continuously
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causing negative impacts not only for the hospitality players, but also for the tourists and the local community.
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biometric technologies could ensure the hotel security and increase the effectiveness of hotel information systems. This will reduce the costs, improve management of the employee and guest activities, and improve the ability to recognize the criminal activities.
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Preparedness and an updated emergency plan with managers' awareness will help the hospitality industry to provide the necessary resources, as well as effective training to avoid or minimize risks. Safety surveillance and security systems are very important to save guests' lives and hospitality properties. These factors can also be used as a marketing tool for guests and meeting planners. Finally, it's very important to understand the crisis emergency frameworks to mitigate effects and be well prepared before the crisis strike, and furthermore, to minimize losses during evacuation when the disaster happens.
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susceptible to epidemics movements,
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Hotels should issue a check-list concerning a hotel’s vulnerability to emergencies caused by natural disasters (hurricanes, earthquakes, tsunamis) or man-made crises (terrorist attacks, explosions, fires, spill, food poisoning).
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This will transmit a positive image: hospitality may gain a lot by using its safety and security as a marketing tool to attract more tourists to the destination.
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This article was very interesting and it was about how safety security is very important to the hospitality industry. This article also explained how a study shows the safety and security systems work in the hospitality industry. They also said that it is very important to update the emergency plan because you never know when something going to happen in the hotel and you always have to be ready for anything. This study just showed how an effective information system could prevent and being well prepared can definitely help prevent any emergency.
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The article is a study that was conducted in regards to the security management within a hotel and how an effective security system can help in preventing accidents or emergencies from occuring. The main priority of a hotel or any establishment, besides the service provided, is having an effective emergency plan set in place to be able to respond and overcome a crisis. International hospitality being a focus over the recent years, has suffered crises, risks, and disasters causing negative impacts on tourism and the community. Hotels should "issue a check-list concerning a hotel's vulnerability to emergencies caused by natural disasters (hurricanes, earthquakes, tsunamis) or man-made crises (terrorist attacks, explosions, fires, spill, food poisoning)." Another part of the plan is to focus on the loss prevention aspect of a hotel by implementing information technology to secure or improve security. On technology mentioned was biometric to increase the hotel information system and also to help reduce cost and improve the way we recognize criminal activities. With the hospitality industry being one of the most vulnerable industries to crimes and disasters, it is important to recognize, improve and update the plans set into place to ensure accurate information. While it's impossible to say that these preventions are going to stop these problems from happening, it can help other learn about the proper steps to handling these situations. I personally think that as much as employers suggest different way, it's the job of the loss prevention team in every industry to construct a plan that address as many issues and conduct trainings that would help to prepare us for these occasions. Trainings are going to be the best way to properly analyze a problem and improve on the emergency plan set.
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How Hotel Cybersecurity Keeps Guests and Data Secure - 1 views
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Hotels need cybersecurity: Although they don’t have the volume of transactions that big box retail stores do, their transactions are generally larger, and their guests have more at stake than just their groceries.
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Hospitality organizations need to understand their vulnerabilities, as well as how to identify threats to their guests, property and data.
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Hotels need to think about multiple endpoints and the remote connections they rely on to run the property’s operations.
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Take advantage of cybersecurity professionals who can identify sources of intrusion, assess the extent of the breach and provide details of the compromised material.
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This article is talking about how the hotel cybersecurity keeps guest information data secure and why is very important. Most of the hotel has a really big database of the guest's personal information. Thus, it's easy to have security problems happen in the hotel. Hospitality organizations have to understand their vulnerabilities and always have to make a plan about how to protect hotel guest's data. This article also introduced 4 key areas cybersecurity teams need to focus on. First of all, instill security as a Cultural Norm. When the customer chooses the hotel to stay, which means they trust this hotel, they feel the environment is safe and they trust the digital assets as well. They will connect the Wi-Fi with their personal laptop or smartphone. Therefore, hotelier have to train their employee about provide the safety environment for their guests is necessary and everyone have to focus on it. Secondly, Think Beyond the Credit Card. Every billing system need to be protect customers personal and financial information, the hotel need to think about the multiple endpoints. Third, Be Smart About Responses. When the cybercrimes happen, they need to be reported responsibly and they have to know this thing at the first moment. Hotel have to keep training their security teams and be aware of some bad things happen. The last one, Don't sleep on Insider Threats. There is one thing that hotel have to focus on that the employee may steal data to sell it to other company.
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This article mentioned how hotels do not have as many transactions as popular stores have but their transactions are typically more than grocery transactions. Hotels have a lot of personal information for many people and that information should not be leaked, never. It was mentioned that hotels need security as it is a cultural norm, you have to think beyond the credit card, be smart about responses, and don't sleep on insider threats. "Hotels are vulnerable to cybercrimes through a variety of avenues that break with the traditional physical security measures deployed across the hospitality industry. Keeping guests and their assets - both physical and digital - safe is paramount to preserving both the image and financial security of hotels."
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Financial Accounting for the Hospitality Industry | Study.com - 0 views
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This is more of a notes based paper instead of an article. I though it would be interesting to analyze the basic financial statements utilized in the hospitality industry. Accounting is all about knowing how to read financial statements. These type of statements can tell you how well or how bad the organization is doing. They break down expenses, income, and assets. Understanding these statements will strengthen a managers skill sets.
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How to Invest in Hotel Real Estate - CrowdStreet - 0 views
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Commercial real estate investments are subject to shifts in supply and demand that can have a notable impact on net operating income, profitability and yield
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hotels have the ability to mark rents to market on a daily basis. The upside of that flexibility is that hotels can quickly react to heightened demand and improving economic conditions and raise room rates as much and as fast as the market will bear.
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The flip side of this fluidity is that hotels are more susceptible to operating fluctuations when compared to other asset classes.
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Hotels have unique industry standard metrics to track performance and growth, which include average daily rates (ADR) and revenue per available room (RevPar)
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The hotel industry has seen substantial change both in terms of how hotels are developed and used as well as how they are marketed. Most changes in use are rooted in the adoption of technology.
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illenials are driving changes in use of practically everything they touch and hotels are no exception. Through their desire for affordable yet “cool” hotels in urban locations, hotel brands have been rapidly evolving to deliver concepts that cater to their tastes
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While some pundits argue that the Millenial hotel is a fad, it is nonetheless changing the industry landscape and bringing a new breed of hotel to a magnitude of urban destinations.
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nother way in which technology is changing the use of hotels is by enabling guests to redefine the period of the traditional night stay.
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These apps are yet another example of how technology can be used to generate efficiencies – in this case to fill intraday hotel vacancies that would otherwise go unused.
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Anyone who has traveled for either business or pleasure can grasp the basic building blocks of a successful hotel investment, which include: product offering, service, location, and competitiveness.
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It also doesn’t require an industry veteran to appreciate that investing in a five-star hotel doesn’t necessarily correlate to earning five-star returns.
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The takeaway is that hotels across all categories and price points have their own market segments, competitive sets and corresponding metrics. The key is to conduct a comparative analysis amongst similar hotels in order to determine whether or not the subject asset stands to win greater than, equal to or less than its fair share of its market demand.
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There are a variety of entry points into hospitality real estate investments with a host of strategies
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This article is very interesting because it breaks down everything about investing in the hospitality industry. Hospitality is one of the few properties that shift in supple and demand can be felt immediately. The article explains that hotels have no lease agreement so they are able to market on a daily basis. This is why they are able to raise the prices on the rooms. I really like how the article describes the key metrics used to evaluate hotel performance. The article also explains recent changes in the hospitality industry that have brought to the market new types of hotels. It is important to note that the two core customer groups that fuel demand are tourism and business travelers.
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The 3 Best Residential Property Management Software of 2017 - Reviews.com - 0 views
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Commercial property managers need a software solution that can adapt to the specific needs of the organization.
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Total Management makes the list of best commercial property management software, and is a great selection for a medium to large commercial property manager. Its
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For large property portfolios, the best commercial property management software may be Rent Manager Online.
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This article describes several different Property Management Systems for hotels. It reports on different pricing methods for the needs of various hotels. For example, large brands have different needs from small independent hotels. By comparing the different pricing fees, a manager can best choose which system is best for his or her hotel.
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Accounting in Hospitality Industry: An important asset to growing business - 0 views
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A properly organized accounting system is an essential requirement for any business and hospitality industry is no exception when it comes to this rule.
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With such useful data available at hand hotel owners can make proactive decisions and improve the profit of their business.
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Hospitality accounting includes the following:Preparing a precise collection of month end accountsBudget preparationBusiness planningCreating financial statements and balance sheetsPayroll
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Accounting is highly significant to hospitality industry because it enables you to gain deep insights into the financial status of the business. Using the real time reporting of financial activities, you are regularly updated about what is going on with your business.
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This means you can take better decisions and achieve greater outcomes. It also offers ease of handling as the maintenance of proper records will save you lots of time and effort.
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It not only leads to wastage of your precious time and resources, but your lack of experience and skill will hamper your growth. Expert accounting companies will simplify restaurant accounting and hotel accounting for you. They can help you control cash flows and maximize your earnings. So in order to excel in the dynamic environment of the hospitality industry, good accounting is an essential factor.
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Nowadays, we can say each hotel must have the accounting department. Every successful goal needs a perfect financial management to consolidate it. In the hotel, accounting need to budget preparation, need to do the business planning, creating financial statements and payroll. Hotel needs to pay the salaries for employees and reporting sales and analyzing the profits. This is a huge process. A hotel must manage it efficiently. And owners can make decisions and improve their company. When you report the financial activities, you need to do the real report. A report can give you a chance to take the best decisions and make more profit. As a staff, you need to track cash flows and record transactions. If you have some trouble, you can let the expert help you to solve problems. They can help you to control your cash flows and maximize earnings.
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For all businesses, including hospitality businesses, it is essential to have a properly organized accounting system. Every business needs solid financial management to achieve growth without which every business withers and dies. Proper accounting is at the heart of solid financial management. Hospitality accounting includes: preparing a precise collection of month end accounts, a trial balance, budget preparation, business planning, creating financial statements and balance sheets, and payroll. Not only does it enable you to track cash flows and record transactions, but it provides deep insights into the financial status of the business enabling owners to make proactive decisions and improve profits. So to excel in the dynamic hospitality industry seek professional help from expert accounting companies to set up proper accounting to have solid financial management. In my opinion, I believe that to have a successful business you need to have an up to date, accurate way to record your accounting transactions so getting professional help from experts would be wise.
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shared by anonymous on 16 Jan 19
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Why mobile key is taking over in hotels | Hotel Management - 0 views
www.hotelmanagement.net/...-mobile-key-taking-over-hotels
technology hospitality hotel software business tech travel mobile solution
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Adoption of mobile locks in the hotel marketplace continues to rise unilaterally across all segments
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most magstripe locks are nearing the end of their useful life and the recurring maintenance issues that arise are causing hotels to seek replacement options
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“Mobile applications that allow a guest to directly access a hotel room provide more convenience and result in improved guest satisfaction,” said Michael Cline, Salto Systems' VP of hospitality sales. “In many cases, the guest can skip the check-in line at the hotel’s front desk and go directly to their room.”
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Overall, hotel companies exploring mobile keys are seeking to drive guest loyalty and direct bookings, plus improve efficiency so staff can spend more time offering premium guest services. “With mobile access gaining traction, we sees opportunities to further enhance the guest experience and make their arrival even more seamless by enabling access to parking garages and elevators
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The biggest challenge involved in replacing hotels locks is the cost and concern over the "future-proof" features of new locks
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The future of hotel door electronic lock technology is the ability to improve the guest experience and to make hotel operations more efficient.
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With the success of having mobile locks for our homes and even our cars, it's no wonder hotels are adopting the technology as well. Technology advances quickly, and like any business hotels must do the same, they're constantly refurbishing rooms and implementing new things to better serve their guests and a mobile lock would be no different. Having keys on a guest's phone would improve efficiency for hotel management because they wouldn't need to replace a lost key, and guests would no longer need to wait in a line to check in, just head up to their room as soon as they get there. This allows hotel staff to use that extra time to ensure guests get even better customer service. Mobile keys do possess a few problems in that, unless a guest is loyal to a particular hotel chain or unless they travel a lot, they might be unwilling to download an app just to be able to get into their room. This can be circumvented by designing an app that can do more than just open their room door such as making/changing reservations, making spa appointments, allowing gym/pool access, and being able to call for a bellboy, and getting help from the concierge. While not quite there yet, mobile door locks will let hotels know more about their guests and how to "better manage assets and the workforce with predictive analytics" that could be used to make guests experiences better and more likely to turn them into repeat guests.
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What Are the Accounting Procedures in the Hospitality Industry? | Bizfluent - 1 views
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For both restaurants and hotels, revenue is earned when the meal or the hotel stay occurs. It is important to note that reservations often include a deposit for the first night's stay.
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Common operating expenses in the hospitality industry are rent, insurance and non-client service salary expenses.
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Non-guest and patron costs of the company are reflected in the company's operating expense accounts.
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Major costs in the hospitality industry include costs of food and labor. Food costs, depending on the type of restaurant or resort, can be nearly half of a company's expenses. Costs of sales should be recorded in line with revenue recognized.
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Industrial linen washers, stove tops, mixers and computers are all viewed as capital expenditures. These items, which benefit more than one accounting period, are recorded with a debit to fixed assets and a credit to cash at the time of purchase. Over the useful life of the equipment the item is depreciated.
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The accumulated depreciation and the fixed asset account offset each other on the company's financial statements, so the equipments' value is always reported as cost less accumulated depreciation.
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Not everyone may not familiar with the accounting journal entries that happened in restaurants and hotels since food sales and staying at a hotel are not quite the same as normal goods being sold in a retail sore. In this article, the author has introduced the accounting records and record journal entries which restaurants and hotels set to keep track of business transactions. The whole process includes four main parts: recording revenue, costs of sales, operating expenses, and capital purchases.
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Master the 5 Basics of Restaurant Accounting - 0 views
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In this article we discuss the five basic principles of accounting in restaurants. Many people do not like the principle of accounting, and do not know much about it. With these basics, people can have a simplified concept of what they need to know for restaurant management. First you would like to have an accounting chart that discusses inflows and outflows, plus the liabilities and assets that your business has. This is a great way to monitor your finances. Next, is the cost of goods sold. These are the costs for the items that were purchased and then sold. You need to monitor this, in order to calculate the cost you are making per dish in compared to profit. Third, other costs that include fixed costs like operation and occupancy, or labor costs of course. You want to monitor this strictly, in order to see the areas where you might be spending a lot when it comes to employees. Then you want to compare it to the profits you are making. Forth, the prime costs. Prime costs are the total variable costs that you have. Variable costs are those that can be controlled, and you want to keep an eye on these in order to see what needs to be cut to optimize profit. Lastly, you have the cost to sales ratio. Larger restaurants might have higher costs, because they are creating larger sales. You really want to create a ratio of costs to your own sales, to see how well you are doing compared to the competition.
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Evaluating Hotel and Hospitality Management Software | By Ahmed Mahmoud - Hospitality Net - 0 views
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This is rather important since trends that are increasingly engaging attention soon can become a standard demand from your guests.
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Return on Investment provides the cost justification and motivation for investing in hotel management software.
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need to calculate the Total Cost of Ownership (TCO) and Return on Investment (ROI) as both of them comes as a handy solution
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he growth in the world economy and the hospitality industry has resulted in a clutter of new Hotel Management software companies vying to increase
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responsible for maintaining physical room inventory, assignments of guests to rooms, maintaining housekeeping status of rooms, checking guests in and out of rooms, maintaining guest folios, and other functions.
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Property Management System functions are commonly used in the hotel and hospitality management software. These functions are responsible for conserving room inventory, maintaining housekeeping status of rooms, checking out guests, and maintaining guest portfolios. PMS has not only started its new software but has also been establishing great doubt and confusion in the minds of IT managers and the decision makers. In evaluating hotel hospitality software they focus on ROI and Total Cost of Ownership. The ROI provides the cost and motivation for investing into the software and also carries intangible assets associated with such decision. The Total Cost of Ownership is basically used to help businesses assess the direct and indirect costs associated with information technology purchases. Consequently, having a lower TCO and a higher ROI are the true defining criteria for the right software choice, which emphasizes not only the benefits but also the intangible need to be considered before making big IT decisions. With this rapidly changing industry, hoteliers should always look for property management tools that will assist in the operations, automate procedures, reduce the risk of human errors and give hoteliers ample time to attend guests.
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This article was about all of the steps hospitality companies have to go through in order to pick the best PMS. Due to the high capacity of Property Management Systems coming from Canada and Europe, decision makers are having a hard time filtering out which ones will be beneficial to the company. Project managers should calculate the ROI and the TCO in order to see how profitable the system will make them.
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Hospitality's Hidden Threat: POS | News | Hospitality Magazine (HT) - 0 views
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POS breaches remain one of the most difficult to protect against based on historic vulnerabilities at the device end-points
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In a POS attack, the attacker spends the vast majority of time inside the network in the “post infection” phase, which occurs after the system has been compromised.
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once the attacker is inside the network, he can move “low and slow” to mount his attack and remain undetected.
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In contrary to most of the articles that state the advantages of POS in the hospitality industry, this article is focused on the cybersecurity threats that the usage of POS imposes to the hotels and restaurants. It is said that hospitality became the attractive target for the hackers and accounted for 14% of all breaches. Most of the attacks happen through the POS's. Additional security measures such as encryption to transaction data are usually difficult to apply to POS systems making it easier for the breacher to enter the system. Moreover, once they are inside they act slowly to get access to the key asset, the payment processing center, but traditional prevention security solutions are not designed for post-infection detection. Also, many POS are still operating on Windows XP or even DOS meaning that new vulnerabilities can be easily exploited. This all should be taken into consideration by the hospitality organizations while building their security systems. Deception-based detection that sets traps that make the attacker reveal himself becomes a popular solution. So in my opinion, the security issues of using POS should be the priority for the hospitality industry. Creating of effective mechanisms of customers' personal data protection is crucial for maintaining their trust and loyalty.
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5 biggest cybersecurity threats | 2021-02-03 | Security Magazine - 0 views
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Since the beginning of the pandemic, the FBI has seen a fourfold increase in cybersecurity complaints, whereas the global losses from cybercrime exceeded $1 trillion in 2020.
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In 2020, almost a third of the breaches incorporated social engineering techniques, of which 90% were phishing.
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Ransomware is a data-encrypting program that demands payment to release the infected data. The overall sum of ransom demands will have reached $1.4 billion in 2020, with an average sum to rectify the damage reaching up to $1.45 million.
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here were 4.83 million DDoS attacks attempted in the first half of 2020 alone and each hour of service disruption may have cost businesses as much as $100k on average.
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Third party software. The top 30 ecommerce retailers in the US are connected to 1,131 third-party resources each and 23% of those assets have at least one critical vulnerability.
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To strengthen the cloud computing defenses in the future, stakeholders should pay attention to proper cloud storage configuration,