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Long term financing in hospitality is often done for a period of more than one year. Such financing will have good impacts on hospitality industry like renewing its equipments and meeting operating costs with smooth cash flow. Therefore it is a cost-effective way to help hotels during their tough times in accounting and cash problems. Like we learned in accounting and financing classes, ratio analysis is the best  method to analyze finance in a hotel, which compares the current ratio with the past in order to make feasible investments in the future. What's more, long term financing in hotel industry gives lots of investment potentials. For example, by investing new sectors in F&B as well as accommodation, the job opportunity has also been increased. Besides the investments in hotels, hospitality investment also includes in airlines, cruise lines and tourism bureaus which can also bring profits. So long term financing help hospitality industry make a successful goal with experience and cost effective strategic plan in order to attract more and more tourists as well as guests.

I didn't agree with the pricing method of examining the past and the prices. What for? Prices, consumers wants and needs along with products constantly change. It's an unpredictable market at times. So examining the history would be a waste of time, the only thing you could possibly get from this would be to see how much your costs have gone up in recent years and plain your profit margins accordingly. But you can do this with out having to manage your previous records and histroy. You could just look at any expense report and go from there

To create a global resource for the hospitality finance industry, Hospitality Financial and Technology Professionals has begun development on a global hospitality accounting system users guide. HFTP is the only global association dedicated to hospitality finance and technology and our Global Board is investing heavily to create a benchmark that stakeholders can use to compile accounts, compare regional differences and define the value of a hospitality operation.

This article was pretty brief, but it stated that Hospitality Financial and Technology Professionals has begun development on a global hospitality accounting system users guide. This would create a global resource for the finance industry. Frank Wolfe, HFTP's CEO, says that the company is the only global association dedicated to hospitality finance and technology. They are hoping to create a benchmark that stakeholders can use to compile accounts, compare regional differences and define the value of a hospitality operation. What I found interesting about this article was that it greatly involved final year bachelor students at Ecole Hôtelière De Lausanne in Switzerland performing research for this project. I also think that a global hospitality accounting system users guide would be beneficial, especially since many managers/employees do not have the strongest training or skills in a financial or technical area.

HFTP (Hospitality financial & technology professionals) begins developing a global hospitality accounting system users guide. This kind of users guide is totally new to the hospitality industry and currently there is no global resource like this. The global guide will provide the hospitality industry with a glossary of inventory terminology, accounting charts and other accounting-related information. This project is developed using technology that can provide users with a benchmark that stakeholders can use to compare regional differences and define the value of hospitality operation. This project is a three-step process. First, bachelor degree students from all over the world who are interested in this project will work as data collector. Second, the assembled and analyzed data will be processed into professionals in different regions all over the world to create new sample charts. Finally, the initial guide will be published in multiple languages and distributed globally. This new accounting system technology is predicted to help the hospitality industry increase the ability in financial management, accounting, cost control and the sharing of global accounting data sources.

Security has always been an issue for financial services which led to avoidance of some new technology systems. Due to advancements in cloud systems, I think it is time for financial services arms of hospitality organizations to reap the increasing number of benefits of cloud computing. Also, cloud-based financial Enterprise Resource Planning (ERP) helps companies enter new markets, explore new opportunities, and strengthen their business processes. Cloud-based financial ERP has certainly helped Tetherow Resort by reducing costs and allowing their finance department to concentrate on their strategic business matters rather than dealing with IT and infrastructure issues. By switching to a cloud-based system, Tetherow Resort was able to reduce the amount of infrastructure stored onsite, reduce costs of the process and develop new strategic plans. In my view, there is a huge potential in cloud-based financial ERP in for financial and even non-financial companies, because through this system companies' finance departments are able to increase the efficiency of their operations.

Despite women leading the way in scholarship and culinary education, they are suspiciously vacant at the top of the leadership ladder. According to Bloomberg, only about 7% of executive chefs are woman, and "67% of executive women are in support roles...as opposed to running their own line of business." This doesn't appear to be because of a lack of entrepreneurial spirt, as "405 of restaurants are women-owned businesses or WOB, and startups by women are growing much faster than the industry overall." This made me reflect on my own city, as I do see women in executive positions, such as Stephanie Izard, Sarah Grunenberg, and Mindy Segal, they all got to their positions in very different ways. Probably the most successful, with currently 7-8 restaurants, is Izard, she got her start by winning a reality tv show and then joining forces with two male business owners (BOKA). Grunenberg also started visa vi the reality TV route, and now eventually owns and runs a very successful restaurant downtown. Mindy Segal is the only woman executive in this group that has built her business, her cookbooks, her brand, and now her cannibis retail, mostly by herself. It is interesting to relate these women to this article because while they are all three incredibly successful, only one was able to pull herself there through the three points mentioned in this article. In order for women to break the glass ceiling in restaurants and culinary, they will need to accomplish three main goals: 1. Gain confidence, 2. Increase their aspirations, and 3. Learn and Maintain Financial literacy. The "grim reality (is) that 96% of WOB do not cross the $1 million in revenue...(and) fewer than 8% seek external financing. Women "receive less than 4% of Small Business Administration loan dollars and less than 2% of venture capital dollars. For confidence, this article recommends to women to learn how to advocate for yourself. Use coaches, practices public speaking, and learn how to pitch your business

This articles talks about the physical plant situation that Marriott had years ago. After Marriott faced challenges in 2005 with its management company that was in need of separating its IT infrastructure from its parent company, they now use Oracle E0Business Suite 22i's HR and Payroll applications. Marriott in North America had a long history of using Oracles application, Marriott U.K and Hewitt stayed with Oracles .

The article I read was called, "What is a Hotel Management System?" In the article it states that in the early 90s Gartner came up with the term ERP (Enterprise Resource Planning) that automates a large number of business functions such as finance, accounting, and human resource. "A hotel is a hive of numerous operations such as front office, booking and reservation, banquet, finance, HR, inventory, material management, quality management, security, energy management, housekeeping." All of these activities need to be taken care of at hotels and doing so can sometimes be a lot of work. This led to the introduction of property management systems, an automated software which can optimize hotel operations and keep a tight control on costs. It important for hotels to understand the needs of their guests, if they want them to come back to their hotel, they need to know what they like and dislike. Using the PMS it allows them to make a profile of each guest and they write in if they want a beach view room or if they want a mini bar in their room. There is a difference when it comes to PMS and ERP. "A property management system usually consists of front office software and other best of breed solutions." The ERP, is usually a comprehensive solution from a single vendor. I really enjoyed reading this article and it helped me get a better grasp on how hotels use property management systems.

I completely agree that technology is making deep inroads into the hospitality industry, and hotels across the world are looking to use technology to make operation smooth and efficient. Any operating system that can help optimize the hotel experience is going prosper in their business.

I didn't really care for the passage that talked about PMS vs ERP, I though they could have been more specific... they just said ERP is better, could someone provide an example? Also, they mentioned how when a hotel becomes more complex problems arise in the PMS, how? All the hotel would have to do is come up with another PMS system that would provide them with greater resources, etc whats the problem??

The main focus of the article is the use of Aptech PVNG Enterprise Accounting within La Corsha Hospitality Group. La Corsha has been implemented the web-based system over 10 properties, providing a flexibility between hotel and restaurant operations. The multi-company system is meant to facilitate the way companies report and access data while also managing finances. The main feature is that it is very detailed in the way is analyzes the finances and allows for it to increase productivity within the workplace. Also giving a brief description about how Aptech computer systems is the "only provider to fully integrated enterprise accounting, business intelligence and planning ecosystem to the hospitality industry." Besides the ability to help productivity, what I consider important is that the software helps define who and who doesn't have access to certain functions. When it come to finances, security is important and having that function allows management to control and limit the staff that is allowed access. Not only does it prevent theft but in my opinion it helps to hold the staff accountable for the expenses that are being reported.

This article describes the challenges that hoteliers face when it comes to accounting principles. There are four major issues that arise: Enterprise Resource Planning, Staff Variations, Data Overload, and Core Challenges. Choosing the proper system to manage your finances is an important issue when dealing hotel accounting. Taking into consideration your varying staff levels into the financial arena is also important. In addition you must choose what data is important to your financial success. Once you determine the data to use its very important on what you do with it. Its important to have someone on staff that will understand how to interpret the information and make it useful. If no one is on staff then the choice to outsource the task will be the next option.

Every hotel company would like to build their own enterprise back-office system. It is more cost effective solution would be to partner up and invest in hotel sector specific technologies. With needs to staff variations real-time monitoring of labor is essentially in reducing labor cost. Another cost-effective and efficient solution is to outsource any finances and accounting practices that the hoteliers can't perform themselves

Its no secret that a hospitality companies financies and accounting tools can be complex with there own unique challenges. Cloud based reporting tools are there to help manage and monitor transactions in real time through an array of data sets.

The termination of South Carolina Hospitality Association's director of accounting and membership, Rachel Duncan, is the latest development in the Tom Sponseller suicide investigation. CEO Tom Sponseller, leader of the South Carolina Hospitality Association for the past twenty years, was found dead last Tuesday in the company's parking garage after a suicide note was found in his office desk. Although the Feds have been conducting an ongoing investigation into the agency's finances, Sponseller was not their person of interest. The hundreds of thousands of dollars missing from the South Carolina Hospitality Association is tied instead to Rachel Duncan, the agency's former director of accounting. An outside audit of the association's finances is still being conducted however there are several sources of money embezzling being brought forth. Who is to say this tragedy may have been avoided if the Hospitality Association had outside parties conducting internal audits on a regular basis, but it would most definitely have shed light on the situation sooner.

This article introduces the different functions of the hotel accounting software. In hotel financial management, the financial accounting, cost accounting, tax accounting, auditing and managerial accounting that has different purpose to help the hotel effective manage the financial data. Financial accounting records and reports the financial transactions of the hotel. Cost counting records and reports the hotel's expenses. Tax accounting records the data related to the taxes transactions. Auditing checks all the financial data and information. Managerial accounting analyses the financial data and information to make decision. All these accounting is necessary for the hotel. With the hotel accounting software, the manager of the hotel can manage the hotel easily and more convenience.

PAR Technology Corporation and Personality Hotels, announced the successful implement of a new management platform ATRIOt, at the Hotel Diva in San francisco, California. This installation brings an extraordinary advancement in the state-of-the-art of technology in the hospitality industry. It also helped to reduce costs considerably and it also promises to bring and increase on velocity.

Accounting has a crucial role in the hospitality industry in money management, which is essential for any business to operate efficiently. It's the core of the business. No hotel, restaurant or any business whatsoever can get started without a good accounting system. So as the article mentions the success of the business depends upon an adequate return in its investments. All branches of accounting are used in the hospitality industry such as cost accounting and financial accounting. With a well running accounting system you will know: how much cash is available to pay bills, what is the total amount on payroll last pay period, what is the ratio of various departments and sales and what amount of food inventory is on hand at the beginning of the month, all of this is necessary information to the success of your business.

This article contains information about how accounting is a key force in the hospitality industry. The article continues with what accounting actually is in business and how it is significant in a business in order for it to run smoothly. The article concludes with information that can be accessed through accounting, such as the amount of available funds in the company and the payroll amounts. I agree that accounting is an essential part of a business. Accounting covers the important part of a business: the finances. When finances are accurate, the business runs smoothly. When finances are not balanced properly, the business will fail to thrive. Accounting can be somewhat considered as the lifeline of a business. Besides the finances, accounting links with many more departments and can provide answers to many questions. The accounting jobs should not be underestimated.

This article is about how myDigitalOffice was awarded 2020s number one Accounting and Finance Software. The name was given from Hotel Tech Report that only uses customer reviews to make their decisions. myDigitalOffice software has a hashboard that allows hotels to see a quick snapshot of their information and uses a Paperless Night Audit which customers really seem to enjoy.

Peppered throughout this article on Groupon's CEO Andrew Mason are snippets of knowledge or understanding of the importance of efficient accounting systems to run a successful business. While working as a host in a restaurant, Mason learns first-hand the inefficiency of its RMS, stating that there are 2 separate systems for the front and back of house. His experience working in a small business is a stint to help develop more relevant and seamless applications and software with merchants to help them manage payment and inventory, rather than inundating them with coupons, customers, or no business at all. The major takeaway related to this class is that finance and accounting are so unappealing to businesses that even the CEO of a major public company was surprised by how disorganized, even non-existent, an efficient POS was within a small restaurant in Chicago. And perhaps that is also a reflection of his own business model, as Groupon has been reported to have lost money, and even passed up a billion-dollar deal with Google. To survive, any business, large or small, must approach their finances intelligently.

This article talks about how the Hospitality Financial and Technology Professionals (HFTP) are in the process of making a user guide for the global hospitality accounting system. This guide will include a glossary of inventory terminology and have charts that are allocated for specific regions of the world. The article also breaks down the process into three parts. First they are gathering data by surveying hotel operations and terms of reference. Next the data will be sent to regional teams of industry consultants. Then to finalize the project they will author a discussion on issues of allocations. I belive that this would be a definite benefit to some people that have to work with these systems. It allows them to really understand the information rather than just trying to figure it out.

This article talks about the many different roles of being a hotel accountant. As the article stated, every hotel has its own financial department that has their own criteria. It is impossible to get a specific detail on how or what is it that you will be doing at your job. Each hotel and hotel chain chooses to employ their finance team's talents, since many hotels utilize their financial employees in different ways and hotels of various sizes have differing department structures. According to the article, the three major broad categories that you may fall into working as a financial accountant for a hotel are; accounts receivables, guest service, audits training, and month end reports. Work done in accounts receivables is basically retrieving debts that are owed to the hotel by different companies who hold a credit to the hotel. Guest services includes dealing any financial guest service issues. Last but not least, auditors include counting inventory, reviewing financial paperwork and investigating discrepancies found in the expense ledger.

I don't understand the title of this post. Specifically "BUsing." Please clarify.

I am also confused with the title, but I really interested in this article. It is true that it is impossible to give a detailed description of how each hotel or hotel chain chooses to employ their finance team's talents. Nowadays, many hotels utilize their financial employees in different kinds of ways.

Workday Inc provides a cloud based application for human resources called Workday Human Capital Management, Workday Payroll, and Workday Time Tracking. A television broadcast company called WBGH has just started using Workday Inc as their provider. They are condensing all their information from multiple databases into this one cloud based system for human resources.

This article is introduce a successful female --Anna McFarland. She was selected as the 2018 HFTP Paragon Award recipient. She is a global financial services veteran with 30 years of finance and performance management

In this article, the author discusses four hotel accounting challenges and solutions with Scott Watson, Executive Vice President of Sales and marketing from M3. According to this VP, hotel finances and accounting can be complex and come with challenges. We will discuss the challenge and solutions to the four listed issues: Enterprise Resource Planning, Staff Variations, Data Overload and Core Challenges. Firstly, the challenge with enterprise resource planning is how do hotels implement affordable and scalable solutions. Scott believes partnering up can cut costs. Secondly, staff variations and labor demands and the importance of staying within the budget. Scott's solution to this is real-time monitoring for labor. Cloud- based reporting can help manager monitor the daily labor costs and other payroll functions in real-time. Thirdly, data overload. The challenge here is how to do hotels present that data collected. According to Scott, the solution here is having a centralized platform. This allows for a check and balance system and may assist in monitoring cash flows, etc. Lastly, the fourth challenge are core challenges such as guest service, sales, operations and cash management. The main challenge here is how to hotels monitor the core competencies that generate revenue. The answer, according to Scott, is to outsource it. Outsourcing can be an efficient and cost-effective solution but it is not for everyone.