Skip to main content

Home/ Hospitality Technology/ Group items tagged accounting

Rss Feed Group items tagged

Filter: All | Bookmarks | Topics Simple Middle
Juan Du

Accounting technolog Used in the Hotel Industry | - 5 views

www.ehow.com/grams-used-hotel-industry.html

shared by Juan Du on 07 Feb 12 - No Cached
  • Hotels rely on different tools, including their accounting software, to increase their effectiveness and make them more competitive in their core business.
  • Hotels can decide to purchase accounting software dedicated solely to one function or can invest in enterprise software. Some chains have opted to outsource their accounting operations to major computer companies and accounting firms.
  • The percentages of room-rate vacancy and seasonal trends are evaluated and measured against the best establishments to assess hotel performance.
    • Juan Du
      Juan Du on 28 Feb 13
       
      Hotel managers are often faced a lot of problem to deal with the accounting system. Now hotel manager can manage all of the accounting responsibilities by use hotel accounting technology. Using Web-based hotel accounting software can save your business money . The functions covered in all of the accounting systems.
  • ...25 more annotations...
  • Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs.
  • Hotel managers are often faced with the challenge to propose and procure the appropriate technology and software to run their operations.
  • This article describes major factors to weigh in selecting accounting software for the hotel industry.
  • Decision Criteria Used in Selection Process: Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operations
  • Accounting software is crucial in measuring and tracking the hotel's profitability.
  • Functions covered in accounting software programs include: --Accounts payable --Accounts receivable --Budgeting --Cash management --General ledger --Sales analysis --Payroll --Procurement --Order entry --Fixed assets --Inventory management
  • Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry.
  • This article describes major factors to weigh in selecting accounting software for the hotel industry.
  • Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs.
  • Hotels rely on different tools, including their accounting software, to increase their effectiveness and make them more competitive in their core business.
  • Accounting software is used to track room-rate revenues and identify any discrepancies that require remediation and corrective actions.
  • Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. Careful consideration of the purpose, functionality and desired results from accounting software must be taken prior to selection and purchase.
  •    This article describes major factors to weigh in selecting accounting software for the hotel industry.
  • Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. Careful consideration of the purpose, functionality and desired results from accounting software must be taken prior to selection and purchase
  • How to Select Hotel Accounting Software:     Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs
  • Decision Criteria Used in Selection Process: Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operations
  • Accounting software incorporates the widely used Generally Accepted Accounting Standards (GAAP) and focuses on key measures unique to the hotel industry, such as revenue per room (RevPar)
  • Accounting software encompasses multiple functions of a hotel's operations, ranging from data mining to running financial reports.  Functions covered in accounting software programs include: --Accounts payable --Accounts receivable --Budgeting --Cash management --General ledger --Sales analysis --Payroll --Procurement --Order entry --Fixed assets --Inventory management
  • Print this article DartUtils.loadGoogle160 = function() { dmjs.runInlineAd = true; $('.AdUnit160').hide(); $('.AdWrapper').addClass('no160'); }; dartAds.renderiFrameAd([{ sz: '160x600' }], 160); How to Select Hotel Accounting Software:    Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs
  • Hotels rely on different tools, including their accounting software, to increase their effectiveness and make them more competitive in their core business.
  • Hotels can decide to purchase accounting software dedicated solely to one function or can invest in enterprise software. Some chains have opted to outsource their accounting operations to major computer companies and accounting firms
  • Accounting software is used to track room-rate revenues and identify any discrepancies that require remediation and corrective actions.  The percentages of room-rate vacancy and seasonal trends are evaluated and measured against the best establishments to assess hotel performance.
  • The hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability.  Accounting software is crucial in measuring and tracking the hotel's profitability
  • Areas of Functionality in Hotel Accounting Software
  • Areas of Functionality in Hotel Accounting Software
  • Ruth James on 07 Feb 12
     
    This article describes accounting software functions within the Hotel industry. The article states that "Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry". It is said that when selecting accounting software, you must identify what results you are looking for from the software; and also the functions that you are able to receive. You must also understand the needs of your property, and industry. The article also discusses various decision criteria, which is a part of the selection process. Some of these criteria's that you must look out for are: annual revenue, budget, location, multiple sites, national or international locations, in-house verses outsource operations. I love the fact that this article also discusses the functions of hotel accounting software. Some of those functions that were stated are: account payable, account receivable, and payroll. The article also brought up some trends about hotel and lodging accounting software. One of the trends that stand out to me was the fact that some companies hand over their entire accounting responsibilities to major accounting companies or, accounting firms; this is referred to as outsource. Having a accounting software is a very beneficial asset for a company.
  • ...12 more comments...
  • Ligia Elizondo on 01 Mar 12
     
    This article talks about the importance of choosing the right accounting software for hotels. Hoteliers need to take into consideration the purpose, functionality and desired results before selecting accounting software which "is used to track the profitability of hotel operations and identify trends in the hospitality industry." In order to select a hotel accounting software it has to match the needs and functions of the premise. Some of the most important factors in the selection process are annual revenue, budget, location, multiple sites, national or international location, and in house vs. outsourced operations. "Accounting software encompasses multiple functions of a hotel's operations, ranging from data mining to running financial reports." Some of the major functions in accounting software are accounts payable, accounts receivable, budgeting, cash management, general ledger, sales analysis, payroll, procurement, order entry, fixed assets, and inventory management. The hospitality industry is reporting increasing demands for internal controls and financial accountability therefore is very important that hotels select the right accounting software because is in charge of keeping records of the hotel's profitability. In addition accounting software reports room rate revenues and discrepancies and use the Generally Accepted Accounting Standards.
  • Diane Cacho on 02 Mar 12
     
    Accounting software programs are essential to the hospitality industry because it helps organize and keep track of the hotels operations and its profits. It's important to select the right accounting software that will help tie in the needs and concerns of your hotel. The significant factors to look upon in choosing the best program for your business are annual revenue, budget, location, multiple sites, national or international location, and in-house verses outsourced operations. Accounting software incorporates multiple roles of a hotel's operations such as data mining and running financial reports. Hotels can choose to purchase accounting software devoted exclusively to one purpose or can invest in enterprise software. The hospitality Industry counts on the different tools, as well as their accounting software, to increase their usefulness and creating them to become more competitive in their central business.
  • Marcia Brown-Kelly on 02 Mar 12
     
    I believe one of the most critical items missing from the selection process when purchasing accounting software is the need have interface with the PMS system. This would be a more integrated approach for the smooth transition of front and back of house operations.
  • Ganna Gorbachuk on 05 Mar 12
     
    Marcia, you are right! Its a very important idea, to have interface with the PMS system. As for the main topic of this discussion accounting is a step for understanding the factors which influence your business positevly and negatively, in order to use proactive or reactive strategy. Some things that should theoretically work in your business can actually be unsuccessful, so financial data analysis is a key for problem-defining and therefore for finding solution.
  • samira sobhani on 30 Jun 12
     
    This article gives some useful hints on how to choose an accounting software for your hotel business and what are the tips and tricks. There are lots of accounting software packages in the market which has a number of different options but the point is that each of these features will match a specific  need.  
  • Chelsey Alvarez on 01 Jul 12
     
    This article is about choosing the correct accounting software for the hotel industry. Through different types of software you are able to track the profitability of a hotel.
  • marilyn diaz on 18 Sep 12
     
    This article is about how a hotel should choose their accounting program. There are many things to consider when choosing the right program for your institution. It is not just what is more cost effective, but what does it include and are they things your hotel needs. It is like a PMS system, you get some basics, but you also may need to be able to add more options, or none at all. Another factor when selecting this program is the size of your hotel. If it is one hotel or a chain. Accounting software is crucial in measuring and tracking a hotel's profit. In conclusion, when hotel management buys an accounting program, they must analyze the software, and not just buy the first one they come across.
  • Erica Davis on 23 Sep 12
     
    This particular article discusses the need for accounting software programs within the hospitality industry. These programs can do just one thing or be all-encompassing, such as an enterprise program. Accounting programs still have to follow the Generally Accepted Accounting Principles (GAAP), which regulate the accounting industry. They help track the profitability of the company, amongst other things. Additionally, hospitality companies must be very careful in choosing the right program. These programs can help managers run a business more effectively but it has to be matched with the right program. There is also the option of outsourcing the accounting function to a third party, which could save a lot of time and money down the road. Erica
  • Qianlin Wang on 16 Oct 12
     
    Hotel software is designed for all areas of hotel operation including property management, accounting, GDS reservations, central reservations, reception, POS, spa/club/golf management, guest management, inventory management, yield/revenue management, accounting, and web site design. Small hotel software is available for properties with less than 100 rooms and focuses on basic front and back office functions and/or reservations and guest management. One of the major types of hotel software used by the hotel/motel industry is accounting programs. Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. To select good accounting software for the hotel depends on multiple factors including the uses of the accounting programs. Accounting software incorporates the widely used Generally Accepted Accounting Standards (GAAP) and focuses on key measures unique to the hotel industry, such as revenue per room (RevPar). Knowledge experts should be familiar with both general accounting rules as well as industry specific guidelines.
  • haojingting on 20 Oct 12
     
    This article describes major factors to weigh in selecting accounting software for the hotel industry. And Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operationsThe hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability. Accounting software is crucial in measuring and tracking the hotel's profitability. And besides the normal functions, the advanced accounting software can be used to track room-rate revenues and identify any discrepancies that require remediation and corrective actions. The percentages of room-rate vacancy and seasonal trends are evaluated and measured against the best establishments to assess hotel performance.
  • Xue Yan on 20 Oct 12
     
    The article demonstrates that accounting software in hotels is used to track data of hotel operations, to make future decisions and some other functions related to finance and daily operations. So hotels should consider several aspects while establishing accounting software. Such factors affecting decisions are like: Annual revenue, Budget, Location, Multiple sites, National or international location and In-house vs outsourced operations. Regarding the trend of accounting system, the article says that accounting software can make the hotels more competitive and more effective.
  • rebecca Bonet on 20 Oct 12
     
    The article describes major factors to weigh is selecting accounting software for the hotel industry. Accounting Software is used to track the profitability of hotel operation and identify trends in the hospitality industry. Hotel industry carefully finds out what will be a great functionality and result before purchasing accounting software. First of all, selecting hotel accounting software and the uses of the program. Secondly, identifying the selection of accounting program, used in the hotel. For example, annual revenue, budget, location, multiple site, etc. The article discusses the function of hotel accounting software. Some of the functions are hanging from data mining to running financial report. Also, the article discuses about lodging accounting software, one of the example that they used is that they really on different tools including their accounting software to increase their competitive in their core business. The article talks about accounting Software Metrics in the hotel industries. They use this Metrics by tracking room rate revenues and by doing the room- rate vacancy and seasonal trends. Having the accounting software in hotel is very important for the industry
  • Xiameng Zheng on 19 Feb 13
     
    The hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability. Accounting software is crucial in measuring and tracking the hotel's profitability. Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. So it's important for hotel manager to choose the suitable accounting software. This article tells how to select hotel accounting system properly. Including the decision criteria used in selection process, areas of functionality in hotel accounting software and standards used for accounting and auditing in hotel industry, etc.
  • Juan Du on 28 Feb 13
     
    Hotel managers are often faced a lot of problem to deal with the accounting system. Now hotel manager can manage all of the accounting responsibilities by use hotel accounting technology. Using Web-based hotel accounting software can save your business money . The functions covered in all of the accounting systems.
Avril Emmanuel

Future of Hotel Call Accounting by Jessie Warner - 1 views

www.evancarmichael.com/...-of-Hotel-Call-Accounting.html

shared by Avril Emmanuel on 05 Mar 12 - No Cached
  • Call accounting has been around for decades to track, manage and bill or allocate phone calls. By the mid-1980s, call accounting was a necessary and very profitable tool for almost all hotels/motels. Some properties made thousands of dollars each month with call accounting
  • Call accounting products allow hotels/motels to bill guests for all phone calls that the property will have to pay for, recovering costs (plus fair mark-ups and/or surcharges for amortized equipment/service costs, profits, etc., too, if desired)
  • Managers can also detect phone misuse or abuse, optimize phone system performance, allocate telecom costs by department or extension, set special rates for VIP guests, and decrease billing errors
  • ...2 more annotations...
  • is there a role – and a future - for hospitality call accounting? Do hotels/motels still need call accounting systems? The answer to these questions is a profound YES and YES!
  • Hospitality call accounting has a bright future
  • Gyujin Chae on 05 Mar 12
     
    What hotel call accounting does is to track, manage, and bill or allocate phone calls made by guests or employees. It has played a critical role in the lodging industry for decades. By the mid-1980s, call accounting was a very profitable source for most of hotels/motels because it generated thousands of dollars each month. However, hotel call accounting has been less important due to the presence of cell phones, decrease in long distance rates. At this point, hoteliers may wonder if they really need call accounting systems. The author emphasizes that hotel call accounting is still important and beneficial for hotels/motels in many ways: billing hotel guests for all phone calls, detecting phone misuse or abuse, decreasing billing errors, etc. Mostly, revenues from call accounting alone can cover the costs for phone equipment and service, so hotels do not take any risk. The author also stresses that call accounting has a bright future. Even though the importance of call accounting has decreased, hotels still need a way to track and bill phone calls to guests and departments as PMS and phone systems get more advanced, as Internet and VoIP are used more and more.
  • Avril Emmanuel on 20 May 12
     
                      This article talks about the importance of call accounting in hotels. Call Accounting is a hotel's ability to track and analyze the phone calls made from its grounds.                   Call Accounting is a software that is still a necessity even though it no longer makes as much money as it used to. Warner says, "Now that cell phones are everywhere and long distance rates have significantly decreased, call accounting does not allow properties to bring in nearly as much revenue as before. For many hotels/motels, call accounting has been forced to take a back seat in their organization."       Call Accounting shouldn't be eliminated simply because the ROI is less. Tracking where a 911 call originated and providing quality customer service is more important than money. If you provide proper customer service, the money will come.          In another article on Ezine articles, Warner said, "Without a call accounting system, hotel managers do not have the information needed to quickly resolve guest concerns and may be confronted with headaches and disgruntled customers. However, by using a call accounting system, managers can have the added security and peace of mind that they have the information needed to help their guests and to understand, manage, improve, and control telephone activities."                  
Kevin Sepulveda

Accounting for Hotels | Small Business - Chron.com - 2 views

smallbusiness.chron.com/accounting-hotels-45615.html

technology hospitality

shared by Kevin Sepulveda on 23 Feb 13 - No Cached
  • Hotel accounting is not simply about managing revenue and expenses
  • There are many things to consider when assessing the quality of accounting of a hotel property, including staff training, accounting software and forecasting.
  • According to the Internal Revenue Service, hotels have a unique set of terms and practices used for accounting, atypical from basic accounting training.
  • ...5 more annotations...
  • Specialized accounting software created for the hospitality industry will help hotel management or accounting staff keep track of day-to-day finances, as well as forecast for the future.
  • If a hotel's accounting is in disarray, consider hiring hotel management consultants to get things on the right track.
  • There is specialized hospitality accounting software that helps hotel management and accounting personnel keep track of their daily finances, as well as predict future revenues and expenses.
  • Latest trends in hospitality accounting applications point toward more cloud-based software, allowing companies to access real-time business information on any device.
  • Because hotel accounting involves a more complex set of practices than typical accounting, accounting personnel must go through training that differs from traditional training
  • Chi Zhang on 23 Feb 13
     
    We believe accounting serves a purpose beyond presenting the historical financial position of a hotel. Timely accounting information, properly presented, is information that management can use to improve future performance and compare income and expenses to past performance and future goals. Accounting data is processed using an offsite Application Service Provide (ASP) over the internet. This enables our hotels to input daily revenue and statistical data while accounts payable is processed regularly. The end result is that managers, owners and corporate staff can review financial data on line at any time over the internet using a web browser.
  • ...2 more comments...
  • Ling Xiang on 28 Feb 13
     
    Hotel accounting is not simply about managing revenue and expenses. Independent hotels and hotel franchises have unique financial needs that demand competent staff and an accounting system that will allow management to plan for the future and improve services for both guests and staff alike. There are many things to consider when assessing the quality of accounting of a hotel property, including staff training, accounting software and forecasting.
  • Ling Xiang on 28 Feb 13
     
    Hotel accounting is not simply about managing revenue and expenses. Independent hotels and hotel franchises have unique financial needs that demand competent staff and an accounting system that will allow management to plan for the future and improve services for both guests and staff alike. There are many things to consider when assessing the quality of accounting of a hotel property, including staff training, accounting software and forecasting.
  • Mingxue Jia on 28 Feb 13
     
    The accounting could be manual or computerized accounting methods, procedures, and controls. It could be used to collect, record and analyze operational data. The hotel managers also could interpret the information in the accounting system to make management decision. It's a good method to gain more benefits with an accountings' help. With an good quality accounting system, the manager of restaurant could make a decision on the percherse amount and find out the peak season. Also, it will be easy for a manager to make decision on how many employees should be hired. The information in the accounting system is not only make a record. It refelect the performance of restaurant. As this artical metioned, the things need to be considered when choosing an accounting including staff traing, accounting software and forecasting.
  • iancochran on 01 Mar 17
     
    Hotel accounting is not simply about managing revenue and expenses. Independent hotels and hotel franchises have unique financial needs that demand competent staff and an accounting system that will ...
Linfan Cai

Hospitality Accounting, Hospitality Accountant, Hospitality Accountants Melbourne - 0 views

www.hospitalityaccounting.com.au

hospitality accounting accountant

shared by Linfan Cai on 19 Oct 12 - No Cached
  • Sothertons Chartered Accountants are your hospitality accounting specialists;
  • Unlike traditional accounting practises, Sothertons is not divided along business lines; our industry sector practices means we understand your business operations in every area.
  • Sothertons specialist hospitality accounting services include:
  • ...4 more annotations...
  • see clearly the relationship between decisions and performance and stay ahead of your competition.
  • Our niche accounting practices combined with our hotel, food and restaurant accounting staff will deliver reliable expertise and long-term cost saving opportunities.
  • Working with Sothertons Chartered Accountants will add value to your existing accounting process and improve your hospitality business profitability.
  • ensuring sales and profits are maximised.
  • Linfan Cai on 19 Oct 12
     
    This web is about a group named Sothertons  Chartered Accountants. Its major meaning is researching the new hospitality accounting management. They provide experienced accounting services to those in this industry.     It is not like the traditional accounting practices. In this company, everyone in every area, must understand their operation very much. They have some specialist services such as Industry benchmarking and KPI management, working capital management and so on.     They could analyze their competitors when you see clearly relationship between decisions and performance. They could help you to solve the accounting problem and satisfy your business needs. For example, their accounting services could cover many areas like hotel, restaurant, catering and food and wine businesses.     The Sothertons Chartered Accountants have influence for the accounting process and could improve your hospitality business profitability. They have the professional ability to cover clients' profits.
mrueda

Why You Should Not Outsource Your Hotel's Accounting | By David Lund - Hospitality Net - 0 views

www.hospitalitynet.org/...4083889.html

shared by mrueda on 21 Oct 17 - No Cached
  • Outsourcing your hotel accounting is an unintelligent move
  • I said I was going to alternate between the pros and cons. The second pro is cost savings.
  • A negative aspect of outsourcing is the reduced level of service.
  • ...15 more annotations...
  • One good thing that comes from outsourcing is being trendy. Many brands are doing it and it is the trendy thing to do.
  • Another very negative result of outsourcing the accounting function is brain drain and the resulting challenge it creates in succession planning.
  • On the positive side, another idea about outsourcing accounting is the creation of a different kind of finance and accounting leader;
  • If you are thinking of outsourcing your accounting, think again. It is not a good decision. It will cost you dearly and your investment will suffer.
  • Hotels are a high-volume transaction retail business. Every day a hotel sells hundreds or thousands of rooms to many different customer segments. In addition, it services thousands of food and beverage customers.
  • When a hotel outsources they typically outsource payables, some parts of purchasing, general accounting, sometimes accounts receivable and almost always the daily audit and revenue functions.
  • Companies feel compelled to move, to innovate, and sometimes these changes are not in their best interest
  • These functions in a hotel are like filters, collecting all the errors and working with operations to get them back on track
  • the costs savings in the short run are completely upside down – in other words – no savings.
  • The hotel loses track of so many invoices so they start logging the scans and cross referencing these with the outsourced company.
  • If there are no entry level positions, no revenue auditor and no middle management, then how does a hotel grow controllers and directors of finance?
  • they are not going to have financial leaders that understand the hotel business and all its insane nuances.
  • This in theory is exactly what I think hotels should be doing – developing the business skills of the non-financial managers.
  • The fact is these systems and processes are always in need of constant and diligent attention
  • Colleagues in the operating departments need constant oversight and this boils down to finding out what is wrong with the data and communicating back to these areas.
  • denisedantas on 21 Oct 17
     
    This article provides an overview of the importance for hotels to have a centralized function and not outsourcing the hotel accounting, meaning that hotels should not use a third party provider. Companies are compelled to change, to innovate, and in need to keep up with the competition. It says that some hoteliers are choosing to outsource because is trendy, but not always function in their best interest. This article emphasizes the pros and cons, but mostly all the negative results of outsourcing, using other companies to do the work that should be centralized.
  • ...2 more comments...
  • bdolman on 01 Mar 18
     
    The article titled "Why You Should Not Outsource your Hotel's Accounting" sheds light on the importance of having a solid financial and accounting program within the hotel industry. The author misadvises outsourcing the hotel's accounting through a third party provider since it is important for the company to have complete control of the accounting. Although outsourcing is a big trend nowadays, including outsourcing for IT and reservations among other systems, the author firmly believes that accounting should be a task that is monitored in house. According to the article, "A negative aspect of outsourcing is the reduced level of service. Good service in a hotel is everything, not only for external guests, but also for internal guests. In a full-service hotel, the accounting department provides a long list of services: receivables, payables, payroll, revenue control, cash management, systems oversight, audit, food and beverage controls, purchasing, receiving, general accounting and budget/forecasting to name but a few". As hotels require superior service and a wide array of reports to be generated in real time, it is better to hire and train someone with this capability in house rather than calling a company that has other clients. Thus, outsourcing the accounting aspect is quite costly and it is not recommended, as it is a task that needs to be constantly analyzed and controlled in house.
  • anonymous on 25 Jun 18
     
    This article examines the pros and cons associated with outsourcing hotel Accounting practices to a third-party company. The author mentions that hotel operators are under immense pressure to constantly innovate, keep up with and stay ahead of industry trends. However, by following these trends they may not be aligned with the hotel's best interest, resulting in a reduction in efficiency and increase in costs. When choosing to keep accounting practices in house, hotels are better able to capture errors and work with the different departments to correct the errors before recording them in the books.
  • anonymous on 30 Jun 18
     
    https://www.hospitalitynet.org/opinion/4083889.html My article highlights the cons of outsourcing a hotel's accounting system from a third party provider. The author mentions that in the hotel industry, technology is constantly changing and every hotel is trying to stay on trend and "keep up with Jones'". The main issue with outsourcing is the reduced level of service. "In a full-service hotel, the accounting department provides a long list of services: receivables, payables, payroll, revenue control, cash management, systems oversight, audit, food and beverage controls, purchasing, receiving, general accounting and budget/forecasting to name but a few." When you outsource, there is reduced attention to these details. If a hotel's own accounting department handles these daily operation segments, there is less likelihood for error and they will be able to work with the various departments to correct the issues. It also saves tons of money to handle accounting in-house. Another important issue that was raised is that if accounting is outsourced then there is no room for development for an accounting department; no growth, no promotions. A pro is that outsourcing gives a financial manager the ability to focus on the bigger picture and see where changes can be made. If they are bogged down with little details, they might not be able to be the leader the hotel needs.
  • mrueda on 23 Sep 18
     
    The article discussions the pros and cons of whether a Hotel should out source their accounting to a third party. The author of this article strongly agrees that Hotels should not out source their accounting. The author finds it "unintelligent move". Many Hotel owners believe it's "trendy" and necessary to out source their accounting to keep up with their competitors. I agree with the author, that Hotel should do their accounting on site. Management would have better control over functions and departments such as; payroll, auditing, food and beverage management.
Jiaqi Xu

How to Generate Revenue with Hotel Call Accounting Software - 2 views

ezinearticles.com/?How-to-Generate-Revenue-with-Hotel-Call-Accounting-Software&id=94261

hotel technology

shared by Jiaqi Xu on 07 Feb 12 - No Cached
  • Jingyi Wen on 07 Feb 12
     
    Billing software is important for the hotel. It can helps the hotel account for telephone charges, Internet usage, equipment fees, surcharges and taxes in real time. With the declining of the telecom revenue the new call accounting modules should adapt to new market competition. Some of the hotel adjusting room rate to balance the telecom revenue lost. Even though the use of the telecom is declining, proper use hotel call accounting system can still bring profit. The accounting system can provide traffic reports identify grade of service, peak calling hours, and the number of trunks the hotel should have to run telecom smoothly. The calling accounting report can show where guests are calling. It is easy for hotel find its target market and negotiate better tariff plans. The call accounting system can make fewer mistakes than the night auditor. All calls are being record with the help of calling accounting system. Hotel should update the critical information in calling accounting system monthly and all the properties use the same tariff table and follow the same guidelines. In this way hotel can avoid inaccurate billing and lost revenue.
  • ...2 more comments...
  • Carl Miller on 09 Feb 12
     
    This is an interesting article as hotels have to adjust from guests using the room telephones and hotel internet to using their cell phones and mobile networks. Hotels do need to compensate for that loss in revenue but it is hard to charge much for internet service when guests can go down the block to Starbucks and get it for free. With these changes, it makes it even more important to hotels' bottom lines to have the right call accounting system in place making sure they don't miss out on any collectible monies. Good article Jingyi.
  • Fei Qi on 02 Mar 12
     
    This article is about how to generate revenue from the hotel call accounting system. Travelers involve the business travelers and family travelers all need to keep in touch with others. Therefore, it is important for sophisticated hotel billing software to account for telephone charges, Internet usage, and equipment fees. Sometimes your telephone charges could account for a larger cost than the room rate. The article also compared the old call accounting system and the new ones. Old call accounting system would generally been left in the back room logging long distance call records from a PBX serial port. Nowadays, hotel managers become creative in using new call accounting modules or more appropriately a communication management system .Properly utilization of a hotel call accounting system can help hotel generate high profits. Proactive hotel properties use call accounting reports to determine calling patterns that show where guests are calling. These statistics help the hotel target marketing and negotiate better tariff plans. As hotel provides more communication facilities, the communication management system will be required to account for hotel cell phones, calls made with authorization codes, internet service, hand held devices and other guest amenities.
  • Jiaqi Xu on 02 Mar 12
     
    Hotel call accounting software or hotel accounting software in short is a system records telephonic activity, translates it into relevant data and arranges it in reports, graphs, charts etc for analysis. In the hospitality industry, the call accounting software plays an important role as an interface between the hotel management/staff and the customers. Call accounting products allow hotels/motels to bill guests for all phone calls that the property will have to pay for, recovering costs.Managers can also detect phone misuse or abuse, optimize phone system performance, allocate telecom costs by department or extension, set special rates for VIP guests, and decrease billing errors.
  • Wei Ding on 03 Mar 12
     
    Using accounting system to generate revenue for hotel is a great way. Today, revenue management is strong relay on those more accounting system. Properly use accounting system can support hotel generate more profits. Also, proactive hotel properties use call accounting reports to determine calling patterns that show where guests are calling. All these data help the hotel target marketing and negotiate better tariff plans.
mellakygg

Accounting in Hospitality Industry: An important asset to growing business - 0 views

medium.com/...-growing-business-76f22f62fba6

accounting hospitality industry

shared by mellakygg on 11 Oct 18 - No Cached
  • A properly organized accounting system is an essential requirement for any business and hospitality industry is no exception when it comes to this rule.
  • Every successful venture needs a solid financial management to enable its growth.
  • With such useful data available at hand hotel owners can make proactive decisions and improve the profit of their business.
  • ...5 more annotations...
  • Hospitality accounting includes the following:Preparing a precise collection of month end accountsBudget preparationBusiness planningCreating financial statements and balance sheetsPayroll
  • 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.
  • 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.
  • With good accounting practices you will be able to track cash flows and record transactions.
  • 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.
  • linanzhang on 11 Oct 18
     
    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.
  • mellakygg on 11 Feb 19
     
    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.
krehman

Three Ways to Overcome Hotel Accounting Challenges - 0 views

lodgingmagazine.com/me-hotel-accounting-challenges

business hotel solution

shared by krehman on 03 Jun 18 - No Cached
  • Managing payroll is a constant challenge, so it’s critical for hoteliers to have a way to monitor daily labor costs, manage overtime, oversee daily payroll transactions, and have access to simple reporting functions.
  • Adopting a cloud-based reporting system can offer seamless labor monitoring and management from clock-in to paycheck while giving hoteliers on-demand management of earnings to manage transactions in real time.
  • Hoteliers may have a difficult time deciphering what story the data is telling and which levers to pull to remedy an issue or to replicate success. Business intelligence and analytics tool can point to where efficiencies can be improved and how to best reduce expenses.
  • ...7 more annotations...
  • Adopting an operations management platform that allows hoteliers to import data into one centralized dashboard combines critical accounting and performance data to aid hoteliers in identifying trends and making more informed decisions.
  • Hoteliers must expect the best but prepare for the worst and have a back-up accounting team in place ready to resume operations in the event of a disaster.
  • While increased corporate travel demand and a healthy economy paint a rosy picture for the hotel industry, the report also warns that the lodging ecosystem is vulnerable to threats from multiple fronts.
  • These unique challenges require hotels to be nimble, educated, and equipped with the latest technology to streamline processes and drive financial performance.
  • Hotels live or die on the ebb and flow of fluctuations in their business.
  • hotel-specific accountants can scale on demand to offer the needed expertise and ramp up quickly.
  • Because the hotel industry has a very specific set of needs, it is imperative for hoteliers have the right tools to navigate today’s challenges. The global travel industry shows no signs of slowing down any time soon, so hotels must incorporate cutting-edge technology to streamline operations, optimize labor management, and access critical data while preparing for the next unexpected event.
  • mkim001 on 03 Jun 18
     
    This particular article on hospitality and tourism accounting states that the global travel industry is expanding at an accelerated rate. Although there are high demands in corporate travel and high level of satisfaction in the economy, the ever growing industry is vulnerable to many risks given by its consumers. Just as much as the guests utilizing these hospitality services are becoming more pressing towards great prices and expressing concern in the quality of service they receive, hotel businesses are adamant about increasing awareness in cost and profit. To balance all these exclusive challenges, hotels are insisting on being educated and equipped with the most up-to-date technological advances to keep up with the ever demanding industry. With this in mind, the article states three methods to conquer the challenges faced today. The first method is to utilize a cloud based system to keep track of all the innumerous activities present to keep the business running. Due to the fact that a hotel is run by an overflowing amount of employees, all with different jobs and tasks, all using different systems respective to their departments, and require several types of pay (part-time, full-time, tipped employees) methods, it is a challenge to keep things efficient without a proper system. This is the reason why the article recommends using a cloud based system to keep track of the daily labor costs, overtime management, daily payroll transactions, and incorporate easy accessibility to reporting functions. The cloud based system will be beneficial in keeping everything in record beginning from the moment an employees clocks in to the end where they receive their paycheck, as well as, the ability to manage transactions. The second method is to centralize all the various sources of data. Hotels have a countless amount of data being stored. That can range from guest satisfaction satisfaction survey and comment reports, PMS data, to financial reports. With all these busy ac
  • ...3 more comments...
  • itzdchang on 10 Jun 18
     
    The hospitality industry today is said to be one of the fastest growing sectors in the world, as demands for travel accompanied by a healthy economy has pushed a flourishing industry. As the industry grows, businesses are having to become more cost/profit-conscious while maintaining an increased importance on price, quality, and level of service, all the while sustaining a profitable organization. The article states that business owners are relying more on financial data to ensure maximum efficiency and profitability out of each and every contract. The article goes on to discuss three new smart-technology accounting solutions for various industry challenges. Cloud-based reporting systems are beneficial as the hospitality industry has many different waged employees that make payroll challenging; cloud-based systems make monitoring and managing staff significantly easier. With all of the varying data that the hospitality industry finds necessary, it is often easy to be overwhelmed with data/numbers. Data from one source may indicate trends in one direction while data from another source may contradict. Operations management platforms can be put into play that can decipher through the data and find out the important details like what efficiencies can be improved and how to best reduce expenses. These platforms combine critical accounting and performance data to benefit business owners by identifying trends and aiding better informed decisions. Lastly, the article finishes with how the hospitality industry can be unpredictable and that back-up accounting teams may be necessary in times of distress.
  • aycasa on 30 Jun 18
     
    This article mentions way to overcome hotel accounting challenges. The article mentioned that technology has been helping the industry increase revenue, minimize cost, and maximize profit without affecting the quality of the service. One of the ways the author mentioned was to use cloud-based reporting for labor. Hotels have many employees working at all different times of the day and their pay rate varies, therefore it is much easier to monitor labor cost, have employees clock in electronically, and complete payroll having an electronic accounting system. Another way is to centralize multiple data sources. "Hoteliers may have a difficult time deciphering what story the data is telling and which levers to pull to remedy an issue or to replicate success. Business intelligence and analytics tool can point to where efficiencies can be improved and how to best reduce expenses." As a manager, its easier to monitor all your reports on one page making it easier to point out the areas that need improvement. Lately, having back-up accounting teams is a smart idea. Hotels are 24/7 hour establishments that host rooms for the needs of many people. In case of a natural disaster, the hotel must have a team ready to tackle the challenges on making room for those guests in need. "The global travel industry shows no signs of slowing down any time soon, so hotels must incorporate cutting-edge technology to streamline operations, optimize labor management, and access critical data while preparing for the next unexpected event."
  • csendra004 on 01 Jul 18
     
    MOD 9: This article is about how hotels are able to overcome accounting challenges within their industry. According to the article, the travel industry on a global scale is one of the fastest growing industries. While this is great news for the hospitality industry, the lodging sector is prone to vulnerability from trying to stay competitive while being cost and profit conscious and providing customized service. With these challenges, this article discloses three ways hotels can attempt to overcome them and they include cloud-based reporting for labor, centralize multiple data sources, and back-up accounting teams. When managing hotel staff, there are some challenges in overseeing that employees are compliant to their schedule, managing payroll and monitoring labor costs for each department. Implementing a cloud-based labor reporting system could help alleviate those challenges. A similar example would be like ADP, my own property uses this system to monitor labor costs as well as manage payroll and scheduling issues. With implementing multiple centralized data sources, it helps hoteliers to easily identify trends and help make more informed decisions based on the data shown from their data sources. With any property, it is always in their best interest to prepare for worst case scenarios which could be a natural disaster as an example. By establishing a back-up accounting team, hoteliers will be able to make more informative decisions with their back-up accounting team to match the changes of the industry after events like a natural disaster.
  • dtrak002 on 23 Sep 18
     
    The article discusses how hotels can overcome accounting obstacles. Firstly managing payroll is cumbersome, so a cloud-based reporting system can provide an easy way to monitor labour and manage overtime, and daily payroll transactions. Secondly, hotels have a difficult time to read data as data can come from a huge variety of sources: STR reports, PMS data, satisfaction surveys, comments. Hotels need a centralized dashboard which combines all critical accounting and performance data to assist hotels in making better decisions. Lastly, the article talks about hotels needing a back-up accounting team in case of disasters. In-house accounting teams may not be able to tackle on one-time event disasters and there must be a back-up team in place in times of urgency. The author, Scott Watson, executive vice president of sales and marketing at a cloud-based financial platform, sees that hotels are becoming more "cost and profit conscious" and I agree with him. Technology solutions are what hotels are craving right now to increase revenue, minimize costs, and maximize profits without sacrificing service quality.
  • krehman on 11 Feb 19
     
    This article helps guides hotels in how to overcome challenges when it comes to the accounting department in any situation that deals with staff tracking, how to decipher intricate data, and what to do in emergencies. The article details the usefulness of the Cloud and keeping track of staff members that are FOH and BOH that are both hourly and salary. That the accounting department could simply look them up in the cloud rather than searching through paperwork to understand exactly what their role is in the hotel and pay them accordingly. The article also goes over how having multiple centralized data sources can help accountants understand information from reports, guest satisfaction questionnaires, and other forms of reporting to pinpoint exactly what needs to be changed to become more efficient in the company. Lastly, the article covers how having back up accounting teams could be a definite positive just in case of emergencies (i.e. weather) so accounting can still be in progress no matter what situation occurs and the hotel can run smoothly.
lvela051

5 benefits of modern accounting system for your hotel business - WhaTech - 2 views

www.whatech.com/...system-for-your-hotel-business

technology Hospitality hotel software accounting

shared by lvela051 on 17 May 18 - No Cached
  • As a hotelier, you need to adopt new technologies to effectively streamline this aspect of your business.
    • lvela051
      lvela051 on 17 May 18
       
      Technology is becoming the new normal, which hoteliers have to adapt to.
    • lvela051
      lvela051 on 17 May 18
       
      It is useful within a hotel but especially in larger establishments that generate a lot of business.
    • lvela051
      lvela051 on 17 May 18
       
      The article addresses 5 great benefits that comes with modern accounting but does not take into consideration the drawbacks of using technology to calculate data.
  • ...9 more annotations...
    • lvela051
      lvela051 on 17 May 18
       
      Besides creating statements, their responsibilities include:
  • Information such as how your room is priced compared to competitors, or the current month’s profit as compared to the previous month gives deep insights.
    • lvela051
      lvela051 on 17 May 18
       
      How it benefits the hotel?
  • Budgets Compare profits (between current and past periods) Prepare financial statements, balance sheets Cash flow statements Payroll management Business planning and much more
  •  5. Speed and efficiency:
    • lvela051
      lvela051 on 17 May 18
       
      Great way to be time efficient and also provide accurate information and a faster pace. Doesn't require the need to check manual spreadsheets all information is stored within a system.
  • 2. Access from anywhere:
    • lvela051
      lvela051 on 17 May 18
       
      This can be an issue, because it can compromise the security of the information.
  • 3. Information in real-time:
  •  4. Ease of use:
  • 1. Automation and Accuracy: A hotel accounting system makes it easy for you to generate invoices, account statements, produce payslips, and much more.
  • Tech-savvy hoteliers have adopted cloud-based property management systems (PMS) to perform a host of tasks including accounting.
    • lvela051
      lvela051 on 17 May 18
       
      The merge between PMS system and accounting (financial) system.
  • lvela051 on 17 May 18
     
    Accounting within a hotel is very important because it helps to generate reports to determine the cash flow within a hotel. The article that I choose summarizes the changes that have occured that have affected the way accounting is done within a hotel. It touches briefly of how old school vs new school accounting is done. The way accounting was done a few years back was by being done manually with spreadsheets and needed more time to create invoices. As far as the new way accounting is done, there are accounting softwares that allow us to track real time numbers within seconds to determine budgets, statements and other reports. The idea of using the software is to create a more accurate and faster routine to have data represented correctly. It also mentions the integration of PMS and the hotel accounting management software to work together to make it easier for hotels to use. After reading the article, the idea of having these softwares put into place to make it "easier", also comes with the fear of having this technology backfire. With so many benefits being mentioned throughout the article, we would also have to analyze the negatives being hacking, malfunctions and other issues within having technology. Within a hotel, accountants have a lot of individual and group accounts that requires personal information and also deadlines. The use of accounting systems would help to facilitate the amount of data that is being processed and also ensure that its accurate to prevent any mistakes.
Yaping Li

Boosting finance with Accounting software for Hotels - 0 views

blog.trginternational.com/...Accounting-software-for-Hotels

shared by Yaping Li on 19 Oct 12 - No Cached
  • There are several functions in the finance team of hotels, each serving a different purpose in hotel financial management. Whilst some of these may overlap, they include: financial accounting, cost accounting, tax accounting, auditing and managerial accounting. With the advent of technology, hotel accounting software has gained a significant role in helping these finance function of hotels.
  • Yaping Li on 19 Oct 12
     
    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.
Chris Cardoso

Hotel firm upgrades accounting system - 0 views

www.hotelnewsresource.com/article73028.html

shared by Chris Cardoso on 24 Sep 13 - No Cached
  • LBA Hospitality Partners with M3 Accounting + Analytics to Enhance Accounting Processes and Increase Efficiencies July, 31 2013 M3 Accounting + Analytics Seeking to update and streamline accounting processes for its 70-plus Southeast properties, Dothan, Ala.-based Larry Blumberg & Associates, Inc. (LBA Hospitality) recently announced an expanded partnership with M3 Accounting + Analytics, the national leader in hotel-specific accounting software, operations reporting, and business analytics. “If we are to continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  LBA sought the ability to swiftly handle budgets, forecasts, and reports, and to dissect business data, all while insuring that the back-office accounting platform functionality was state-of-the-art and industry-specific.  In choosing M3, Benton cited how the company integrates accounting, business intelligence, and reporting, while eliminating most redundancy, software investment and annual hardware/software maintenance. In addition, Benton and LBA were looking for continual and automatic upgrades, backup and disaster protection, and minimized downtime.  LBA is implementing the full suite of M3 products: accounting through the AccKnowledge platform, time, attendance and labor management through the newly released RightTime solution and LaborWatch, and payroll services through RightPay. The company will also continue to use M3 Link business intelligence reporting, as LBA will be expanding it to bring financial data, operating stats, Smith Travel feeds and guest satisfaction data (including verbatim responses) into one completely customizable dashboard. LBA, which launched its business by developing a Sheraton Inn in 1973, is rapidly growing its management business and securing more and more agreements from sophisticated owners and investors.   Scott Watson, M3 Vice President of Sales & Marketing, said, “While our core product remains our accounting solution, we’ve continued to evolve and offer new products and services that meet the current and future needs of the hospitality industry. It is truly exciting that our product platform will help Beau and LBA achieve the aggressive growth they are anticipating over the next five years.”  The implementation and training process for all LBA properties is expected to be complete by December 1.  About LBA Hospitality Based in Dothan, Ala., LBA Hospitality is a hospitality management company focused on maximizing return, safeguarding assets and enhancing value. Founded in 1973, the company now manages 70 properties throughout the Southeast, from Texas to Virginia. More information is available at http://www.LBAHospitality.com.  About M3 Accounting + Analytics M3 is the national leader in hotel-specific accounting software, operations reporting, business intelligence and analytics, processing more than $8 billion in financial transactions for more than 3,000 properties. M3’s integrated suite of hospitality accounting products includes: AccKnowledge, Link, payroll and labor management services, and document imaging and retrieval – all designed to help provide hotel operators, owners and managers unsurpassed access to the information they need in the most integrated and cost-effective manner. The company was founded in Gainesville, Ga. in 1998, and also has a base of operations in Tampa, Fla. More information is available at www.M3AS.com. 
  • “If we are to continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  
  • continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  
  • ...1 more annotation...
  • “If we are to continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton
  • Michaela Gave on 24 Sep 13
     
    LBA Hospitality Partners with M3 Accounting plus Analytics to enhance accounting processes and increase efficiencies." As an industry leader LBA's Presidents feels they need to ability to meet requirements of their stakeholders and provide accurate real-time information for management and owners. When choosing M3 LBA's president noted how the company integrated accounting, business intelligence, and reporting while removing redundancy, software investment and annual hardware/software maintenance. Part of the requirements for choosing a company was continuous automatic upgrades, backup, disaster protection and limited downtime. LBA chose to implement a full suite of M3 products: Accounting through the AccKnowlege platform, time, attendance and labor management through RightTime solution and LaborWatch and payroll through RightPay. LBA will be expanding to bring financial data, operating costs, Smith Travel feeds and guest satisfaction data in one customized dashboard using M3 Link business intelligence reporting. LBA continues to grow after developing the Sheraton in 1973. Scott Watson of M3d is happy that M3 can meet the needs of their customers even though their core product is accounting solutions. They continues to help companies as they grow. Through this partnership they hope to continue to grow as meet the needs of their guest, investors and team. While it is important to have a core product to offer, I think it's also important to have additional products that meet the needs of your customer much like S. Watson said about M3 continuing to evolve and meet the needs of the hospitality industry. I feel this would make the company more marketing. It looks as if the President of LBA reviewed what the company's needs were and then chose to partner who leads the company in hotel specific accounting software. The president recognized the need to be able to report numbers accurately and forecast real data to its team, owners and investors. When I m
  • Chris Cardoso on 21 Oct 13
     
    The Larry Blumberg & Associates hospitality firm (LBA Hospitality) partnered with a management company, M3 Accounting & Analytics, to integrate new software in it's 70 properties throughout the southwest, fro Texas to Virginia. The services that will be provided by M3 will range from Accounts Payable, to General Ledger, Daily Sales Report, Labor Cost, Check Writing, Cash Management, Forecast, Budget, etc. M3 provides products and services that will continue to evolve and improve to be cutting edge in hospitality. LBA is using M3 to streamline an aggressive five year growth plan. Other hospitality business will begin to incorporate a service provider that can encompass all accounting needs.
berkley7

Accounting and Bookkeeping for the Tourism Industry - 0 views

schools-training.com/...kkeeping-tourism-industry.html

shared by berkley7 on 26 Jun 18 - No Cached
  • Just as the history of the tourism and hotel industry has grown and evolved into the mega economic force it is today, so has the bookkeeping necessary grown into a mega accounting career that the tourism business could not live without.
  • Opportunities working in the accounting services of major tourism theme parks and related companies may include professional and managerial roles in Financial Analysis, Planning Operations, Auditing, Tax preparation and Contract Reporting. To advance into tourism management training for upper corporate managerial level you would require knowledge in of these areas: Cash-flow Operation & Cost Budget Pensions Foreign Currency Accounting System Integrity Accounting & Reporting Standards
  • Basic accounting training is still the obvious first step, even starting with career college based diplomas.
  • ...2 more annotations...
  • The career incentives of all bookkeeping and accounting positions within  tourism and especially the major theme park resort industry are immense.  You have a career length opportunity for travel to exotic locations and if desired, working and living abroad.  The world of tourism, theme parks and resorts is always growing and consequently your work environment’s aspects grow with it.
  • Avail yourself of basic certification, familiarize yourself with quality bookkeeping and accounting software, and climb aboard the hospitality and tourism career train!
  • berkley7 on 26 Jun 18
     
    Module 8: "Everything in the business world is about the bottom line, and the accounting department of an organization is the keeper of that bottom line's flame." The following article, Accounting and Bookkeeping For The Tourism Industry gives and inside look and new perspective into the accounting and bookkeeping within the hospitality and tourism industry. The following are a few topics that are required in order to successfully run financial aspects within the travel industry; cash-flow, operation & cost budget, pensions, foreign currency, accounting system integrity and accounting & reporting standards. I was interested to read all of the possible job opportunities that are available in accounting and booking sides of the travel industry; for example - opportunities to travel to exotic locations, work/live abroad, possible events, etc. It is clear to read that employees in both accounting and booking are vital today and their role continues to play a major role in the overall success of the industry. "Just as the history of the tourism and hotel industry has grown and evolved into the mega economic force it is today, so has the bookkeeping necessary grown into a mega accounting career that the tourism business could not live without."
bdolman

Importance of Accounting in Hotel Management | - 0 views

jinisyssoftware.com/ce-accounting-hotel-management

shared by bdolman on 10 Oct 16 - No Cached
  • contact Home » Hospitality Software » Importance of Accounting in Hotel Management 07 May 2014 1 Comments Importance of Accounting in Hotel Management <img width="350" height="263" src="http://jinisyssoftware.com/wp-content/uploads/2014/05/accounting-calculator.jpg" class="attachment-350x9999x1 size-350x9999x1 wp-post-image" alt="accounting-calculator" srcset="http://jinisyssoftware.com/wp-content/uploads/2014/05/accounting-calculator.jpg 1548w, http://jinisyssoftware.com/wp-content/uploads/2014/05/accounting-calculator-420x315.jpg 420w, http://jinisyssoftware.com/wp-content/uploads/2014/05/accounting-calculator-1020x764.jpg 1020w" sizes="(max-width: 350px) 100vw, 350px" /> Imagine a world without order, where everything was a mess and no one knew where anything was. Where money and resources were being thrown out it all directions without knowing how much was spent, how much was left, or even where it went to. This wouldn’t be very sustainable, not to mention comfortable. Now imagine if this was in a hotel environment; how could you even accommodate guests? Hotel staff wouldn’t get their salaries, guests wouldn’t get what they paid for, no improvements would take place, and money would just disappear. That doesn’t sound too good, does it?
  • amichellemagluta on 10 Oct 16
     
    This article is meant to show the reader about the importance of accounting in the Hospitality & Tourism industry. The role of an accountant is crucial to the success of a hospitality company. The article also goes onto answer the questions that commonly face accountants.
  • bdolman on 26 Feb 18
     
    In this article titled, "Importance of Accounting in Hotel Management", the author stresses that accounting is crucial in numerous industries and processes, including the hospitality industry. Hotel accountants need to create month-end accounts, compare profits to previous periods, analyze forecasts, prepare budgets and business planning, financial statements, balance sheets, cash flows and payroll control. Aspects to take into consideration are the amount of total sales achieved per year, average prices of hotel rooms, and month's profit comparisons. An interesting quote I read in this article was that "it is important to distinguish accounting from management. Accounting is a tool used by good managers". Accounting in hotel management is crucial to keep track of cash flows, forecasts and aforementioned reports. While analyzing how accounting can further add value to managers or how it can be optimized, I believe that real time reports and data analysis can create red flags so changes can be performed on time and systems can be optimized. After all, this allows the business to become more efficient in order for them to focus on their core strengths and direction.
cleon087

Three Ways to Overcome Hotel Accounting Challenges - 3 views

lodgingmagazine.com/me-hotel-accounting-challenges

hospitality accounting

shared by cleon087 on 08 Jun 19 - No Cached
  • Adopting a cloud-based reporting system can offer seamless labor monitoring and management from clock-in to paycheck while giving hoteliers on-demand management of earnings to manage transactions in real time.
  • Adopting an operations management platform that allows hoteliers to import data into one centralized dashboard combines critical accounting and performance data to aid hoteliers in identifying trends and making more informed decisions.
  • . The global travel industry shows no signs of slowing down any time soon, so hotels must incorporate cutting-edge technology to streamline operations, optimize labor management, and access critical data while preparing for the next unexpected event.
  • ...12 more annotations...
  • Whether the needs are short-term or necessitate a longer plan, hotel-specific accountants can scale on demand to offer the needed expertise and ramp up quickly.
  • oteliers are turning to robust accounting tools and hotel-specific accounting partners to balance these challenges. Below are three ways that smart accounting solutions can address unique needs of hotels.
  • Most hoteliers have access to an array of data sets, including STR reports, PMS data, guest satisfaction surveys, comments, and financial data from multiple properties.
  • Managing payroll is a constant challenge, so it’s critical for hoteliers to have a way to monitor daily labor costs, manage overtime, oversee daily payroll transactions, and have access to simple reporting functions
  • Hotels live or die on the ebb and flow of fluctuations in their business. In-house accounting teams are regularly affected by a variety of foreseeable events such as seasonality, portfolio turn-over, and one-time events, but also unexpected events such natural disasters.
  • fastest growing sectors in the world
  • to threats from multiple fronts
  • ncreased importance on price, quality, and the level of services
    • cleon087
      cleon087 on 05 Jul 20
       
      They're looking for more value for their buck and being more critical.
  • can help increase revenue, minimize costs, and maximize profits without affecting service quality.
  • . One hotel can have part-time, full-time, and tipped employees
    • cleon087
      cleon087 on 05 Jul 20
       
      This is what makes our business so unique. Every employee, even IT should be prepared for interacting with a guest.
  • Hoteliers may have a difficult time deciphering what story the data is telling and which levers to pull to remedy an issue or to replicate success.
    • cleon087
      cleon087 on 05 Jul 20
       
      Sometimes too much data can also be a negative thing. You want to focus on the numbers that are crucial.
  • Adopting an operations management platform that allows hoteliers to import data into one centralized dashboard combines critical accounting and performance data to aid hoteliers in identifying trends and making more informed decisions.
    • cleon087
      cleon087 on 05 Jul 20
       
      Receiving the information in one place can really impact the business for the better in order to make better decisions.
  • jnoll001 on 08 Jun 19
     
    This article jumps into some challenges facing the hotel industry with respects to accounting. It touches on various topics we have gone through as a course, and ends with an emphasis on technology.
  • ...6 more comments...
  • hchiebooth on 12 Jun 19
     
    Thank you for sharing. I found it a good read as it gives a brief description on some of the different platforms that are out there.
  • aflor094 on 25 Sep 19
     
    The article goes into detail about ways to overcome accounting challenges in the hotel industry, ranging from Cloud based programs to report labor, to having back-up accounting teams as workloads can increase due to seasonality and holiday stays.
  • pvega018 on 15 Oct 19
     
    Due to the changes in the industry the accounting branch of hospitality has had to encounter several changes. They are turning to robust accounting tools and hotel-specific accounting partners in order to figure out all aspects. Accounting information is now mostly online and all digital therefore changes need to be made since the common way of keeping records was papers.
  • gaston326 on 16 Oct 19
     
    Hospitality businesses are becoming more and more profit-focused and guests are thinking that higher prices mean higher level of service. This simply isnt so. Perhaps not all hotels have the same amenities and activities, however, all hotels and resorts should have more or less the same exemplary service so that prices become less of an issue in the future.
  • edagt001 on 16 Oct 19
     
    This article is about the hospitality businesses are becoming more cost- and profit-conscious and guests are placing increased importance on price, quality, and the level of services they receive. These unique challenges require hotels to be nimble, educated, and equipped with the latest technology to streamline processes and drive financial performance. Owners rely more and more on financial benchmarking data to ensure they are getting the most out of each asset and each management contract. Hoteliers are turning to robust accounting tools and hotel-specific accounting partners to balance these challenges.
  • patrick021 on 25 Jun 20
     
    Accounting for hotel properties is the backbone that holds the property to its up filling standard in the hospitality industry. These departments are often faced with major setbacks on a daily bases that require special attention, whether its to balance book, handle unexpected turn overs and natural disasters. However due to many technology advances many properties are installing software that easily and better assists the accounting department from constant overwhelming situations. Systems that allow other department to help with monitoring overtime, payroll and transactions.
  • cleon087 on 05 Jul 20
     
    This article talks about the need for hoteliers to be up to date with technology. By having systems that have all the data in one place, helps owners make better decisions. Also having an accounting system that helps with making decisions and offer the proper tools is imperative. When it comes to accounting it is important to be prepared for the worst case scenario.
  • keoctave on 06 Jul 20
     
    Although I'm not a 100 percent fan on the cloud base systems, technology is ever changing and i somewhat believe that we should keep up with it providing that it is in out best benefit personally or from a business security point of view. We see how this article reveal to us challenges and how technology helps alleviate some of them.
Jiabao Han

Management Accounting | Accounting Information | Hotel and Jobs | Hospitality News - 0 views

www.hotelandjobs.com/management-accounting

management accounting information hospitality

shared by Jiabao Han on 24 Jun 12 - No Cached
  • Management accounting is the updated version of what you call financial accounting and the most circulated term in corporate business arena. Management involves planning, organising, staffing, leading and controlling the resources available in an organisation, namely the physical and human resources.
  • Management accounting is the updated version of what you call financial accounting
  • Management accounting is the updated version of what you call financial
  • ...11 more annotations...
  • Management accounting is the updated
  • Management accounting is the updated
  • accounting is the
  • accounting is the
  • Management accounting
  • accounting
  • is the
  • updated
  • The rationale behind financial accounting is statutory, done for the benefit of shareholders, customers, government regulatory agencies, other external agencies, potential investors and the like. It records all business transactions that are purely monetary in nature and no further analysis is done.
  • Management accounting is voluntary and reports are prepared to meet the internal needs of management.
  • The main functions being, attention direction and problem solving, management accounting is primarily concerned with providing information relating to the various aspects of a business, like cost or profit associated with some portions of business operations. It employs techniques such as standard costing,budgeting,marginal costing, break- even analysis and so on.,
  • Jiabao Han on 24 Jun 12
     
    This article gives detailed definition and explaination of management accounting. It compared management acounting and financial accounting in the industry. The article also believes that management accounting is a management information system.
Yue Li (3011472)

HFTP Begins Development of a Global Hospitality Accounting System Users Guide - 1 views

www.hftp.org/...NewsPressContent.aspx

accounting technology

shared by Yue Li (3011472) on 01 Mar 12 - No Cached
  • "We are the only global association dedicated to hospitality finance and technology
  • To create a global resource for the hospitality finance industry, Hospitality Financial and Technology Professionals (HFTP®) has begun development on a global hospitality accounting system users guide.
  • The global guide will provide the industry with a comprehensive glossary of inventory terminology, charts of accounts and will benchmark common allocation for specific regions of the world. The project is planned as a three step process:
  • ...1 more annotation...
  • HFTP is working with members of several organizations including, EHL, HFTP's Research Institute at the University of Houston, Hong Kong Polytechnic University and Hospitality Professionals Association (HOSPA).
  • boyan yuan on 01 Mar 12
     
    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.
  • ...3 more comments...
  • Marcia Brown-Kelly on 01 Mar 12
     
    I agree that this will be a great resource for hospitality finance and technology professionals. I believe that the school doing the research should partner with industry focus groups as well.
  • david swatscheno on 28 Jun 12
     
    This article focuses on a global accounting system. Their trying to make a generic set up that is user friendly for people worldwide. People are working on this and we will see what it has to offer the hospitality community here in the future.
  • Laura Montoya on 15 Oct 12
     
    This article speaks about a user guide that will "compile accounts, compare regional differences and define the value of a hospitality operation." To create this guide will take some time, and 3 steps must be performed. First the research needs to be conducted and gathered, secondly the collected data will be distributed to regional teams who will develop sample charts of accounts. Lastly, the team chairs will finalize the project by authoring a discussion on similarities or differences.
  • Kelly Baptist on 17 Oct 12
     
    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.
  • Yue Li (3011472) on 17 Oct 12
     
    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.
natalieemmanuel

M3 Accounting + Analytics Launches M3 Professional Services - 1 views

www.hospitalitynet.org/...4067013.html

shared by natalieemmanuel on 25 Sep 14 - No Cached
  • M3PS is structured to offer customized solutions to its customers, from basic accounting functions (such as bank reconciliation and accounts payable) provided on an a la carte basis, to comprehensive management of the full accounting cycle. Outsourcing of these accounting functions will allow M3PS customers to improve margins, increase shareholder value, streamline operations and deliver more focused services to ownership groups. Two major advantages for customers partnering with M3PS will be scalability and talent acquisition. As portfolios change, M3PS will take care of providing service when customers need it, eliminating the scenario of inflexible and non-variable overheads that negatively impact the ROI of a property. By specializing exclusively in hotel accounting, M3PS will have access to top-tier talent in the industry and has two CPAs and multiple MBAs currently on staff. The team will be led by industry veterans with decades of hotel accounting experience.
  • natalieemmanuel on 25 Sep 14
     
    M3 is a leading provider of accounting and analytic software, business intelligence and operations reporting. The company has been providing accounting assistance to customers for 15 years and has relied heavily on the feedback of their customers to improve their services. As a result of their customers wanting to outsource their accounting functions M3 has developed a customizable software that allows customers to choose from basic accounting functions to a complete accounting cycle depending on their business needs. By using M3PS and outsourcing accounting needs customers will be able to focus more on management functions as well as guest experience. M3PS launched operations on August 1st and since then has expanded its services to over 100 hotels as well as other businesses. M3PS is providing customers with outsourced accounting assistance from a team of CPAs and business professionals that have years of hotel accounting experience. Also, M3PS is saving customers from having to invest a large amount of time and money on IT infrastructure costs.
  • danalbert on 25 Sep 14
     
    Where the article I posted emphasizes a total PMS solution, this company focuses primarily on back office functions. This doesn't make it wrong. On the contrary, if the firm is able to conduct all the back office functions and remain integrated with the existing PMS, it could be beneficial. That is of course, if the money being saved by exporting these functions to external CPAs outweighs the costs of keep the functions in-house.
rderonville

Restaurant Accounting Software | Small Business Guide | Xero - 0 views

www.xero.com/...restaurant-accounting-software

restaurant accounting software small business guide business technology customer experience

shared by rderonville on 17 Jun 17 - No Cached
  • One of the major reasons why restaurants go out of business is badly-managed accounts.
  • So it's wise to think about restaurant accounting software before you open your restaurant.
  • Get a POS system that ties in with your accounting software
  • ...2 more annotations...
  • A good POS (Point of Sale) system will handle these payments for you, and connect to your accounting software.
  • Not just surviving but thriving in the restaurant industry is tough – and like any other business, it all comes down to the numbers. Having the right restaurant accounting software means you’ll understand how those numbers affect the bottom line.
  • rderonville on 17 Jun 17
     
    This article gives small businesses insight about the importance of having an efficient accounting software. Many restaurants may do poorly not because of bad food but because of bad account management. Constant transactions may be overwhelming so having a system in place can help alleviate issues that can transpire. This article persuades future restaurant owners to invest in an online accounting software that can be used anywhere and anytime on smart devices or laptops. It also stresses that it must be accurate with information, easy to use, smart (as in to see the business operating in real time, and flexible. It also stresses the importance of having a POS system that works well with the accounting systems. The article states that "it helps update cash flow and predictions daily". There will be records of everything that is bought, returned, wasted, and etc. I believe this is important because it can make or break a restaurant or rather any business. Whether it is for revenue or payroll, accounting systems help with identifying inconsistencies and helps management in determining if the business is healthy, numbers wise. There can not be good management if there is not good measurement. With accounting, everything that goes in and out of the restaurant is accounted for. This in turn helps a business make adjustments to effectively grow and manage a business.
yvenisem

The Advantages of Manual or Computerized Accounting | Small Business - Chron.com - 0 views

smallbusiness.chron.com/puterized-accounting-4910.html

shared by yvenisem on 14 Oct 19 - No Cached
  • Such information may be analyzed to help business owners make future financial decisions, using the advantages of either manual or computerized accounting.
  • Computerized accounting has the advantage of increased efficiency and time management when compared with manual accounting.
  • Computerized accounting has the advantage of higher accuracy when compared with manual accounting
  • ...19 more annotations...
  • The potential for human error is greater when employees are manually completing accounting procedures.
  • The advantages of manual or computerized accounting systems may be equal when it comes to reliability.
  • Manual accounting can function independently of machines so that work continues when "the system" isn't working.
  • modern backup systems and increased functionality, the disadvantage of reliability in computerized accounting may be lessened.
  • the subtlety and focus of an analysis’ conjecture or hypothesis depends on the person operating the system.
  • manual accounting may have an advantage over computerized accounting systems.
  • computerized accounting systems lose their potential for sophisticated analysis.
  • analysis may be hampered or obstructed by software design.
  • Computerized systems can produce invoices, purchase orders and other documents more quickly.
  • automatically updated and instantly available.
  • It can be costly to staff qualified accountants to complete manual accounting processes, but it can also be costly to staff accountants familiar with specific computerized accounting software and programming.
  • Computerized systems can cost millions of dollars to purchase, implement and maintain. It may be necessary to purchase updated software with some regularity.
  • small business owners who are not tech-savvy may prefer to use physical records instead of software
    • yvenisem
      yvenisem on 19 Oct 20
       
      still a dangerous game to play
  • All calculations are performed manually, which eliminates the risk of duplication mistakes and corrupt data
    • yvenisem
      yvenisem on 19 Oct 20
       
      didn't consider this
  • Computerized accounting systems are significantly more complex and involve a learning curve
    • yvenisem
      yvenisem on 19 Oct 20
       
      can be daunting to learn for many people
  • Additionally, there is no risk of data loss or leaked financial information due to data breaches.
    • yvenisem
      yvenisem on 19 Oct 20
       
      good pro
  • Some may require switching to the latest computer technology, leading to higher costs
    • yvenisem
      yvenisem on 19 Oct 20
       
      might not be financially feasible for many
  • manual accounting is prone to human error
    • yvenisem
      yvenisem on 19 Oct 20
       
      #1 con in my eyes
  • computerized accounting provides companies with financial intelligence
    • yvenisem
      yvenisem on 19 Oct 20
       
      so much easier to do everything where you know what the finanical outlook will be like
  • snesbeth on 14 Oct 19
     
    This article compares the advantages and disadvantages of having a computerized accounting system and then also completing the task by hand. When looking at different factors it is clear that it seems like an owner would run a risk going either way because where the computer would lack in areas, the human touch would prevail and then where a human touch would lack in other areas, the computer would prevail. Therefore, I would conclude that it is probably better to have a little bit of both to help make the process smooth but not over bearing on a human or even on the computer.
  • yvenisem on 19 Oct 20
     
    This article basically goes over the pros and cons of switching over to computerized accounting systems like Quickbooks and Freshbooks. It goes over the main concerns like data breached and human error, but it also deleves a little deeper to discuss how many of the software require regular system and hardware updates in order to have the software run efficiently.
Hana Musilova

Expanding global footprint with accounting software for hotels - 0 views

www.4hoteliers.com/4hots_nshw.php

shared by Hana Musilova on 18 Sep 12 - No Cached
  • What should hotels look for in their financial management system then?Handling currency complexity
  • Handling multiple languages
  • Handling multiple entities
  • ...19 more annotations...
  • Supporting multiple charts of accounts
  • Handling multiple calendars
  • Supporting global access
  • Reporting using multiple accounting standards
  • Supporting different levels of corporate reporting
  • Handling tax complexities
  • In the increasingly volatile and regulation-filled business world, the ability to adapt is of utmost importance;
  • During the transition, many hotels might find themselves trying to avoid incurring costs and disruptions by sticking with their existing accounting software.
  • Moreover, different countries have different units of measurements and formats, which need to be reported as well. Hence, it is vital that hotels’ financial management software can handle all of these.
  • Rapid globalisation means that hotels are likely to report in more than one currency. Thus it would be a tremendous help if hotel accounting software can handle multiple currencies.
  • Nonetheless, if businesses do not conduct comprehensive evaluation of their needs and software capabilities, they may well end up paying more than they could save.
  • A hotel chain with various branches in different countries or jurisdictions has the extra workload that entails complexity.
  • a hotel financial management system should be capable of consolidating results from discrete entities for statutory reporting and tax purposes.
  • The rigid approach of a single chart of accounts is especially unsuitable for companies with different lines of businesses, those in joint-venture arrangements or those acquiring businesses in different countries.
  • It is a fact that businesses around the world do not operate on the same fiscal year. To save time from having to recast figures into different calendars, hotels with multinational operations should implement a financial management system that can create local, regional and consolidated reports as needed for management or statutory purposes.
  • For hotels operating in various countries, their accounting software should be able to handle the complexities associated with different tax regulations and help defending tax audits.
  • GAAP, IFRS and local accounting standards require different accounting treatments. Thus, accounting software for hotels should allow different books for recording transactions under these various accounting rules.
  • A multinational hotel’s accounting system should be able to create a consolidated headquarters view as well a consolidated statement of several subsidiaries at an intermediate level.
  • Financial management software that allows web-based access can help hotels avoid incurring costs from installing the system individually at all branches or at branches with limited on-premise support. Having a system that can be installed locally, deployed centrally and accessed globally gives hotels a competitive advantage without compromising security and reliability.
  • Jenna Rashbaum on 18 Sep 12
     
    Many hotels may want to chance their accounting systems but at the same time are trying to avoid all of the new costs and possible disruptions that come with a new system. By staying with their old systems though it could end up costing them more money in the long run if the system decides to just stop working and then you lose all of your data.
  • ...1 more comment...
  • Jenna Rashbaum on 18 Sep 12
     
    Any hospitality organization should look for all of these things when considering a new financial management system. It might end up being more expensive but in the long run will end up saving the company lots of money.
  • anonymous on 11 Feb 13
     
    This article describes what basic capabilities an accounting software for a hotel who is trying to expand globally should have. As well know, it is very important for a company to be able to adapt to changing times. Hotels are an industry that is constantly facing challenges, especially when trying to expand globally. This article gives some very important tips on what hotels should looks for when putting their financial management system in place. For example, expanding globally means a hotel would have to handle different currencies at one time. This is somewhat of a complex task for a company who is new to the global arena. Hotels should make sure to have a system that would make following different sets of accounting and business rules easier for the company. Another example is hotels should have a system that is able to utilize multiple accounting standards. "GAAP, IFRS and local accounting standards require different accounting treatments", therefore, software for hotels should be able to accommodate these variations.
  • Hana Musilova on 03 Mar 13
     
    I found this article very interesting as it discusses various aspects that a financial system should have in order to provide the most accurate and timely financial reports and analysis to help hotels to be more efficient and increase profit. According to the article, as all the hotels are evolving and changing at all times and the financial system has to be able to keep up with all the changes. One of the few things a financial management system should be able to do is to handle currency complexity and make sure that the hotel's accounting system can handle multiple currencies. A good financial system should also be able to handle multiple different languages for employees with different language backgrounds and also units of measurements and formats. The system also needs to be able to support multiple charts of accounts. According to Ventana Research 2011, "maintaining multiple charts of accounts may prove to be both simpler in the long run and more productive." Another important aspect of a good financial system it to handle tax complexities for hotels operating in various countries. The accounting software should be able to "handle complexities associated with different tax regulations and help defending tax audits." The last important fact it that the software should web based therefore accessible from anywhere and anytime. I find the last one the most important one as our technology and our PMS are moving into cloud based systems, it is curial that we are moving in the right direction with all of our systems and have them synchronized.
1 - 20 of 726 Next › Last »
Showing 20▼ items per page