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Sungoo Kang

A New Meaning to "Eat and Run"? Restaurants and Mobile Payments | Davis Wright Tremaine... - 1 views

www.jdsupra.com/...documentViewer.aspx

mobile solution software payments

shared by Sungoo Kang on 24 Feb 12 - No Cached
  • Many mobile payment systems tailored for restaurants and other food vendors were introduced in 2011. Restaurant-industry insiders say 2012 will be the year of widespread adoption – and possibly a shakeout. A brief overview of the main contenders and considerations follows:
  • Sungoo Kang on 24 Feb 12
     
    This article basically talks about four different types of POSs for restaurants, a brief overview of the main contenders and considerations.  The one of the interesting POS systems in the article is The Rail which is introduced last month, a digital bill folder that enables restaurant customers to self-swipe credit or debit cards at the table without the cards ever leaving their possession, thereby protecting against credit card and identity theft.  The basic Rail system includes POS integration, the BaseStation, a secure wireless system, a set of Rail devices (generally 1 device per every 3 tables), and monthly maintenance. Basic Rail devices incorporate a credit card swiper with encryption, billing touch screen display, bill splitting, tip calculator, signature field, NFC payment capabilities, LED stage lights, and receipt email program. The other POSs in the article are Card Case, Tabbedout which are a mobile payment system with smart phone, Square which is mobile card reader, and Chain-Specific Apps which permit the patron to call up menus, locations and nutritional data, as well as to order and pay on-line. Nowadays, many mobile payment systems tailored for restaurants and other food vendors are being introduced. Since they are new and challenges to restaurateur, considering what the pros and cons are and what kinds of POSs best fit to their establishments will be necessary and critical to remain competitive with others.
cpaez007

Master the 5 Basics of Restaurant Accounting - 0 views

info.getorderly.com/...restaurant-accounting-basics

shared by cpaez007 on 04 Mar 18 - No Cached
  • cpaez007 on 04 Mar 18
     
    In this article we discuss the five basic principles of accounting in restaurants. Many people do not like the principle of accounting, and do not know much about it. With these basics, people can have a simplified concept of what they need to know for restaurant management. First you would like to have an accounting chart that discusses inflows and outflows, plus the liabilities and assets that your business has. This is a great way to monitor your finances. Next, is the cost of goods sold. These are the costs for the items that were purchased and then sold. You need to monitor this, in order to calculate the cost you are making per dish in compared to profit. Third, other costs that include fixed costs like operation and occupancy, or labor costs of course. You want to monitor this strictly, in order to see the areas where you might be spending a lot when it comes to employees. Then you want to compare it to the profits you are making. Forth, the prime costs. Prime costs are the total variable costs that you have. Variable costs are those that can be controlled, and you want to keep an eye on these in order to see what needs to be cut to optimize profit. Lastly, you have the cost to sales ratio. Larger restaurants might have higher costs, because they are creating larger sales. You really want to create a ratio of costs to your own sales, to see how well you are doing compared to the competition.
Mingxue Jia

Stop, look and listen before investing in hotel tech - 1 views

www.hotelnewsnow.com/...before-investing-in-hotel-tech

investing hotel tech

shared by Mingxue Jia on 07 Mar 13 - No Cached
  • Yao Chi on 07 Mar 13
     
    Interesting article! The author appeals hotel managers to stop, look and listen before investe hotel teches. He point that in-room technology makes provide a good experience for the guests however the hotel owner have to pay much and the ROI decreased. In addition the writer notice that the manager should understand the real demands of travelers instead of installing high-end devices in the guest room.
  • Mingxue Jia on 07 Mar 13
     
    No matter in what kind of biz, before we make a decision to adopt new technology, it's better to do a SWOT analysis at first. In the hospitality industry, everything related to the relationship with people. What kind of service will accept by customers and what's the best method to provide are the basic questions need to be answered before take a new investment approach. In this artical, it piont out to be wait and see before tacking a new investment. There are some benifits to do this. 1, save money. 2, get the experience from others. 3, lower risk. No matter what kind of method you take, the basic rule is making decision from customer perspective.
Hanlu Hu

E-Commerce for the Hospitality Industry | The Moscow Times - 6 views

www.themoscowtimes.com/...449373.html

technology

shared by Hanlu Hu on 30 May 12 - No Cached
  • E-commerce has been defined as "the buying and selling of products and services by businesses and consumers over the Internet."
  • Accelerating Internet usage worldwide The Internet is the lowest cost hotel-booking channel Most travelers research hotel reservations on the Internet Social media and online hotel reviews are an increasingly important decision factor The web is the preferred media source for travel information, favored 17:1 over television and 6:1 over newspapers and magazines.
  • Adding real time search functionality to your site, capability to generate user reviews, launching contests helps to build fresh content and quality links
  • ...9 more annotations...
  • Heavy graphics, animation and flash demos cause your site to perform slowly. Sites that are built keeping these guidelines in mind will deliver better user experiences, will perform better on search engines, and ultimately drive higher ROI.
  • As things stand now, mobile queries represent about 10% of all queries made on Google. People are using mobile devices to conduct searches, as well as share content, connect with friends and browse the web
  • Embracing social media. 93 percent of social media users expect companies to have a social presence. 85 percent of social media users want companies to interact with them on social sites. A well-planned social initiative can turn fans into brand evangelists.
  • The Internet has consolidated itself as a very powerful platform that has changed the way we communicate, and the way we do business.
  • The growing importance of e-commerce in the modern hospitality industry has created an urgent need for simple solutions to manage companies' online presence. Now that each hotel is involved in e-commerce, why is hotel e-commerce so important today?
  • We forget that the human brain can only consume limited information. It is important to take a holistic approach and prioritize information. Good web site architecture and organized content improves site usability and its efficiency when used with search engines.
    • yan xie
      yan xie on 03 Jun 12
       
      It is true that we always forge how many information the human brain will take at once. Although the e-commerce is the good way for customers to know the new products and new service from the hotels, sometimes the hotels provide so much information to customers. It lets customers confused and does not know what the specifice products can meet their requirements. And sometimes, they feel some hard to understand your service so that they give up hotels service or new products to choose the one they are familiar. So how to make e-commerce usability and efficiency is a new point, which the hospitality industry company need to consider.
  • make sure your ad groups are made up of tightly knit keyword themes and that those keywords are reflected in your ad copy; ensure that your landing pages clearly reflect the offer promoted in the ad copy and includes clear calls to action and conversion factors.
    • yan xie
      yan xie on 03 Jun 12
       
      As the point two mentioned, the customers cannot get so many information at once, and they also cannot search lots of information at once. So the keyword themes is also another important thing for company to do the promotion and ads. This ads need to have the keywords to clearly reflect the offer promoted for customers. In this way, the customers will catch the information as possible as they can.
  • Top e-commerce sites are continually testing new things. It's the only way to achieve continual improvement.
    • yan xie
      yan xie on 03 Jun 12
       
      To do the continually testing new things is always a best development way for the developing company. If the company cannot test the new things in their e-commerce sites and e-commerce process, the e-commerce of this company will be far away from other companies. Company need to have the innovation to make some new things for their e-commerce and do the test all the time to select the best way for the business and customers' expericence.
  • hospitality industry has always been among the first to capitalize on new technologies
  • Gerardo Collado on 30 May 12
     
    The hospitality industry along with the resourcefulness of the Internet has allowed the Russian hospitality industry to benefit and grow with the technology of e-commerce. E-commerce is defined as "the buying and selling of products and service by businesses and consumers over the Internet". This technology is significant due to its beneficial factors of lowering costs, accessibility, decision-making, and media exposure. As well, the article provides for methods and advice regards effective strategies to utilize the Internet. Primarily, the speed of the website's functionality is essential, along with providing compatibility of browsers, thus, allowing for a better experience for users. The information in the website should be efficient, allowing for real time search whether using a mobile phone or a computer. It was informative to read the multiple functionality, that social media is playing in the hospitality industry regards the exposure and marketability. E-commerce has change the market of goods and services, from a tangible experience to digital experience, through the use of online shopping estimated at $228 Billion in 2010, a third derived from the purchase of travel and flight websites, thus, demonstrating the importance of the Internet in relation to consumerism.
  • ...7 more comments...
  • Avril Emmanuel on 01 Jun 12
     
    This article talks about why hotel E-commerce is essential today and how to go about having E-commerce work for your business/hotel. The article says, "The internet has consolidated itself as a very powerful platform that has changed he way we communicate, and the way we do business." This is the reason why businesses need to utilize the internet. According to the article these are the reasons that hotel e-commerce is important today: the internet is being used worldwide, the internet is the lowest cost hotel-booking medium, the internet is used, by travelers, to research hotels and their reservations, the internet is the home of social media and hotel reviews and the internet is preferred 17:1 over television and 6:1 over newspapers and magazines for travel information. It would be at a hotel's detriment if they do not utilize the internet and e-commerce. It isn't enough to use e-commerce for business but there must be an upkeep. It is extremely beneficial to research or monitor how customers and potential consumers are seeking information and what attracts them to a site. According to the article, e-commerce strategies that would 'help get the best from the internet world' are: 1. Search-friendly website design 2. Improving Conversion and Usability 3. Paid Search 4. Real time Search 5. Mobile Device Market 6. Social Media 7. Testing
  • yan xie on 03 Jun 12
     
    This article mentioned why the ecommerce important for the hospitality industry. And also there are more things they hospitality industry companies need to know. Although the e-commerce is the good way for customers to know the new products and new service from the hotels, sometimes the hotels provide so much information to customers. It lets customers confused and does not know what the specific products can meet their requirements. And sometimes, they feel some hard to understand your service so that they give up hotels service or new products to choose the one they are familiar. So how to make e-commerce usability and efficiency is a new point, which the hospitality industry company need to consider. As the point two mentioned, the customers cannot get so many information at once, and they cannot search lots of information at once. So the keyword themes is also another important thing for company to do the promotion and ads. This ads need to have the keywords to clearly reflect the offer promoted for customers. In this way, the customers will catch the information as possible as they can. It is true that we always forge how many information the human brain will take at once. To do the continually testing new things is always a best development way for the developing company. If the company cannot test the new things in their e-commerce sites and e-commerce process, the e-commerce of this company will be far away from other companies. Company need to have the innovation to make some new things for their e-commerce and do the test all the time to select the best way for the business and customers' experience.
  • xiyu wang on 16 Sep 12
     
    This article discusses about the application of e-commerce in hospitality industry. Internet has become a very powerful tool for customers when they are planing their travels. As the same time, it has become an important media for hotelierss to improve their businesses. Internet can provider a lot of online sources to customers when they make any dicisions. And how to make your web site become more competitive and attract more customers is the topic of this article. First of all, a good design for the web site is the most important thing for hotelierss. And the download speed is the basic factor. Quick download speed brings a good experience to users, and improves the ranking in organic search. Secondly, improving usability needs to be focused on by hotelierss. Large imformation may not be took in by users. You need to make your customers seethe most important information first. In other word, you need to prioritize your web site and make the imformation more understood. Paid search and real time search are also focused on by the author. Sometimes, paid search can make your hotel more compelling on the search engine. And some tips have been given in this articel to help the hotelierss to maximize conversions. Real time search is similar with paid search, and it needs compelling fresh content and quality incoming links on the web site. Maps, photo galleries, videos and press releases are creative ways to distrivute content on different channels. With more mobiles customers using, mobile represent about 10% of all queries make on Google. Hotels can exand the mobile market and improve the download speed of their site by avoid heavy graphics and flash, making their site is mobile compatible. Social media is in the same condition with mobile. Customers need more connections on social sites, so they want companies to interact with them through the social media. The last point is testing. Every new thing needs a lot of tests. It can provides changes and improvement for
  • Gaby Belardo on 16 Sep 12
     
    The article discusses power of internet and how different it is from magazine and television ads. "In terms of time your travel websites are available for are accessible for a longer period of time, the flexibility that the content can be changed without asking someone,if you have a content management system." Also travel websites will help your business potentially reach a wider audience. Another big advantage of having a travel website is it's availability even when your business is closed or no one is available to answer your phone. Everyone knows that there are so many time zones, and the visitors can come from any part of the world. So having a travel websites gives your travel business visibility for all 365 days of year 24x7.
  • Xiameng Zheng on 30 Jan 13
     
    In hospitality industry, customers are constantly seeking new sources of information to help them make decisions before purchasing services. E-commerce in hospitality industry is about the online buying and selling services. And it's become such an important source for the company and customer. Hospitality businesses are all involved in the trend. Smart hoteliers need to keep a sharp focus on the fundamental shift in ways customers are seeking information and channels that drive maximum return on investment. This article listed several basic e-commerce strategies that will help hoteliers to get the best from the Internet world.
  • Marcos Oliveira on 31 Jan 13
     
    As new technological advances are being made, the hospitality industry has always been among the first to capitalize on new technologies. The term e-commerce has been defined as the buying and selling of products and services by businesses and consumers over the internet. Now that hotels are involved directly with e-commerce it becomes even more important today because of the accelerating internet usage worldwide,the internet is still the lowest cost channel for booking, many travelers make their travel decisions via the internet. Embracing social media, 93% of social media users expect companies to have a social presence and 85% of social media users want comoanies to interact with them on social sites. A well-planned social iniative can turn fans into brand evangelists. This article dealt mainly with a brief introduction of what e-commerce is in terms of its defining and what it means to the hospitality industry. With more and more people utilizing the internet each day, the potential to have a person book a hotel room greatly increases. Several search engines have advertisements relating to many hotel companies offering specials and customers will see these ads and book. With more technological advances bound to come into play, its only a matter of time before the practice of e-commerce is taken to another level.
  • Ling Xiang on 31 Jan 13
     
    Over the last decade the population of Internet users has increased rapidly. The hospitality industry has always been among the first to capitalize on new technologies. E-commerce has been defined as "the buying and selling of products and services by businesses and consumers over the Internet." With hotel e-commerce, the landscape of the hospitality industry is forever changed. Online sales are an important part of the business. The growing importance of e-commerce in the modern hospitality industry has created an urgent need for simple solutions to manage companies' online presence. Now that each hotel is involved in e-commerce, reasons why is hotel e-commerce so important today may because the accelerating internet usage worldwide, the Internet is the lowest cost hotel-booking channel, and social media and online hotel reviews are an increasingly important decision factor.
  • Panpan Xie on 31 Jan 13
     
    E-commerce has become more and more important in our daily life, because many customers today prefer to use internet to help them make decisions. In hospitality industry, e-commerce also plays an important role, as internet is a very cheap and convenient booking channel and many people use the internet intensively. There are many e-commerce strategies for hoteliers, such as making friendly web site design, embracing social media, etc. As e-commerce has so many advantages, I think e-commerce is an opportunity for hoteliers to grasp. It is important for hoteliers to use different strategies to get the best from the internet world.
  • Hanlu Hu on 02 Feb 13
     
        This article introduced the function of ecommerce and the ecommerce effect for the hospitality industry. The author listed some important reasons about why hotel ecommerce is so important:1)Accelerating Internet usage worldwide.2)The Internet is the lowest cost hotel-booking channel. 3) Most travelers research hotel reservations on the Internet. 4)Social media and online hotel reviews are an increasingly important decision factor. 5) The web is the preferred media source for travel information, favored 17:1 over television and 6:1 over newspapers and magazines. This article also listed some basic e-commerce strategies that will help hoteliers to take advantage of ecommerce from the Internet world. 1) Search-friendly web site design.2) Improve conversion and usability 3) Paid search. 4) Real time search - natural ranking.5) Mobile.6) Embracing social media. 7) Test, test, test. Top e-commerce sites are continually testing new things.      In a summary, the author suggest smart hoteliers need to keep a sharp focus on the fundamental shift in ways customers are seeking information and channels that drive maximum return on investment. Moreover, hoteliers have to constantly learn and look for ways to harness the power of new developments and trends.
Jianyi Wang

OPERA system - 1 views

www.micros-fidelio.eu/...OPERA.aspx

shared by Jianyi Wang on 30 Aug 12 - No Cached
  • OPERA offers effective and easy deployment for smaller, independent single and multi-property operations and global, multi-branded hotel chain environments. OPERA Enterprise software solutions can be deployed in any size environment, from a single property with just Front Office to a large, full-service hotel with Sales & Catering, Revenue Management, Spa and Golf and Materials Control.
  • Jianyi Wang on 30 Aug 12
     
    This article is a general introduction of Opera system. It is one of the most commonly used system in hospitality industry, especially in hotels. As far as I know, this system is used in basically every five-star hotels in my hometown. We can see from the article that it is helpful to basically all the departments in hotels. This is the system I used during my internship in Intercontinental Hotel Beijing Beichen. The main function of this software for me is to extract reservation information of our banquet and conference rooms. Under the guidance of my supervisor, I learned how to make a Banquet Event Order by this software. It is the common tool we used to get and share information with our colleagues in other department. For example, when I receive a call from a guest and he needs to book a banquet room for wedding ceremony, I click on the book button and our colleagues in Reservation department will know it is occupied by other people if someone else want to book it on that day.
Long Jin

Keep your data safe when connecting to public wireless hotspots | Gadling.com - 0 views

www.gadling.com/...ng-to-public-wireless-hotspots

hospitality network safe

shared by Long Jin on 06 Sep 12 - No Cached
  • Any time you connect to a public Wi-Fi hotspot, almost every single piece of data you transmit can be picked up by anyone within range of the same network.
  • Don't share files on your computer
  • Create your own secure connection with a VPN
  • ...1 more annotation...
  • Firewall your computer
  • Long Jin on 06 Sep 12
     
    Like the tittle said, this article introduced some basic methods to keep data safe when connecting to public wireless hotspots. The author pointed out that whenever we connect to public Wi-Fi hotspots, most single piece of data can be picked up by anyone within range of the same network. It is very important to keep our data safety especially in the public place. The author introduced ten methods to protect data safety. It included turn off "auto connect", don't share files on computer, get a 3G or 4G adapter, create your own secure connection with a VPN, connect securely to your home PC, then connect to sites you need, firewall your computer and so on. During introducing the methods to protect the data, the author also told basic knowledge about how the data will be picked up by others.  In the part of don't share files on computer, the author pointed out that many people choose home network when they are connecting into public Wi-Fi which can let other people stole the sharing files. Also the firewall for the computer is really necessary to protect the data in the computer. Finally, the author told an easiest implementation which is restrict what you do on Wi-Fi. People should not do anything on Wi-Fi that you wouldn't want to share with anyone else like bill payments. It can let other people know your account and password when you make payments through public Wi-Fi.
Odette Beauvil

Business Email Etiquette Basics | Business Email Etiquette - 0 views

www.businessemailetiquette.com/siness-e-mail-etiquette-basics

shared by Odette Beauvil on 11 Jun 12 - Cached
  • When it comes to your business e-mail communications, you need to make an impression that can lend to the determination that you are a credible professional enterprise and someone that will be easy and a pleasure to do business with. You only have one chance to make that first impression which will be invaluable to building trust and confidence.
  • Odette Beauvil on 11 Jun 12
     
    This article describes the basic ways to learn how to use business email etiquette when communicating with other professional people.
Jessica Schwec

7 technologies that are transforming the hospitality industry | Hospitality Magazine - 4 views

www.hospitalitymagazine.com.au/...are-transforming-the-hospitali

technologies hospitality FIU

shared by Jessica Schwec on 13 Jan 15 - No Cached
  • Despite the many changes that are being brought on by these technologies, the truth is that they are there to enhance, not to replace, the core offerings of a hospitality business.
  • Jessica Schwec on 13 Jan 15
     
    The hospitality industry is experiencing a technological transformation. Current technology is improving and being put to better or new uses. According to this article in Hospitality Magazine, there are seven technologies that are taking the industry by storm. 1. Online Booking Systems I agree with the many industry insiders that now consider an online booking system essential. Penetrating the online marketplace is an absolutely mandatory part of the formula for success. However, opinions differ when it comes to how to accomplish this aspiration. As expressed in the article "Taking back control of the direct channel for hotels" posted on the class ScoopIt!, using online travel agents as a properties online booking system has easy setup and maintenance but lacks true customization and can put a sizable dent in profit margins, but building and utilizing a 100 percent customized system does not necessarily grant instant access to hundreds of travels sites on the web. Over all, I am of the opinion that online travel agents are still the best option-for now-because the pros out way the cons. 2. Electronic Point of Sale (EPOS) Primarily used for mobile or self-ordering, EPOS systems can replace waitresses' use of paper orders and remote/hidden POS systems. In my opinion, this streamlines the look of the restaurant floor and provides better and more instantaneous service. Panera Bread uses self-order tablets as some of their locations that allow customers who know what they want to order traditional menu items quickly and independently. Having used this system, I find it more of a novelty than a convenience because the system isn't exactly self-explanatory. Currently, the technology is much more enjoyable as an aid to waitresses where the restaurant can experience increased efficiency and a higher standard of service while guests can experience the "that's cool" factor without the frustration of having to navigate the service themselves.
  • Jessica Schwec on 15 Jan 15
     
    3. Customer Relationship Management (CRM) CRM technology provides efficient electronic storage and management of contracts and customer information and many versions also feature cloud-based applications that provide easy access to frontline employees. Electronic storage and online back-up are not totally new ideas (i.e. the floppy disc) and despite the long way these technologies have come is, in my opinion, not enough to do away completely with paper back ups. Even with electronic files, my previous property kept basic papers for 1 year and more sensitive files for much longer. Basically, CRM technology is something we should utilize more, but I doubt many will do away with a paperback up system anytime soon. 4. Marketing Automation Automatic email and text communications have been made possible by the development and improvement of marketing automation technology. Having worked with this type of technology, there is not an overabundance of companies/technologies from which to chose; however, the technology available various greatly in effectiveness and quality. In my opinion, Constant Contact is the best marriage of quality and ease of use for marketing automation technology available. This type of marketing can really step us a properties game, but beware of poor performing products. 5. Social Media According to the article, photos are the most popular posts by social media users, but the arena has become a bonafide space for reviews. While sites such as TripAdvisor and Expedia provide a niche arena for travel/tourism/hospitality related communication, general social media sites also invite open, unfiltered discussion. Whole social media is BIG, it is important for companies to assess and utilize only the social media outlets that their demographic are actively using.
  • Jessica Schwec on 15 Jan 15
     
    6. Smartphones Smartphones are already super convenient. They are constantly being integrated and synced with our daily lives. Applications such as Apple Pay, in combination with CapitalOne, have provided another level of integration. Currently, there is talk and work on guests being able to use their cell phones as hotel room keys but I wouldn't be surprised if in the future we will have QR Code or RFID storage for our driver licenses, insurance policies and other important information. 7. Smart Appliances A part of American households for sometime, smart appliances are beginning to make their way into the hospitality industry. Luxuries such as electronically controlled blinds, thermostats, lights and more are something we can expect to see in hotels sometime in the future. My biggest concern is the time between now and implementation because while these products are available for purchase by consumers directly, they have not taken off nor seemed to gain any ground in the typical household. Could the hospitality industry be just as slow to adopt these technologies? I believe that it is likely so-mainly due to the high cost of implementation. In conclusion, technology is still advancing and most industries are feeling the pressure to update existing technology and adopt new technology. In the hospitality industry this is especially true.
Adam Herrmann

IT Investment-Calculating the value of an IT investment - 1 views

newtech.about.com/...-Value-Of-An-It-Investment.htm

shared by Adam Herrmann on 26 Oct 12 - No Cached
  • This article will give you the basic skills necessary to analyze and create a valuation for a proposed IT investment.
  • Basic IT Investment Analysis Terminology
  • Capital Expenditure (CAPEX)
  • ...7 more annotations...
  • Depreciation
  • Cash Flow
  • Discount Rate
  • Net Present Value (NPV)
  • discount the net inflow less the net outflow into a single value. If the number is positive, then the project would add value to the organization and if the NPV is negative, it would lower value of the organization.
  • Inflows: The inflows or benefits resulting from an IT investment can be subjective and less exact. Often times, the benefit of an IT investment is savings in time, client satisfaction or other "soft" numbers.
  • Outflows: Outflows are typically easier to estimate but some can be subjective as well.
  • Hui Chen on 26 Oct 12
     
    This article will give you the basic skills necessary to evaluate a proposed IT investment.These skills can be used in any industry including hospitality. At the beginning, it explains some basic IT investment analysis terminologies. Then it introduce two IT investment analysis methods: NET PRESENT VALUE; PAYBACK PERIOD. It also contains some link that would teach us how to use EXCEL to calculate data.
  • Adam Herrmann on 05 Mar 13
     
    This article explains how important it is to analyze and interpret new forms of IT technology to make the best purchase or investment. The articles starts by describing terms used in IT Investment. The first term is Capital Expenditure, which is any expenditure not for the usual maintenance and upkeep of the hotel or restaurant. For example, a Capital Expenditure would be obtaining a new PMS or renovating your banquet facility. The next term is Depreciation, which everyone should know is the amount of money lost on an investment of the course of its life. The third and fourth terms are Cash Flow and Discount Rate. Cash Flow is "the movement of cash in and out of the business", and Discount Rate is "analysis based on the dollar being worth more today than in 5 years". The second part of the article talks about investment techniques used. Many methods are used to help make sound investment decisions like NPV. NPV is Net Present Value, which is an assessment of long-term profitability of the investment made by adding together all the revenue over its life and deducting the costs involved. Another technique used to evaluate an IT investment is the Payback Period. This helps to evaluate how long it will take to make back your initial investment in the IT. The article goes into grave detail on both of these methods and believe this article can be very helpful for hotel/restaurant managers and owners when determining which investment should be made.
marilyn diaz

Job Tips - Job Tips for Getting Started in the Meeting and Event Planning - 0 views

hospitality.about.com/...Hot-Tips-Getting-Started.htm

event planning job getting started tips insider

shared by marilyn diaz on 01 Oct 12 - No Cached
  • We all know having contacts can be priceless when exploring a new career.
  • Three industry pros share the wisdom of their years.
  • Volunteer. Just like any other field, the more experience you can bring to the table, the better - and volunteering is the perfect way to test the waters.
  • ...8 more annotations...
  • Network. Greg Jenkins, partner and co-founder of California-based Bravo Productions, cites another important reason as to why volunteering is an ideal place to start, "…it provides opportunities for networking.
  • Join. You don't need to be a full-fledged meeting planner before you can become a member of one (or more) of the many respected associations of the events world.
  • being a part of an association is invaluable.
  • Research. Before you're even hired, it's a good idea to become as familiar as possible with the meetings and events industry.
  • invest in one or two industry guides
  • Carter explains, “For those individuals that would like to explore event planning as a career, you need to know that the hotel event/convention business is a unique industry. It is extremely important to gain a basic understanding of the business including hotel operations, terminology and sales concepts before assuming it is the right career for you.
  • To get started, read a meeting planning primer or concise reference manual to give you an idea of what you will encounter while planning meetings. Industry articles will also give you a feel for what event planners face each day.”
  • Be Real. As Carter advised, know what you're getting into before you jump in. Landing a job you regret is a waste of time and resources, yours and your employer's. Greg Jenkins provides this final bit of caution, "…if you enjoy a 9-5 job, the event and meeting industry is probably not for you. The hours and days are quite erratic and can be long and exhausting."
  • marilyn diaz on 01 Oct 12
     
    This article is how to be successful in entering the event planning industry. It has tips from insiders on things they did to become successful. It states that networking is key. Volunteer and get to know people in all types of events from school functions to jazz festivals. People interested in the event planning field should join one or more associations in this field. Research should be done, for example read books, articles and learn what you can. If you want to be an event planner in the hotel industry then you should also learn the terminology, sales concepts, and gain a basic understanding into the the hotel/convention business. Last be realistic, this is not a 9 - 5, it is hectic and your schedule will fluctuate from event to event.
hui wang

Ensuring best practice in hotel security management - End User | IFSEC Global - 0 views

www.ifsecglobal.com/document.asp

evaluation restaurants controlling best practice

shared by hui wang on 20 Mar 13 - No Cached
  • Hotel Security Management
  • ‘Hotel Watch’ scheme
  • “Provincial hotels generally have poor or average security precautions in place,” suggests Fairweather. “Usually, I’d only rate them at around four or five out of ten unless they employ a security professional.”
  • ...1 more annotation...
  • Basic security requirements
  • hui wang on 20 Mar 13
     
    This article is about the Hotel Security Management which including membership comprises of large, five-star hotels across the UK. This club is for the information exchanges for the hotel security establish. Hotel security managers in Glasgow, for example, have operated a 'Hotel Watch' scheme since 1992. Here, managers and security staff use e-mails and faxes to alert fellow scheme members about specific incidents that have happened or been prevented on their premises. And the hotel security grated level is different depends on the how develop and promotion for the country or area. Especially, "Provincial hotels generally have poor or average security precautions in place," according to Fairweather. "Usually, I'd only rate them at around four or five out of ten unless they employ a security professional." What is more, recommendations for basic hotel security would include the installation of bespoke CCTV systems, access control and perimeter security, electronic keys for bedrooms and storage areas designed to protect cash and valuables belonging to members of staff and residents.
Marcos Oliveira

| Renaissance ClubSport Hotel Reduces HVAC Energy Costs by 35%Pelican Wireless Systems - 0 views

www.pelicanwireless.com/...educes-hvac-energy-costs-by-35

shared by Marcos Oliveira on 11 Apr 13 - No Cached
  • HVAC energy consumption drives over 60% of most hotel energy bills each month
  • Renaissance Hotel discovered that by implementing Pelican Wireless Systems wireless HVAC Energy Management solution, they could substantially reduce energy consumption, decrease their monthly energy bill, and at the same time increase their overall customer satisfaction.
  • previous room configuration had basic thermostats installed in the rooms which were left running even when the rooms had no checked in guests.  They also had no way to monitor the health of their existing HVAC units, and their facilities department was being called upon by the front desk regularly to resolve guest complaints about uncomfortable room temperatures
  • ...9 more annotations...
  • Renaissance property is made up of six floors with 175 hotel rooms; it also includes a conference center totaling 4000sf, and an 85,000sf full service spa and workout facility
  • installation took only two installers three days to complete at an active hotel that is rarely under 100% occupancy.
  • Pelican’s wireless solution included exchanging their old thermostats with 226 of Pelican’s wireless intelligent Internet Programmable Thermostats, one Wireless Gateway for seamless communication between the Thermostats and the Cloud based servers, and one Pelican Property Management Interface to enable communication to Renaissance’s Property Management System
  • In order to successfully achieve the Renaissance goal of reducing energy costs without compromising guest satisfaction, Pelican needed to implement a cost effective energy management and data monitoring solution that provided accurate, real-time data that Renaissance could easily access themselves
  • Pelican’s solution takes advantage of two easily measured conditions found at hotels; Occupancy Rate and Average Nights Stay
  • Business hotels in the US typically see an average of 1.6 hotel nights per stay.  This means that as much as 50% of the time hotel rooms are vacant during the daytime.
  • Pelican’s simple, but intuitive technology interfaces to both your Hotel’s Property Management System and to the Internet to access the Pelican Site Manager
  • Initial setup is done via an easy to understand graphical user interface accessible on any Web Browser. Our Cloud Based servers allow you to access your resources and have control of your information from anywhere you have an Internet connection.
  • allows your authorized staff to have central control via a Web Browser from any Smartphone, iPad or Tablet with Internet connectivity.
  • Marcos Oliveira on 11 Apr 13
     
    In an effort to cut expenses the Renaissance Club Sport Hotel installed the Pelican Wireless HVAC Thermostat. This saved them $41,160 a year on energy related costs giving them an ROI of 8.5 months. Through research presented by Pelican Wireless it was discovered that HVAC energy consumption drives over 60% of most hotel energy bills each month. The Renaissance Hotel discovered that by implementing the Pelican Wireless technology they could save substantially each month on energy costs. The previous room configuration had basic thermostats installed in the rooms which were left running even when the rooms had no checked in guests. They also had no way to monitor the health of their existing HVAC units and their facilities department was being called upon by the front desk to regularly check the AC. Installation took only 3 days with 2 installers in a sold out hotel consisting of 175 hotel rooms, conference center, spa and workout facility. Pelican's technology interfaces with the Hotel's PMS and to the internet to access the Pelican Site Manager. Initial setup is done via an easy to understand graphical user interface accessible on any Web Browser. Cloud based servers allow access to resources and have control of information from anywhere there is an internet connection.
Marcos Oliveira

LEED Certification and Other Green Initiatives Can Be Hotel Marketing Coups , by Carl R... - 0 views

hotelexecutive.com/...s-can-be-hotel-marketing-coups

shared by Marcos Oliveira on 05 Feb 13 - No Cached
  • from becoming airborne. Green Seal is a non-profit
  • prevent particles from becoming airborne. Green Seal is a non-profit, third-party certifier
  • n the United States, hotels represent more than 5 billion square feet of space, nearly 5 million guest rooms, and close to $4 billion in annual energy use
  • ...27 more annotations...
  • January 2010, only 40 hospitality properties have achieved so-called LEED
  • certification.
  • LEED is a voluntary, third-party green building certification program that awards points to buildings for satisfying certain green building criteria. In order to be LEED-certified, a building has to implement a plan to reduce building operating costs, its environmental footprint, and resource consumption such as water and energy use.
  • developed by the U.S. Green Building Council
  • non-profit organization
  • intended to provide building owners and operators a basic framework for identifying and employing practical and measurable green building design, construction, operations and maintenance solutions
  • LEED for New Construction and Major Renovations and LEED for Existing Buildings: Operations & Maintenance are the programs which have the most applicability to hospitality projects.
  • In addition, each rating system, including LEED for New Construction and Major Renovations and LEED for Existing Buildings: Operations & Maintenance, is organized into six credit categories
  • sustainable sites; water efficiency; energy and atmosphere; materials and resources; indoor environmental quality and innovation in operations.
  • Once the essential prerequisites are satisfied, developers can thereafter chose which optional credits to pursue in order to obtain certification. Certification levels start at Certified and increase to Silver, Gold and Platinum designations.
  • first hotel to receive LEED Platinum Certification was the Proximity Hotel in Greensboro, North Carolina
  • Proximity Hotel uses 39% less energy and 33% less water then a comparable sized hotel. In addition, the Proximity Hotel was able to recycle 87% of its construction debris
  • By using highly reflective concrete and/or open grid pavers, hospitality companies can help reduce the summer cooling loads for their building, which in turn reduces energy use and pollution generation.
  • installation of 100 solar panels on the roof, which heat about 60% of the hotel and the hotel restaurant’s water; use of geothermal energy for the restaurant’s refrigeration equipment; and installation of the Regenerative Drive model of the Otis’ Gen2 elevator which reduces net energy usage by capturing the elevator’s energy and then feeding it back to the hotel’s electrical grid
  • Many hospitality companies have already introduced green initiatives, such as the use of compact fluorescent light bulbs, offering linen and towel reuse programs as well as various recycling programs
  • Not only are these green initiatives environmentally responsible, but should a hospitality company at some future point seek LEED certification, these green initiatives would earn them points in furtherance of the certification process
  • Paving Parking Lots with Highly Reflective Materials or Open Grid Pavers
  • purchased 40% of the building materials and 90% of its furniture locally and even restored 700 feet of an adjacent stream. Proximity’s most impressive features, however, include:
  • Installing High-Efficiency Plumbing Fixtures
  • Landscaping with Native Plant Species
  • native plants reduce more carbon dioxide in the atmosphere than traditional mowed grass due to their extensive root systems and increased ability to retain and store water
  • Green Cleaning – Using Sustainable Cleaning Products, Materials and Equipment
  • A green cleaning program may include the use of Green Seal Certified household cleaners, Green Seal Certified laundry products, micro-fiber cloths, and dual motor vacuum cleaners with HEPA (high efficiency particulate air) filters that prevent particles from becoming airborne. Green Seal is a non-profit, third-party certifier
  • third-party certifier
  • Using Local Materials and Goods
  • While not every hotel or hospitality company may be in the financial position to seek LEED certification or undertake costly capital expenditures, there are numerous green initiatives that each and every hospitality company should be considering to improve their efficiencies while also attracting green conscious consumers
  • A simple Google search of “hotels” and “green initiatives” returns more than 27,000,000 hits
  • Marcos Oliveira on 05 Feb 13
     
    In the United States, hotels represent more than 5 billion square feet of space, nealry 5 million guest rooms and approxiamtely $4 billion in annual energy use. As of January 2010, there were only 40 hotels that were LEED certified. The acronym LEED stands for Leadership in Energy and Environmental Design. LEED is a voluntary, third party green building certification program that awards points to buildings depending on their sustainable practice being implemented which includes building improvements, environemntal footprint and water and energy use. LEED was developed by the U.S. Green Building Council, a nonprofit organization. Its main purpose is to provide building owners and operators with a basic framework for developing and implementing sustainable practices. The first hotel to ever be certified according to LEED criteria was the Proximity Hotel in Greensboro, NC. This hote received Platnium status for being able to recycle 87% of its construction debris, purchasing 40% of the building materials and 90% of its furniture locally. Installation of 100 solar panels, use of geothermal energy for the restaurant's refrigeration equipment and instllation of a Regenerative Drive model for its elevators made the Proximity Hotel a benchmark hotel. There are several practices that can make a hotel conserve energy and make it sustainable such as using flourescent lightbulbs, offering linen and towel reuse programs, paving parkig lots with highly reflective materials or open grid pavers, installing high-efficiency plumbing fixtures, landscaping with native plants and using local materials and goods. These will not necessarily lead to LEED certification but will definitely earn points towards obtaining that accredidation. The use of sustainable practices not only helps conserve the environment but also saves money in the long run. Through water conservation techniques, recycling and linen and towel reuse programs, the hospitality industry wins two-fold,
Nivia Butler

Accounting Software for Restaurants | Chron.com - 1 views

smallbusiness.chron.com/oftware-restaurants-48087.html

shared by Nivia Butler on 19 Oct 12 - No Cached
  • ff-the-shelf checkbook software through tightly integrated point-of-sale restaurant management systems
  • Restaurant accounting systems vary from simple
  • At the foundation of every accounting system lies a general ledger listing assets and liabilities (what the restaurant owns and what it owes) and accounts to track profit and loss
  • ...14 more annotations...
  • These bookkeeping functions can be performed with a checkbook and a ledger pad (not recommended), a general-purpose accounting package like QuickBooks or Sage 50, or with special-purpose financial systems designed specifically for restaurants. High-end packages include point-of-sale terminals, menu planning, cost accounting, inventory, payables, receivables and other food service-specific features.
  • A general-purpose, off-the-shelf package like QuickBooks costs several hundred dollars and covers all of the basics: general ledger, profit and loss, cash flow, basic inventory, payables and receivables. The software takes little time to learn
  • Point-of-sale terminals or software act as cash registers, transmit orders to the kitchen, track inventory and monitor costs
  • full-featured point-of-sale system may look attractive, the same amount invested in kitchen equipment, fixtures
  • point-of-sale system, the vendor can also provide software that posts the results to a number of standard accounting package
  • "middleware" merges the details tracked by point-of-sale and lets you know when it's time to reorder supplies, alerts you when menu item costs get out of line and keeps the restaurant profitable
  • With all the choices and such a wide range of costs, it may be difficult to determine what a new restaurant really needs. Start by looking at the business plan
  • Talk with an accountant to find out what will be needed for tax reporting, license renewals and other legal requirements. Ask what others are using and how much they spent up front and each month.
  • ordered over the Internet or through restaurant supply stores, it makes sense to pay a little more to find a contractor who can install the system
  • every restaurant must turn a profit and control costs to stay in business.
  • yet every restaurant must turn a profit and control costs to stay in business
  • surroundings. Few will mention finance or accounting,
  • dly
  • yet every restaurant must turn a profit and control costs to stay in business .
  • laura kaczkowski on 19 Oct 12
     
    The article I read was called "Accounting Software for Restaurants" in the article it said that many restaurants owners opened their business for their desire of food or their love for friendly surroundings. Most restaurant owners highly ever talk about their finances or accounting systems, yet they all should know how much money they are making and what percent of that money is profit. Every accounting system has a general list of assets and liabilities for the restaurant, which in other words means what the restaurant owns and what it owes. "These bookkeeping functions can be performed with a checkbook and a ledger pad (not recommended), a general-purpose accounting package like QuickBooks or Sage 50, or with special-purpose financial systems designed specifically for restaurants. High-end packages include point-of-sale terminals, menu planning, cost accounting, inventory, payables, receivables and other food service-specific features." Accounting software's allow you to see the general ledger, profit and loss, cash flow, and basic inventory. These software's are not only easy to use but they also save you a lot of time in the long run. When choosing software for your restaurant, start by looking at the business plans and see what your business can afford. It's best to talk with an accountant to find out what will be needed for tax reporting and license renewals, they will help you find out how much to spent up front and each month.
yongwei hao

Why POS Software Is Important In Hospitality Industry? Article - Computer Software Arti... - 2 views

www.1888articles.com/spitality-industry-093637.html

the significant of POS

shared by yongwei hao on 01 Sep 12 - No Cached
  • The basic use or function of this software is to facilitate the user to credit money from his account to the account of the place whose services he or she is availing.
  • prefer not to carry cash with them
  • Genevieve Jean on 01 Sep 12
     
    Software in todays society are given customers the access to be more flexible while on vacation. The only concern with this type of software is the security. what is behind the customers information for these services they receive that will be automatically deposits without the hassle of theft.
  • yongwei hao on 17 Jan 13
     
    The design of POS system is applied for hotels. The basic function of this software is to facilitate the user to credit money from his account to the account of the place whose services he or she is availing, The reason why it came out is that people prefer not to carry cash with them. Nowadays, more and more people are using cards more frequently than before. So in order to make sure that the business is still on, the inclusion of POS Software in the functioning of the hospitality industry is very important. All the transaction is done in front of the client itself and there are no chances of any sort of discrepancies.
Mirta Echazabal

Hotel Rooms of the Future: New Hospitality Technology Profiled | ehotelier.com News Arc... - 2 views

ehotelier.com/...item.php

shared by Mirta Echazabal on 16 Jan 12 - No Cached
  • Mirta Echazabal on 16 Jan 12
     
    This article basically talks about how much technology has changed and what directors of softwares predict technology will be in the near future. The article informs how the Peachtree Plaza hotel like many other hotels replaced the keys to all the rooms with electronic key cards. Which increased security for the guest and cost saving. Hospitality consultants agreed that in the future mobile phones will be the way to open guest room doors and will probably occur through infrared or wirelesss access to rooms. Neil Roodyn the director of software developers informed that he predicts that in the future people will be sitting around touch sensitive table top computer in lobbies where they can searchfor places to go in the area and make their own restaurant reservations. Neil predicts this can also influence more communication and interaction between guest. My thoughts on this article is that the younger generation is far more technology oriented and feel more comfortable with working all these new gadgets, but for the baby boomers and older crowd have the want and need of having that human interaction. Technology seems a bit to advanced for them. The more technology advances the less human interaction will occur. I think that technology advancement is great for everyone, but human interaction needs to remain for those that are not very technology savy.
  • ...2 more comments...
  • Mary White on 16 Jan 12
     
    I am all for getting rid of hotel room key cards. I have the worst time keeping track of them. I also find your comments on the generation gap to be compelling. My Dad is terrified of anything electronic. I cannot imagine that he would easily trust technology to check him into a hotel and do the basic functions of customer service. He would walk right past the touch screen computers and ask the desk receptionist for area attractions. I do see the decrease in human interaction as a negative. I personally enjoy the opinions of local people when it comes to ideas about where to eat or what to see. All of this rapid technological change can be intimidating, but I am sure that once we all grow accustomed to the new ways of staying in a hotel, then the old key cards will seem like dinosaurs.
  • Mirta Echazabal on 16 Jan 12
     
    My parents are also not very savy with technology and they dont even speak english, so it makes it that much harder for them. They both still have flip phones. Overall, I know in the end there has to be some sort of balance with the advancement of technology and still have that human interaction.
  • Gyujin Chae on 17 Jan 12
     
    This is an informative article, and I also understand Mary's opinion. Over decades, technology has rapidly advanced and it seems to be quite hard to catch up with all the new technology released quickly. For example, I stayed in a hotel called Aria, one of the newly built hotels in Las Vegas, and the hotel is equipped with state-of-the-art room technology (not just room but all over the hotel). To get into a room, unlike other hotels, I just put a room key on a sensor instead of inserting a key; as well as, I just touched a button right next to the door for privacy instead of putting the "Do not Disturb" card on a door knob. This is not something really huge, however this is how hotels are technologically changing. As a person studying Hospitality Management, the change was very impressive, but at the same time, it was intimidating. Obviously, our parents generation should have harder time to use new technology and/or to get used it than I do. I totally agree that there should be a balance between technology advancement and human interation.
  • Marcia Brown-Kelly on 17 Jan 12
     
    I agree with Mary regarding baby boomers may not be as quick to adapt to the advancement of technology, however what is noticeable in resort hotels is that more people are taking family vacation and the kids are the ones driving the technology. It will therefore just be a matter of time where the use of technology within hotels will be just like a regular lifestyle activity.
Kevona Richardson

Email Etiquette: Think before you type - Hcareers - 0 views

www.hcareers.com/...default.aspx

email etiquette think technology hospitality business

shared by Kevona Richardson on 07 Jun 12 - No Cached
  • About 70 percent of North Americans use the Internet and email is their top reason to go online
  • This means it’s a good idea to take the time to create a subject line that’s catchy and concise
  • Nothing is more frustrating than a group of people getting an email that’s directed at a single person
  • ...8 more annotations...
  • For the most part, “Hi” and “Hello” are for personal emails and “Dear” and “To” are reserved for business emails.
  • A :) (smiley face) and a “LOL” (laugh out loud) might suit a personal email. But when you get down to business, it’s best to stray from abbreviations and emoticons. That means no winks or sad faces and no TTYL (talk to you later). The only abbreviations that might be acceptable are common hospitality-related acronyms, such as ARDA or NRA.
  • About 70 percent of North Americans use the Internet and email is their top reason to go online
  • About 70 percent of North Americans use the Internet and email is their top reason to go online
  • About 70 percent of North Americans use the Internet and email is their top reason to go online
  • Nothing is more frustrating than a group of people getting an email that’s directed at a single person
  • For the most part, “Hi” and “Hello” are for personal emails and “Dear” and “To” are reserved for business emails
  • A :) (smiley face) and a “LOL” (laugh out loud) might suit a personal email. But when you get down to business, it’s best to stray from abbreviations and emoticons. That means no winks or sad faces and no TTYL (talk to you later). The only abbreviations that might be acceptable are common hospitality-related acronyms, such as ARDA or NRA
  • diana morales on 07 Jun 12
     
    This article is basically the rules and regulations of how to write an email. Netiquette is important because if you make yourself seem professional, the people whom you send these emails to will reply and treat you with respect. Especially if its a business email. The article teaches you about how to write a subject line and the difference between cc and bc. It also teaches you not to use lol and thesmiley face emoticon unless the email is personal. This article also teaches you on how to relax on the punctuations. Too many exclamation marks might seem like your going crazy screaming at someone. It also teaches you about how to properly send signatures. I think everyone should read this article to perfect their emails. Especially students because now and days , there is no need to go to your teachers office. You just shoot your teacher an email and it will make your life easier.
  • Kevona Richardson on 11 Jun 12
     
    This article is about the basic rules of netiquette. It breaks down from everything from the subject to the signature. It shows you differences of writing a business email and a personal email.
Jia Kim

What Are the Advantages of a Human Resource Information System? | eHow - 0 views

www.ehow.com/ource-information-system_.html

HRIS advanages of HRIS

shared by Jia Kim on 27 Nov 13 - No Cached
  • HRIS is a database or a combination of databases that share information.
  • HRIS has three basic components
  • employee information, payroll and benefits.
  • ...6 more annotations...
  • core business functions of an organization's human resources department
  • HRIS simplifies reporting and management decision-support activities
  • These systems generate reports and documentation required by state and federal agencies, such as the W-2 Wage and Tax Statement, the Equal Employment Opportunity Commission EEO-1 Employer Detail and Summary Report, and the Department of Labor's Illness and Injury Report
  • monitor employee grievance and performance issues
  • HRIS program will allow for data sharing and integration with other essential business systems, such as finance and supply-chain management.
  • HRIS also links a company's human resources department with its managers and employees
  • Jia Kim on 27 Nov 13
     
    This article is about the advanages of HRIS in the organization. Human Resources Information System(HRIS) is a database or a combination of databases that share information related with human resources in the company. HRIS has three basic components such as employee information, payroll and benefits. These represent the core business functions of an organization's human resources department. The HRIS has several advantages as following. First, it facilitate automating and Streamlining Processes which frees up HR staff to do project work and address problems. Secondly, the system supports reporting and decision process. HRIS simplifies reporting and management decision-support activities. Most systems include a variety of standard HR reports that can be used to manage the business and plan for the future, such as, compensation by pay period and year-to-date, benefits enrollment, and employee time and attendance Thirdly, it supports legal compliance. These systems generate reports and documentation required by state and federal agencies, such as the W-2 Wage and Tax Statement, the Equal Employment Opportunity Commission EEO-1 Employer Detail and Summary Report, and the Department of Labor's Illness and Injury Report. It also help to monitor employee grievance and performance issues.
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.
msoma003

Hotel Accounting Procedures | Bizfluent - 0 views

bizfluent.com/tel-accounting-procedures.html

shared by msoma003 on 03 Mar 18 - No Cached
  • prepare accurate financial statements
  • (IFRS)
  • PCAOB
    • msoma003
      msoma003 on 03 Mar 18
       
      Both legal requirements & standard practices
  • ...13 more annotations...
  • SEC and PCAOB regulations require a hospitality company to establish adequate and functional controls in revenue and expense recognition (recording) systems
  • hotel manager must implement adequate guidelines in asset and liability recording systems because asset and liability items indicate the company's financial solidness
    • msoma003
      msoma003 on 03 Mar 18
       
      Department responsibilities crossover
  • Expenses
  • . A hospitality firm reports revenues and expenses in its statement of profit and loss
    • msoma003
      msoma003 on 03 Mar 18
       
      Basic concepts must must be recorded for owners and investors
  • Revenue
  • asset is a resource that a hotel owns,
  • liability is a debt the hotel must repay
  • A hotel reports assets and liabilities in its balance sheet
  • U.S. GAAP and IFRS as well as SEC and PCAOB rules, require a hospitality company to report "fair" and complete financial statements at the end of each quarter or year
  • "fair" means accurate or objective
  • balance sheet
  • statement of profit and loss
  • statement of cash flows and statement of equity
    • msoma003
      msoma003 on 03 Mar 18
       
      All of these are especially important when the company is publicly traded.
  • msoma003 on 03 Mar 18
     
    The article provide an overview of basic hotel accounting procedures. Most of the concepts explained are the responsibility of the accounting department but the article did mention there was some crossover. The hotel manager must implement the guidelines for the hotel, this means that the manager must understand at least the basic concepts of accounting. The accounting department must also prepare reports that outline the hotels finances. These reports are especially important when the hotel is a publicly traded company and must meet SEC guidelines.
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