One goal of the new guidelines was to recognize the increasing globalization of the hotel industry, Temling said.
“Many of the changes are reflective of what’s happening in the world in our industry,” he said. “Chains based in the (United States) have generally adopted the guidelines; that’s not the problem. But we also hope chains domiciled outside this country will accept the changes outlined in the book.”
Some of the changes are small, but symbolic, Temling said. In previous editions of the book, accounting for some employee benefits reflected terminologies used by U.S. companies.
“Up through the 10th edition, we called it FICA or social security for employees’ benefits,” Temling said. “This time around we call it social benefit contribution, which is more universally acceptable.”
Large hotel companies might have more difficulty adopting the new guidelines than will smaller ones, said Michelle Russo, founder and CEO of Hotel Asset Value Enhancement, a hotel asset management and real estate advisory company. She is a member of the financial committee that created the latest edition.
“It’s actually harder for larger operators because they often have many divisions,” she said. Examples she cited affect reporting of telecommunications, labor and segmentation data.
“We created a new (information technology) department, and in a large company that is worldwide that operates on multiple accounting platforms, the mapping process is massive,” she said, adding that some companies have decided to defer adopting the new IT department guideline until 2016.
The new guidelines created more detail in labor cost reporting, which is important for ownership but a daunting task for management, Russo said.
“Previously, the rooms department (category) had one line called ‘Labor’ and 43 lines called other things, and that included printing, stationary, stamps and other stuff,” she said. “While labor is 60% of that department, previously there was no breakdown of housekeeping labor versus front office, etc.”
Hotels going green is being appreaciated by the guests
go green is important not only for the industry but also for the whole earth, because pollution is one of the biggest issue for every countries' government. in this article, it also talk about the major concerns in hotel industry, AC system and water conservation. go green not only save hotels' money, but also increase profit margin. Go green is a important step for hotel to go, and it have to go green for the future step for hotels.
I realy like this article because it talks about hotels that are trying to go green and customers like it and contribute to this cause. The hotels are trying to reduce the use of water, energy and waste, and they give the option to the customer to do it or not. For example to "reuse your towel" or turn off the A/C when you are not in the room. This helps the hotels to save money and increased their profit margin. Some hotels beleive this is costly for them, but in the long-run it will help. People are more conscious now and like that hotels are more environmentally responsible.
