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Management must maintain effective internal control over financial reporting to protect owners and other relevant stakeholders. A number of standards related to a company’s control activities are listed by GAAP, and auditors are charged with evaluating internal control on engagements with publicly traded clients. Because cash transactions are prevalent throughout the hospitality industry, segregation of duties is a critical part of efforts to prevent liquid assets from misappropriation

Not all cash inflows are recorded as revenue and some are actually carried as current liabilities on the balance sheet.

Staying at a hotel or buying a timeshare unit requires some form of upfront payment by consumers and a potential refund when criteria are met. Tips are sometimes aggregated by restaurants and similar establishments and then distributed to employees. Whether transactions are completed by cash, check or credit, hospitality companies must record revenue only when it is appropriate.

Vacation ownership interests, contract receivables and resort construction projects are among the line items that require special accounting treatment for timeshare companies.

Most timeshare companies sell their units or points via financing agreements, and accounting for mortgages requires a record of accrued interest, advance payments and other related events

Timeshare transactions are among the most complicated among all of the recordable events in the hospitality industry.

Halogen Talent Acquisition™, and Halogen Learning™ all help human resources ensure new staff complete required training, understand what's expected of them, and get the regular feedback and guidance they need to succeed.

True business analytics will come into play – given the amount of data we’ll be able to collect and the machine assistance we’ll have – to put real meaning around the data and guidance for our business clients.

The concept of the continuous, real-time audit will come into play, and we’ll be assisted in our judgments – although the human element won’t entirely disappear. Fraud detection will be easier and far faster. Blockchain will move the auditor’s role away from having to check transaction data, and it will be used to test audit assertions as well.

Software providers will add those "cloud attribute" benefits to the specifics of their software.

Every user and every organization is going to get a different set of benefits. The most important thing I can suggest is to think across the spectrum. Evaluate the potential savings, but also think about the soft benefits: improved productivity, more speed and lowered risk.

Know the total cost of all facility work done both directly and indirectly. “To the untrained eye, the facilities maintenance arm of a business appears to be a black hole of cost. The costs of these FM services add up, and unless discrepancies arise, that is where most of the business analysis ends. However, facilities maintenance managers, who are privy to all of the nuances that make up eac

h work order, understand the complexities and overhead involved in this sector of business.

Consider less obvious improvements that impact facility energy use. “Some energy-related projects will be more or less hidden from the users and primarily pursued to reduce energy demand, such as chiller and fan-unit upgrades. Such projects may end up providing the building users with better temperature control, but this is not the primary goal of the upgrade

Operational changes such as reducing the hours of HVAC and lighting operation, and changing setback temperatures, which require very little expenditure (if any at all) do not directly affect user experience, but can produce large reductions in electricity loads. In general, working with the building operations team to reduce energy use can produce impressive reductions in loa

his allows building and facility management professionals to determine whether the cost to improve a particular element of a building or a system in it against the cost savings over the same period. If the cost of an upgrade over its lifetime offers an advantage over the building operational costs it will save, then it’s generally considered a good investmen

“Finding the right suppliers to maintain your facilities can be difficult and time-consuming. From janitorial services, to groundskeeping and maintenance supplies, ensuring suppliers are providing apples-to-apples quotes, developing contracts with clear service levels, and validating that supplier quality

“Boilers today can reach efficiencies of up to 96 percent using condensing technology; however, a typical building, including new buildings, uses atmospheric type boilers which, for all intents and purposes, are only slightly more advanced than a science lab Bunsen burner. This technology is reliable and it works, but it is expensive to operate

An energy audit systematically identifies and develops opportunities to help reduce energy use in an institutional or commercial facility and, as a result, decrease building operating costs. Focusing the audit is imperative for maintenance and engineering managers.

“Commercial kitchens are high energy users, consuming roughly 2.5 times more energy per square foot than any other commercial space, according to the US Environmental Protection Agency (EPA).  Of that, as little as 40% is used in the preparation and storage of food, says the UK’s Carbon Trust; much of the wasted energy is dispersed into the kitchen.

All commercial buildings are insulated; building codes make it mandatory to insulate up to  a certain level. Unfortunately, because most buildings are put up under strict guidance to budgets, they are usually put up with only the minimal amount of insulation

Develop performance measures for your PM process with an emphasis on measuring the amount of PM that is work completed compared to all other work. Total PM hours should be the highest percentage of all the department’s maintenance work. This goal might seem impossible, but over time, it is very achievable

“Preventative maintenance is all about planning, plain and simple. Every piece of equipment or machinery at your disposal or under your care should have a schedule of what type of maintenance it requires and when it requires that check-up.

“Failure modes are defined as “how something fails.” Let’s use a flat/membrane roof to show an example of what a failure mode is. On a flat/membrane roof, one failure mode may be “penetration of roof membrane,” and the causes of this failure mode could be many. Knowing the failure mode(s) of a specific maintainable item such as a membrane roof and its causes can be key to early detection of roof failure (not meeting the intent of the end user) so the repair can be made before it affects an operatio

“Catch small problems now before they become big ones. Addressing small details can add up to huge improvements in appearance and functionality. Ask your facilities services provider, janitorial company

You may schedule preventive maintenance based on meter readings on an equipment. However, equipment meters usually do not differentiate between work time and idle time

Greasing the rack and pinion of a beam saw, for instance, can cause grease and saw dust to solidify inside the gears over time, eventually preventing them from moving. If you’re unsure which tasks are beneficial to each piece of equipment, ask your equipment representative.”

Having spare parts and supplies around the time of a major preventive maintenance schedule is absolutely critical. Asset management software allows you to check the availability of the spare parts for dates when the work orders are due. This report can help you identify parts that are insufficient for the required work orders in the future. If you know which parts you are falling short on, you can order them in advance from suppliers rather than waiting till re-order limits are reached

“Appropriate repetition and reinforcement are necessary. The average person is bombarded with more than 300 messages while at work, and multiples of that outside of work, Finney says. Getting a message to land with an audience might take as many as 12 repetitions, in some cases, he says

Let’s get together: when you’re designing your facilities, design social spaces for your employees. These might be lunch or break rooms, games rooms, gyms, or even community gardens.

While other managers may work to manage clients or staff, your job is to manage facilities and all that occurs in them. Your corporation’s physical assets are just as important as your human resources, and you are the expert in this field. Whether it’s collating data or contributing to the organization’s bottom line, your input is a valuable part of corporate decision-making

 “Workplace inclusion has to be clearly defined before any initiatives can be pushed forward. One useful definition of an inclusive office is a workplace in which all staff are treated with respect and have equal access to resources and opportunities. Facility managers should build on this high-level description to create an idea of what concepts like equal access, diversity and fairness look like in their own facilities

Space costs money. Knowing that we are moving towards a working environment consisting of virtual or mobile workers, investing time in developing new workplace designs that can suit these new ways of working while increasing space utilization rates can result in impressive cost savings

Performing facility maintenance and engineering tasks is like sailing among icebergs. What technicians can’t see will sink them — or their facilities. Thermal imaging technology gives technicians the ability to see the unseen, making it easier to spot failing motors and electrical components,

This concept is broadly used to describe our attempt to formally identify in-house talent in many of our labor shops. We identify talent through a competitive selection process based on potential vs. skills and promote our selected personnel to the worker and helper level while training them to achieve appropriate full mechanic level with associated certifications/licenses

This directly leads to the client receiving a more fit-for-purpose solution and ultimately receiving greater value which grows a greater relationship.

In other words, there has to be a compelling reason based on our mission for why we would submit budgets for anything.” By presenting specific information on how and why you’ve chosen your budget numbers, you can help the C-suite see that your budget is well within reason

When you automate the work order process, you remove human error associated with it. Essentially, you’re taking the people out of the process and ensuring nothing gets missed or overlooked

“There are many different software options out there than can aid FMs in organizing and streamlining their everyday tasks. This ranges from software designed to help manage all maintenance activities to logging and tracking facility visitors for security purposes. 

uch smart sensors, operating costs are dramatically reduced, productivity is enhanced, and occupants’ comfort is improved.

“One of the most exciting features of Facilities Management software is the ability to manage heating and cooling remotely, or set a programmable thermostat to move set temperatures up or down throughout the day. Facilities planners love the ability to analyze and explore energy use from heating and cooling systems

“Maintenance and facilities administration systems must frequently abide by national and global regulatory requirements. All maintenance administrators face occasional random or audits inspections by regulatory authorities. Maintenance software enables you to prove regulatory conformity and decrease the amount of paperwork and preparation that is needed for an audit.

KPIs allude to opportunities and errors in your company. Paired with the Internet of Things (IoT) and energy management systems, KPIs can be used to highlight missed maintenance tasks, greater traffic area of your business or problems with machinery

“Closely monitoring energy and water use to reduce building-operating costs is another benefit. By allowing owners to monitor and analyze the performance of multiple systems—air-conditioning levels, lights on automatic dimmers, water usage

“A feature that’s gaining a lot of ground is using facial recognition technology to let people in and out of the building. It’s more secure than key fobs or cards, and unlike cards and fobs, you can’t forget your face at home. It’s like batting a triple, or killing three birds with one stone

You cannot do your job properly without the correct information. If you don’t have proper records on the state of your facilities, you can’t do your job as a facilities manager.

“A surprising number of facilities managers have no true system in place for managing their space.  More than a quarter of everyone interviewed – 28 percent –

. It may help significantly with compliance with various industry standards, such as HIPAA in the healthcare industry and Sarbanes-Oxley in the financial field. It can help to document best practices for avoiding accidents, or in the worst case scenario,

This method identifies how critical a piece of equipment or maintenance task is to your business and will ultimately show you where it should land in your prioritization process

Smartsheet is a spreadsheet that you share with your co-workers, but its features go far beyond Excel. This tool combines the traditional spreadsheet with project management tools, templates, and forms and allows you and your colleagues to access spreadsheets on mobile devices and work on them collaboratively

The business world is increasingly embracing a larger remote workforce. Offices are used as areas to collaborate, develop, and design new ideas. The day-to-day work can be, and often is, done from home

“Another possibility for cutting costs, say experts, is not just moving staff around, but moving work around also. This means carefully examining all outsourcing contracts to see if they can be scaled back and the work completed by in-house staff

“Verify assets from a minimum of two data points, such as the barcode and the item’s serial number.

After collecting data and developing a maintenance schedule for your assets, you need to plan for the long-term maintenance of your asset inventory

However good asset management and maintenance planning is, there comes a time when an asset reaches the end of its useful life and should be disposed of.

“If you’re trying to get a handle of your documents, the first thing you should do is an asset assessment. Detail the condition of all the main equipment and systems, and document those conditions

Strategic asset management integrates key relationships between planning and delivery activities.

Maximize your use of vertical cubic footage by placing seasonal products or those that move less frequently in harder-to-reach vertical storage areas

Digital platform and the best user experience: how to choose the most suitable solution? Whether it is a fully virtual event, a hybrid or multi-hub  digital event, you must assess your needs first and then choose

Content First. Linking the content with the right communication format and style should come first, adapting the tone of voice, session formats and tools.

The Digital Event Team: strategic mind-set and tech skills. From the Digital Event Strategist to the Content & Resource Manager or the Digital Tools expert, there are several specialist skillsets and profiles that are needed for this kind of event.

The organization of a virtual and hybrid event requires a DCO, not a typo (!), this is a Digital Conference Organizer, a team with specific knowledge and competences and the ability to offer strategic guidance on planning events with full or partial digital components” outlines Annalisa Ponchia.

Digital Sponsorship opportunities and Virtual Exhibitions. It is important to consider and find new ways

The importance of Communication

Sustainable actions and CSR initiatives for virtual events.

Organising a digital event can open a wide range of new opportunities because you are not limited by the usual physical barriers, you can very easily expand the audience and with the correct event duration and timetable you can even prolong the event lifespan” adds Annalisa Ponchia. “There is one extra tip that I would suggest and that is leveraging data and feedback to make sure that the event is fully measurable. If you set clear KPIs at the outset and leverage all the channels from analytics to social media and the event app then you will be in a great position to measure the event impact”. 

Planning a virtual or hybrid event is much more complex than you would imagine. Mastering virtual is the first step, but it is also crucial to leverage online event strategies to create memorable and engaging hybrid experiences. Our teams are consulting clients to embrace the innovation and are fully committed to explore the new possibilities and find new, creative solutions

According to Smith, most financial accounting systems focus on monthly or fiscal periods which provide a comprehensive breakdown only at the end of a particular cycle. But in restaurants, where the week is so important and sales for a month which has five Saturdays can be drastically different from a month that only has four Saturdays, it’s much more important to compare data on a weekly basis by using an integrated, restaurant-specific software.

By adding technology that provides better visibility and guidance, operators can greatly increase efficiency and tracking in their restaurants

New research has shown that shorter wave UV lights can be a safe and effective way to slow viruses, pathogens, mold, and bacteria in public places like hospitals, schools and nursing homes.

Providing apprenticeships for high school students through partnerships with schools and giving access to the latest technology are two options to engage younger hires.

Providing a path for career growth and leadership opportunities are key to keeping top talent.

A single service provider can inventory and aggregate data from the client's facility and equipment allowing the facilities management team to view the client's needs holistically. The data produced by this predictive technology gives FM professionals the information needed to predict how their equipment is maintained, repaired and/or replaced.

The most popular systems are fully customizable and can monitor and measure all major manufacturers' building controls equipment. They have the capability to analyze data from a variety of systems allowing data collection on benchmark performance, output and energy savings.

Green Buildings

The PCI Security Standards Council claims that since March, malicious virus-related reports are up 475%. The reason for the uptick is that cybercriminals are trying to take advantage of rapid changes to the payment-card data environment. In addition, 41% of small businesses have said they’ve suffered breaches costing more than $50,000 to fix.

Contactless payment is one of the big changes within the payment data environment. Several restaurant companies – from chains to independents – are offering it because it reduces customers' physical interaction with the restaurant's POS system. As part of this move, some businesses have eliminated credit-card PIN numbers.

Eliot says malicious email is usually the easiest way for cybercriminals to access your networks. The emails typically show up as urgent requests for sensitive information, often pretending to be from the Small Business Administration or the Centers for Disease Control and Prevention. When the intended victim types in his or her credentials and clicks on a specific link or downloads an attachment, criminals are in.

Anyone looking for easy-to-implement security tips can try these six to start. Reduce areas where payment-card data is stored. The best way to protect against a data breach is to avoid storing any card information at all. With many small operators offering curbside pickup and accepting payment over the phone instead of through face-to-face transactions, it’s important they train employees not to write down payment card details. Instead, have them enter numbers directly into a secure terminal. Use strong passwords. Using weak and default passwords is one of the leading causes of payment data breaches among businesses. Effective passwords must be strong and updated regularly. The most recent guidance is: the longer, the better. Think of it almost as a “passphrase” rather than a password. Use it in the form of a sentence, but mix in different characters within the phrase. It’s much harder to break a long passphrase than it is a short, complex password. Weak and vendor default passwords often result in small business data breaches. Also, don’t repeat your passwords. Update your software often. Criminals look for outdated software to exploit flaws in unpatched systems. Timely installations of security patches are crucial to minimizing the risk of a breach. Whenever updates are available, use them. They will improve performance and close out some of the vulnerabilities cybercriminals are searching for. Enable two-factor authentication. It's so important for restaurateurs, especially where their POS systems or any of their sensitive databases are concerned, to have two-factor or multi-factor authentication enabled. If an instance where credentials are stolen occurs, there will be a second layer of verification the operator can rely on to potentially reduce the chances that information will be breached. Segment your networks. If you are going to store payment data, make sure your POS system has its own separate, secure network. Do not store sensitive documents on public cloud services such as Google Docs or DropBox. If you’re going to store sensitive documents, house them in an encrypted, locked down location.   Be hyper-vigilant. Criminals are going to try to take advantage of this pandemic situation as much as possible. You can protect yourself by not giving out sensitive information, especially within unsolicited emails. Don’t click on links you’re not expecting and do everything in your power to protect all sensitive information.

When you enter, a robot velociraptor greets you at the front desk. It then asks you to check-in on a touchscreen. When you get to your room, you’ll unlock the door with face recognition. A robot in the room (named Churi San) controls the heating and lighting, tells you the weather, and more.

he robot in its New York hotel — fondly called Yobot — automatically collects and elvers guests’ luggage.

Cleo and Leo fulfill guests’ needs by delivering whatever they need: an extra towel, a snack, a toothbrush. All in all, they’re a stand-in for when their human counterparts are not available

When it comes to the big differences between the two, it boils down to deployment and technical requirements, cost and accessibility.

Data is stored on a server located at the property. This means that data and hardware maintenance and security are the responsibility of the property.

A reliable Internet connection is important.

On-premise systems require significantly more on-property hardware than cloud systems

While vendors of on-premise PMS may offer guidance determining the suitability of existing hardware or purchasing new items, the technical requirements of an on-premise system add considerable cost to implementation and maintenance, and benefit from in-house IT expertise.

All the property needs to access the PMS is a computer or mobile device, a stable Internet connection and a Web browser. No in-house IT skills required!

With an on-premise system, data security is the property’s responsibility.

Anti-virus software is generally a good idea for any computer accessing the Internet

Cloud software vendors have the expertise and budget to implement robust security measures and procedures

On-premise hotel management systems are a traditionally expensive investment that can cost a mid-sized hotel $10,000 to $20,000 or more for the software licence (additional licenses normally need to be purchased for each additional workstation), plus annual maintenance fees, as well as significant hardware and IT costs

typically based on a monthly cost of around $5 to $10 per room, and normally a one-time setup and training fee (approximately $500)

Modern on-premise PMS can be integrated with external systems such as call accounting software, point-of-sale (POS) systems and in-room entertainment systems but it is a complex process that requires manual technical work and additional hardware (for example, a dedicated computer between the PMS and interface system).

Cloud PMS are much more easily integrated with external systems,

While it is possible for on-premise systems to be accessed remotely from an off-site computer, this ability requires additional technical setup, including installation of a Citrix or Terminal server onsite

Because cloud PMS are deployed online, the system is accessible via a secure login from any computer or mobile device connected to the Internet, anywhere in the world.

On-premise systems typically face lengthy development cycles compared to cloud-based systems and require expensive upgrades to remain current.

Upgrades are frequent and usually free with cloud-based systems and can be deployed instantly.

Cloud PMS make a lot of sense for independent lodging operators who are passionate about hospitality rather than technology.

Occupancy levels dropped 90% for several months and have only recently returned to a consistent 40%, with many hotels still closed,

“Despite the low occupancy levels, we continue to have a significant number of incidents resulting in a much higher incident-to-occupied-room ratio than we have historically seen. We have seen a dramatic increase in heart attacks and suicides over the past few months, and continue to have increased numbers of fraud and guest-on-guest type incidents.”

Even as the need for security persists, many hospitality chains have pared back their security budgets.

Eventually COVID-19 will recede, but new risk categories will likely continue to unfold in hospitality. Security professionals can help to steer a course by reminding upper management that risk is more than just a monetary calculation.

In some cases, entire corporate departments are being eliminated, so there is no centralized security department. There is no one providing corporate guidance, no one providing policies and procedures.”

Even if there’s only one person working the front desk, “they still need to be making the rounds,” Perman says. “They need to be knocking on doors and making contact, making conversation. You need them to keep up that level of human intervention.”

“A passive infrared detector can also be used to detect temperature in human beings, so a video camera that is infrared capable can detect fever in a human, and that is being done in a lot of places,”

Through COVID-19, though, technology can be a double-edged sword. For example, some hotels have turned to mobile-phone-based check-in to provide a touchless experience. “From a security perspective there are unintended consequences there,” Danson says. “Now you never have to go to the front desk, you never have to encounter a person.”

Under these emerging policies, security is striving to put more active eyes on guest rooms — right at a time when COVID-related staff reductions are making it harder for security even to sustain normal operations.

Aside from being pretty damn cool and bringing innovation into businesses, customer-facing robots can help reduce human contact, a significant benefit at COVID-19.

Recently acquired by delivery startup DoorDash, Sally is a salad-making robot, mixing up to 8 fresh ingredients from vegetables to salmon into a compostable bowl in just 90 seconds!

Cecilia.ai is a smart, interactive bartender that can be placed almost anywhere, serve mixed drinks in less than 30 seconds, and give customers guidance about the menu using AI and speech recognition.

The entire process can be automated in this modular and customizable system, starting with spreading the sauce, topping it with cheese, then adding pepperoni and three more ingredients and baking the pizza.

Picnic can produce hundreds of pizzas per hour with just one operator, allowing the rest of the staff to be occupied with the rest of the food

The startup recently raised $16.3 million and has plans to install its robot in schools, stadiums and hospitals.

The Mini Bakery, built and designed by Wilkinson Baking Company, is a fully automated system for baking bread. It does all the mixing, shaping, proofing and baking, allowing bread to be sold hot and fresh directly to customers just like a vending machine

Even though the system was built for supermarkets, we don't see any reason why it couldn't be used in restaurants or hotel kitchens.

This countertop device makes authentic artisan gelato, fruit sorbets, frozen yogurt and ice coffee using biodegradable capsules, which can also be used as the serving bowl. Solato is ideal for small cafes and restaurants looking to upgrade their menu with fresh ice cream without wasting precious space and money.

can flip burgers and make fries

The system includes the Miso Analytics platform, which provides deep insights and improves food quality with cooking precisely as defined.

Among the company's clients are CaliBurger and White Castle, where it flips over 10K burgers and fries more than 12K baskets every month.

The Dark Kitchen, also referred to as ghost kitchens and virtual kitchens, is a kitchen space devoted exclusively to delivery-only restaurants, a trend that has seen a meteoric rise since the global pandemic began in 2020.

Beastro can be customized to automatically prepare any type of dish, prepare about 45 dishes per hour, collect analytics, and fully integrate with Cuismo, the company's online restaurant, and dark kitchen management software.

The company partnered with craft breweries in NYC to give customers high-quality coffee at a reasonable price, automatically made by a 20-square-foot kiosk that serves the cup using three little magnets.

While TrueBird's primary business model is to open dozens of automatically operated coffee shops in public spaces across the country, we can see no reason why you shouldn't set up one in your hotel or airport lounge.

ACUR-C by Japanese company Smile Robotics is an automatic robot for serving and collecting dishes in restaurants, clinics, nursing homes, hotels, and more.

The robot moves autonomously between tables, picking up trays with its robotic arm and bringing them back to the kitchen.

They can automate the food or beverage-making process, save money and human resources, enrich menus, make fewer mistakes, reduce food waste, and work 24/7 without a raise.

Another innovation for the hospitality industry is Milkit, a patented milk-tap solution that saves time, energy and money

With its unique milk bag, the Milkit device pours precise amounts of milk, saves up to 4 seconds per coffee cup and eliminates the need for storing milk bags.

Most of these systems are still quite expensive and are intended for filling in the gaps throughout the workforce (a major issue created by COVID-19), either to work alongside human employees so they can focus on more complex tasks, or just to serve as additional revenue sources or a tourist attraction.

already being used by several Israeli restaurants and hotels, as well as Starbucks in Germany.

As technology advances and AI becomes more accessible, it is no wonder that robots for the food and beverage industry are becoming more commonplace.

We believe that we will see more and more robots and machines in restaurants and hotels, making delicious meals or mixing fantastic cocktails.

Innovating the food and beverage industry is essential and will be beneficial for both the business and the customers.