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One good thing that comes from outsourcing is being trendy. Many brands are doing it and it is the trendy thing to do.

Another very negative result of outsourcing the accounting function is brain drain and the resulting challenge it creates in succession planning.

On the positive side, another idea about outsourcing accounting is the creation of a different kind of finance and accounting leader;

If you are thinking of outsourcing your accounting, think again. It is not a good decision. It will cost you dearly and your investment will suffer.

Hotels are a high-volume transaction retail business. Every day a hotel sells hundreds or thousands of rooms to many different customer segments. In addition, it services thousands of food and beverage customers.

When a hotel outsources they typically outsource payables, some parts of purchasing, general accounting, sometimes accounts receivable and almost always the daily audit and revenue functions.

Companies feel compelled to move, to innovate, and sometimes these changes are not in their best interest

These functions in a hotel are like filters, collecting all the errors and working with operations to get them back on track

the costs savings in the short run are completely upside down – in other words – no savings.

The hotel loses track of so many invoices so they start logging the scans and cross referencing these with the outsourced company.

If there are no entry level positions, no revenue auditor and no middle management, then how does a hotel grow controllers and directors of finance?

they are not going to have financial leaders that understand the hotel business and all its insane nuances.

This in theory is exactly what I think hotels should be doing – developing the business skills of the non-financial managers.

The fact is these systems and processes are always in need of constant and diligent attention

Colleagues in the operating departments need constant oversight and this boils down to finding out what is wrong with the data and communicating back to these areas.

Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs.

Hotel managers are often faced with the challenge to propose and procure the appropriate technology and software to run their operations.

This article describes major factors to weigh in selecting accounting software for the hotel industry.

Decision Criteria Used in Selection Process: Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operations

Accounting software is crucial in measuring and tracking the hotel's profitability.

Functions covered in accounting software programs include: --Accounts payable --Accounts receivable --Budgeting --Cash management --General ledger --Sales analysis --Payroll --Procurement --Order entry --Fixed assets --Inventory management

   This article describes major factors to weigh in selecting accounting software for the hotel industry.

Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. Careful consideration of the purpose, functionality and desired results from accounting software must be taken prior to selection and purchase

How to Select Hotel Accounting Software:     Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs

Decision Criteria Used in Selection Process: Major factors identifying selection of accounting programs used in hotels are: ---Annual revenue ---Budget ---Location ---Multiple sites ---National or international location ---In-house vs outsourced operations

Accounting software incorporates the widely used Generally Accepted Accounting Standards (GAAP) and focuses on key measures unique to the hotel industry, such as revenue per room (RevPar)

Accounting software encompasses multiple functions of a hotel's operations, ranging from data mining to running financial reports.  Functions covered in accounting software programs include: --Accounts payable --Accounts receivable --Budgeting --Cash management --General ledger --Sales analysis --Payroll --Procurement --Order entry --Fixed assets --Inventory management

Print this article DartUtils.loadGoogle160 = function() { dmjs.runInlineAd = true; $('.AdUnit160').hide(); $('.AdWrapper').addClass('no160'); }; dartAds.renderiFrameAd([{ sz: '160x600' }], 160); How to Select Hotel Accounting Software:    Decisions governing selection of accounting programs depend on multiple factors including the uses of the accounting programs

Hotels rely on different tools, including their accounting software, to increase their effectiveness and make them more competitive in their core business.

Hotels can decide to purchase accounting software dedicated solely to one function or can invest in enterprise software. Some chains have opted to outsource their accounting operations to major computer companies and accounting firms

Accounting software is used to track room-rate revenues and identify any discrepancies that require remediation and corrective actions.  The percentages of room-rate vacancy and seasonal trends are evaluated and measured against the best establishments to assess hotel performance.

The hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability.  Accounting software is crucial in measuring and tracking the hotel's profitability

Areas of Functionality in Hotel Accounting Software

Areas of Functionality in Hotel Accounting Software

can leverage best-of-breed accounting and financial technology at a fraction of the cost of ownership

“Adopting solutions that are developed by hoteliers exclusively for hoteliers gives users a critical leg up over their competition,

How can hoteliers meet the labor demands of the peaks without overstaffing for the valleys and also stay within budget?

The solution: Real-time monitoring for labor

With an overwhelming amount of data, many hoteliers suffer from paralysis by analysis.”

The solution: A centralized platform is key

“Guest service, sales, operations, financial management, accounting, cash management, asset management, balance sheet performance, maintenance—these are just a few of the priorities on every hotelier’s to-do list,

The solution: Outsource it

They may have the staff to take on something like a cloud migration or cloud-native application development project. But technology implementation is not a strategic part of their business, so they aren’t necessarily eager to take on these types of projects — particularly if they aren’t of a scale that would allow them to make a sizable profit.

They have to rely on proven, repeatable methodology to remain efficient — even if it’s at the expense of better project outcomes for their customers.

Companies that specialise in IT outsourcing aren’t faring much better than the big consultancies. While they may be more cost effective than a large professional services provider or consultancy, many potential clients are becoming hesitant about working with them.

That’s not to say there still isn’t a place for the large technology consulting firms or IT outsourcing companies. But for companies that want the flexibility, scalability and cost benefits that cloud services provide, working with a company specialising in cloud technologies – as a true, long-time strategic business partner, rather than just a point-in-time technical resource – may be the optimal solution.

A viable option may be to go with a mid-sized company that specialises in technology implementation — particularly in the areas of cloud migration and cloud-native app development.

Cloud systems integrators are able to be more innovative than larger companies that have no wiggle room for experimentation or exploring new methodologies.

These companies develop solutions that can meet current requirements and adapt as those new requirements emerge. For many, their work for a customer is just the beginning of a much longer partnership that will evolve to help that customer continually leverage cloud technologies to meet changing needs.

However, many of the cloud-centric companies have chosen to focus their efforts on specific platforms, such as Amazon Web Services (AWS) or Microsoft, enabling them to gain familiarity with and expertise in the many tools and services those particular platforms offer. They can effectively leverage those resources to help their customers implement targeted, effective solutions.

Like the large technology consulting and professional services companies, the IT outsourcing companies also tend to rely on standard processes that can be repeated over and over to keep costs down. There’s no room for innovation.

Pandemic or not, hiring a big-name IT consulting firm often comes with an equally big price tag. Forgoing work with these higher-priced companies or simply cancelling projects reduces expenditures.

Few, if any, industries escaped the effects of the Covid-19 pandemic. Even in the technology sector, where change is a normal part of business, many professional services and technology consulting firms struggled to cope with the disruption.

Yet another potential downside: larger firms tend to be less agile than their smaller counterparts. While they sell innovation to their customers, they are often too big and cumbersome to embrace the new ways of working and thinking that they promote on the consulting side.

With the industry constantly claiming it must have data, the challenge then becomes how to best decipher that data to determine the story being told and then how to read the story to best react.

Managing the challenges of finances and accounting is no exception here, he said. While Watson said outsourcing isn’t for everyone, it can be an efficient and cost-effective solution for some

management companies work for multiple ownership groups that often have a variety of differing expectations and timelines

The solution: Partner up,

As a result, through month-to-month subscriptions, all hoteliers, from single-location owner operators to large-scale portfolio-management companies, can leverage best-of-breed accounting and financial technology at a fraction of the cost of ownership

It is critical for hoteliers to establish a balance between monitoring daily labor costs, managing overtime, overseeing daily payroll transactions and accessing simple reporting functions

digitalization of hotels also includes introduction of advanced solutions for analytics and security.

Digital security systems can not only track the slightest disturbance of the public peace, but also provide additional information.

At present day, it is too early to assess the effectiveness of some recent innovations, that are related mostly to the hotel's image and attract customers.

The main trends in the use of modern technologies in hospitality industry in the conditions of digitalization of the economy are presented in figure 1.

The main disadvantages of traditional technologies include the following: local server requires regular maintenance from the system administrator; access to database is restricted by local network facilities; connection speed is limited by the speed of a local provider and divided among all who are drawn to the sever database

Artificial intelligence plays an equally important role in improving the efficiency of public catering enterprises.

Use of artificial intelligence also allows to analyze the work of the restaurant, and to detect violations of rules by the staff via control of bills, number of the discount card uses, as well as the number of cancellations and deletions of checks.

The issue of privacy that characterizes traditional tourism industry is also addressed through blockchain technology, minimizing exposure to sensitive data in the face of existing problems with cyber attacks and fraud in traditional financial services.

if the concept of hospitality industry enterprise changes, it is possible to change the composition of paid licenses.

Almost all companies in hospitality industry have started to think about using chatbots to solve specific business problems [9].

One of the ways to get competitive advantages for accommodation facilities is to invest and use new technologies. In this regard, augmented reality is the most promising technology for the modern tourism industry. its development and application can increase the competitiveness of destinations.

Augmented reality can be used to interact with guests before, during, and after their stay.

Augmented reality technologies can be used to stimulate travel purchases (the effect of being present in a hotel room, as well as demonstrating the environment and local services using a virtual reality headset). Also, virtual and augmented reality, including those with tactile sensations, can be implemented by digital concierges to issue recommendations to the client on various issues and types of recreation

The API allows one hotel technology system to automatically (i.e., without the participation of hotel employees) interact with another technology system and gain access to its functionality.

The largest companies develop APIs for clients or internal use at some stage.

The result of the analysis of cash transactions is a regular analysis and detailing of violations, categorization of violations, development of measures to counter violations, training of personnel [13].

With the help of speech Analytics tools, specialists can work with 100% of requests. To do this, all dialogues are translated into text and analyzed using a special system.

Based on this analysis, you can develop a change program for existing procedures and processes and optimize self-service systems (personal account, website).

The result of the introduction of innovative speech analytics technologies will be an increase in sales efficiency, an increase in loyalty and customer satisfaction, a reduction in service costs without loss of quality, and behavioral analytics.

Currently, biometrics can already be used to identify and confirm the client's identity. Face scanning technologies when registering with the service.

Analysts predict that the international market for biometric solutions for the hotel sector will grow exponentially in the coming years. Biometrics, as the most reliable and accurate authentication system, can provide real-time information about employees and their use of their working time.

The result of using this technology is payment without wallets and Bank cards, increasing the speed of customer service, and a high level of security.

In 2018, Amazon presented a special version of the voice assistant for hotels — Alexa for Hospitality, which is currently being tested in Marriott hotels.

At the same time, the use of Echo speakers in hotels raises concerns about the privacy of personal data. Amazon claims that audio recordings of the guest's voice commands will be deleted every day, and the hotel administration will not have access to both request records and response records.

IT outsourcing is the transfer to a third-party contractor (outsourcer) of all or part of the functions for servicing the organization's information needs. Currently, this technology is becoming increasingly common in the hospitality industry.

The main point of switching to outsourcing is to optimize the company's costs while significantly improving the quality of services provided. The main criteria for outsourcing are the lack of competitive advantages and not the strategic position of this operation or function for the company

The main problems of implementing information technologies in the hospitality and tourism industry include the high cost of these developments, the duration of staff training processes, and the adaptation of the built system of business processes of enterprises.

The problem is also the difficulty of attracting investment in the hotel business

Another problem with the introduction of information technology in the hotel business is the lack of relevance of regulatory documents and legal barriers to the introduction of innovations

In addition, the introduction of modern information technologies in the hospitality industry is complicated by the level of technical and technological complexity of implementation projects.

nformation technologies are improving at a rapid pace

In the leading Russian hotels that are part of the global hotel chains, the work is fully automated, technological, and has its own computer and Internet services. Such hotels already have a successful experience in implementing modern information technologies.

Customers of the hospitality industry already have a lot of experience in using mobile devices.

Digital marketing is becoming a key channel of communication between the hotel and the network. At the same time, only the implementation of continuous data collection, processing, analysis and aggregation tasks will allow the management of hospitality enterprises to achieve one of their main goals - to better understand their customers and interact with them.

However, there are other services that may be better suited for an outside partner than regular staffers.

Oftentimes, when facility managers and on-staff technicians are busy doing things like lighting updates, furniture assembly or remodeling of any kind, they’re doing so on borrowed time.

By outsourcing more services – like construction services, HVAC services, electrical services, plumbing services and exterior services – overhead costs can be kept down, while more specialized service contractors provide quick, reliable care in both emergency situations and preventative, at a low rate.

While hotel management staff may be utilizing the latest technology to streamline services related to guest reservations and checkout, facility management staff may be missing out on opportunities to save with the use of technology.

When looking to technology to reduce costs, facility managers will want to select software solutions which fit their specific needs.

A computer-aided facility management (CAFM) system is another software facility managers can use.

Some solutions also offer a help desk, space planning, scheduling assistance and other features that can be used to manage nearly all aspects of facility management.

Computerized maintenance management systems (CMMS), for example, can assist with task scheduling, inventory management and work order management.

The right software depends on the size of the hotel and number of facilities and staffers. Consider purchasing software that can scale with the hotel if it grows.

Some money-saving initiatives require an up-front cost, and sustainable hotel features is one of them.

By taking aim at reducing facility management costs, hotel facility managers are showcasing their eagerness to make changes that will result in happier guests and a more satisfied staff.

Collection of appropriate data from various reliable sources. Processing of such data to extract the relevant and useful information. Delivering this information to the respective department.

MIS helps in maintaining and managing crucial business data for assisting in complex decision-making by the management.

MIS uses various mathematical tools for analyzing the current market trend and predicting future trends based on such information.

Hence, in case any problem arises in front of the management, MIS reports are quite helpful in identifying the source of the problem.

firm can ei

It is better to outsource the process as the company will receive the services of experts at minimal costs as compared to hiring staff for MIS reporting. Also, outsourcing MIS reporting process is cost-effective and saves precious time of the management.

Reputational damage and revenue loss from a breach headline not only impact individual edge locations, but the corporate brand as well.

Hotels need a ‘toolbelt’ of various security technologies that can be used to prevent malicious attacks. A managed firewall is essential, blocking dangerous traffic from coming onto the network and preventing sensitive data from being exfiltrated, or sent, to the hackers.

One way to implement these advanced toolsets includes outsourcing to a managed security firm specializing in this type of service

If used correctly, hotels could see anomalies that could lead to breaches prior to any damage being done — allowing them to halt hackers in their tracks.

finding talent within our company and using those leaders to help build their teams as well as augment with really key strategic partners where necessary."

ship design and beyond

The facial recognition feature will probably begin with QR codes and evolve to facial recognition,

mobile app

allows passengers to see their cruise schedule and what's available on board on a day-to-day basis

allow you to register in the app, check in via the app, upload your selfie to be able to use our facial recognition boarding, book shore excursions, dining, et cetera, and then we'll continue to add capabilities. We have x-ray vision [VR] and digital games built in,

even if we build a great app, that every aspect of the technology works flawlessly

The digital component is referred to as Excalibur within the company, in order to emphasis the power and importance of the technology,

technology is simply moving so quickly, that nobody can afford to do the perfect app

won't be able to continue to upgrade and that will affect all technology advances. So we've shifted to a non-proprietary approach

improving the technology of its ships is because it's essential to stay afloat.

required to stay competitive in the world we live in.

Data analytics

difficulty has been in making intelligent use of that data

climate control to lighting and opening and closing the curtains.

Technology is such an important driver today,

What does managed WiFi mean? With managed WiFi, you outsource your wireless network to a third-party vendor.

Hotel owners switch to a managed WiFi service to preserve time and financial resources while providing a secure and reliable guest WiFi network. Managed solutions offer features, like reporting options and capital planning assistance, that support your current and longterm goals. 

In short, your managed WiFi network runs seamlessly in the background. Your IT team isn’t overburdened with infrastructure improvements. And management has access to advanced analytics and reporting features to adjust bandwidth and predict future needs. 

Enterprises turn to managed service providers for their “skilled human resources, infrastructure, and industry certifications.”

With managed WiFi services, your provider develops a secure wireless network and monitors it 24/7/365. You pay a monthly fee, which helps you avoid unexpected expenses.

For many hoteliers, the best part of a managed WiFi service is that you can simply call for help. Your provider remotely evaluates your system. They perform updates, identify hazards, and work with you to troubleshoot minor issues. From afar, a managed WiFi provider can even boost a nearby signal as a temporary patch during a device outage. For challenging problems, a certified technician visits your location and resolves the issue. 

The system learns, tracks and adapts to your guest and property needs without forgoing essential security and privacy protocols.

top managed WiFi providers also offer options like:  Conference management features handle VLAN configurations, bandwidth shaping, extra ports, and even online scheduling and resource guides for events.  24/7/365 customer support services assist your hotel staff and hotel guests for positive experiences with your high-speed wireless network. 

It no longer makes sense to employ a full staff to manage your hotel’s wireless network. Instead, partner with a reputable managed WiFi service provider dedicated to the hospitality industry.

The traditional vendor RFP process is not suited for evaluating and choosing a digital technology and marketing partner who will be entrusted to guide the hotel in maximizing revenues from the most important distribution and marketing channel in hospitality: the direct online channel (i.e. the property website). Such an RFP process is typically riddled with contradictions and self-selecting biases, and also represents an antiquated method unsuitable for a fast-paced digital world

The traditional vendor RFP process cannot provide answers to crucial questions concerning familiarity with industry's best practices, strategic approach to digital marketing technology and marketing, digital technology innovativeness, quality and depth of direct online channel consulting services, etc

Common observations on the RFP experience: It serves as a tool to fulfill administrative requirements or to simply "shop around" when in fact the digital marketing/technology firm has already been privately selected. On paper, every digital technology and marketing firm can present itself at its best and can creatively diminish any weaknesses or embellish any strength. The hotel does not know what questions to ask to get to the heart of what the hotel needs. Digital marketing and technology firms can easily make promises and fall short on delivery and meeting expectations. Over-promising and under-delivering has become modus operandi for a number of players in the industry. Properties can get carried away and request proprietary information like methodologies, access to code, and design work as part of the vendor RFP.

Some hotel companies never follow up and leave the evaluated vendors in limbo. Oftentimes hotel companies do not give the digital marketing firm adequate time for proposal development, which demands further use of resources or the delay of other key projects. When management changes, the hotel company is more likely to go into a vendor RFP without evaluating the results and contributions of their current vendor, which can disrupt existing relationships and potentially impede the successes to date. Given the arduous process of the vendor RFP process, there could be a sense of entitlement on both sides that could result in a mutually caustic relationship from the onset.

Digital agencies may propose lower costs to win the contract and introduce additional fees later only leading to resentment and regret. Hotels will often push needs beyond the original scope in the vendor RFP and use the proposal as leverage to get more services without paying. Not all digital agencies are the same but as mentioned, any agency can demonstrate on paper its superiority to solve any problem and deliver any service. Behind the scenes an agency can outsource and end up costing the hotel twice what is originally proposed in additional fees.

Not all digital agencies are the same but as mentioned, any agency can demonstrate on paper its superiority to solve any problem and deliver any service. Behind the scenes an agency can outsource and end up costing the hotel twice what is originally proposed in additional fees.

The Pros and Cons of Cloud Computing for Hotels

Network computing has enormous implications for marketing to customers on a global basis, as well as hotel operations. Consider the potential for the industry to connect with vendors worldwide for electronic purchasing, potentially achieving economies of scale and leveraging not yet possible. World purchasing functions will allow companies to customize their own catalogs. Virtual channels of distribution using computer networking capabilities will also allow hotel companies to market products and services - some traditional to our industry, others not - to customers whether they are in the hotel, at work, or at home. This will require a migration from today's central reservation systems to tomorrow's customer information systems using network-centric solutions. Development of customer profiles and guest recognition will make it possible for hotel organizations to interact in entirely new ways with customers, regardless of their physical location. Clearly, the large hotel companies will need to be the first to address questions raised by global networking capabilities and what this will mean in terms of technology investment. But for many hospitality companies presently struggling with the high cost of technology and the confusing state of our industry's technology affairs, this will not be an easy task. And the decisions will ultimately become further complicated by the opportunity to outsource certain functions into subscription-based networks. It is unlikely that the hospitality industry will be forced to bear the entire burden for networking infrastructure. Strategic alliances with major technology companies will be the catalysts in building this capability as they become strategic providers of networking capabilities to hospitality and other industries. And as network-centric computing comes of age and a company's proprietary information is stored in cyberspace, security will become an ever-more important issue requiring solutions. Whether it is an e-mail gateway through an internal network or customer access via the Internet, network fire walls and encryption systems will be required to mitigate the concern many will have with system security.

Network computing has enormous implications for marketing to customers on a global basis, as well as hotel operations. Consider the potential for the industry to connect with vendors worldwide for electronic purchasing, potentially achieving economies of scale and leveraging not yet possible. World purchasing functions will allow companies to customize their own catalogs. Virtual channels of distribution using computer networking capabilities will also allow hotel companies to market products and services - some traditional to our industry, others not - to customers whether they are in the hotel, at work, or at home. This will require a migration from today's central reservation systems to tomorrow's customer information systems using network-centric solutions. Development of customer profiles and guest recognition will make it possible for hotel organizations to interact in entirely new ways with customers, regardless of their physical location. Clearly, the large hotel companies will need to be the first to address questions raised by global networking capabilities and what this will mean in terms of technology investment. But for many hospitality companies presently struggling with the high cost of technology and the confusing state of our industry's technology affairs, this will not be an easy task. And the decisions will ultimately become further complicated by the opportunity to outsource certain functions into subscription-based networks. It is unlikely that the hospitality industry will be forced to bear the entire burden for networking infrastructure. Strategic alliances with major technology companies will be the catalysts in building this capability as they become strategic providers of networking capabilities to hospitality and other industries. And as network-centric computing comes of age and a company's proprietary information is stored in cyberspace, security will become an ever-more important issue requiring solutions. Whether it is an e-mail gateway through an internal network or customer access via the Internet, network fire walls and encryption systems will be required to mitigate the concern many will have with system security. In the final analysis, networking solutions will drive down the cost of technology investment "on-property" where hotel real estate and business interests merge. The solutions that hotel organizations will be able to choose from in terms of networking should also be less expensive than the current profile of technology spending. And we can expect that change to occur sooner rather than later, given the present rate of investment in Internet-based technologies.