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This article describes accounting software functions within the Hotel industry. The article states that "Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry". It is said that when selecting accounting software, you must identify what results you are looking for from the software; and also the functions that you are able to receive. You must also understand the needs of your property, and industry. The article also discusses various decision criteria, which is a part of the selection process. Some of these criteria's that you must look out for are: annual revenue, budget, location, multiple sites, national or international locations, in-house verses outsource operations. I love the fact that this article also discusses the functions of hotel accounting software. Some of those functions that were stated are: account payable, account receivable, and payroll. The article also brought up some trends about hotel and lodging accounting software. One of the trends that stand out to me was the fact that some companies hand over their entire accounting responsibilities to major accounting companies or, accounting firms; this is referred to as outsource. Having a accounting software is a very beneficial asset for a company.

The hospitality industry has had steady growth, with increasing demands for internal controls and financial accountability. Accounting software is crucial in measuring and tracking the hotel's profitability. Accounting software is used to track the profitability of hotel operations and identify trends in the hospitality industry. So it's important for hotel manager to choose the suitable accounting software. This article tells how to select hotel accounting system properly. Including the decision criteria used in selection process, areas of functionality in hotel accounting software and standards used for accounting and auditing in hotel industry, etc.

Hotel managers are often faced a lot of problem to deal with the accounting system. Now hotel manager can manage all of the accounting responsibilities by use hotel accounting technology. Using Web-based hotel accounting software can save your business money . The functions covered in all of the accounting systems.

This article talks about how IT investments related to the profits.The IT investments has a significant positive impact on profitability. Investment in IT had a greater impact on a company's profits than comparable spending on either advertising or R&D.  IT investments offer more room for creativity and innovation. IT investments were more effective in improving profitability by increasing revenue than by decreasing operating expenses.

In recent years the combination of new types of IT investments and increasingly constrained sources of revenue have conspired to place information technology investments under a scrutiny they have historically avoided. New research finds that investments companies make in information technology increase profitability more than investments in advertising or R&D do. CEOS often struggle with some critical choices as they allocate their companies' discretionary dollars among various categories of investments. Investment in IT had a greater impact on a company's profits than comparable spending on either advertising or R&D. Information technology can be used to increase efficiency and reduce costs, or it can be used to support sales growth through, say, customer satisfaction and customer retention strategies. Industries become more competitive, the effect of IT on profitability increases.

Some differences exist between organisations that run events for profit motives and those that are not-for-profit oriented. Government grants are seldom achievable by for-profit enterprises. Small scale events run by not-for-profit organisations are likely to be funded by participant fees. Larger scale events, whether run by for-profit or not-for-profit enterprises will likely need substantial support through commercial sponsorship. In many cases, fees paid by people who spectate can be a worthwhile source of income.

This article is about how investing in your IT will increase your profits. Investing in IT will yield a higher profit even more so than advertising or research and development. You see bigger profit even more than if you lowered your operating expenses.

No matter what telecommunications strategy a property takes, one thing is for certain, it needs to be a different one from the past. The early 1980s marked the beginning of an era of profitable hotel telephone departments. The advent of call accounting systems (thanks to deregulation) enabled hoteliers to easily mark up calls to a profitable (some say too profitable) level.

In modern society hotel need more attrahent thing increase revenue. The traditional way may lose competitiveness, like telephone services. Because almost everybody using personal cell phone and more and more people prefer to use internet to communicate such as email and skype. In my opinion if hotel build some telecommunications use internet such as physical skype phone and provide cheap service that may be attract more people to use that.

With the emergence of "self-contained guest," hotel telecommunications departments must change its offerings because old strategies no longer apply. A self-contained guest is one that does not need the traditional amenities hotels would offer for telecommunications, such as fax machines and printers. Guests now look for a fast, free internet connection as an amenity. Some may not even need wifi, because they have a faster mobile service that they use. Even hotel telephones, guests no longer want to use the land line and pay hotel fees to make a call. Cell phones have eliminated that need (even for international calls). So hotels must not stay the same, and must change their strategies for producing revenue from their telecommunications department.

As a business owner, it will take discipline and dedication to get the most out of your POS software. It will take discipline to set attainable goals and check profit margins each day. If something is off, reassess and fix it. You must be dedicated to the process and eventually you will see a profit.

This article analyzes how user-generated ratings have a positive impact on hotels revenue growth. It looks at this through three different methods: one, ratings that the uses provide, two at how those ratings are "distributed over the scale," and three, the number of reviews that hotel receives. The article observes 240 small to mid scale hotels in Italy. Some issues we see come up revolve around the subjectivity of user-generated reviews and how that can positively and negatively affect hotel occupancy and interest. Ultimately, it appears that hotels that already have a high star rating will benefit most from these user-generated ratings because they have a stronger bargaining tool. The other benefactor are small, niche hotels whose increase viability and unique qualities help it in encouraging new tourism and high level experiences.

This article talks about a study that analyzed over 400 companies regarding the positive impact and profitability of IT Technology investments. It was said that IT technology can offer more room for creativity and innovation. Two things crucial to stay on top in this industry. IT investments have shown to produce a positive impact on revenue growth as well. As competition continues to occur, IT investments will continue to increase profitability and managers should continue to invest in things that will help to provide for them financially.

CEOs of companies struggle with the decision of investing more in IT rather than in advertising or research/development tools. When and if investing in IT the question would be what kind of projects should have the focus. Recent studies have helped determine that since 1995 there has been significant positive profitability in IT investments. This research indicated that IT investments have a larger profit impact than spending money on advertising. IT investments are creative and use new technology that may help attract new consumers. Some IT projects however work better than others. They can be used to support sales by customer satisfaction and customer retention strategies. As more companies invest in IT investments, profitability increases due to competition. In conclusion business owners should focus on IT projects that will have potential growth in revenue over projects that only focus on cost savings.

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.

This article discusses different marketing companies that are reaching out to hotels and casinos to offer something new to their consumers. Duetto is a software that will optimize profit for casino hotels, by tracking the individual guests on their spending. They can utilize that data collected by recommending room pricing for individual guests, allowing to maximize profit. This article also continues to talk about other technology companies such as JOINGO. JOINGO is a company that focuses on customer loyalty in the gaming and casino industry, setting up loyalty programs that are customizable to each individual guest. They will send out offers and alerts to the target market, which the consumer can use because everything is offered in real-time. It goes on to explain other technology companies that are optimizing profit for these casino's and resorts. I believe these are all great companies that are working to maximize profit, but I do believe that a company should be created that utilizes all these features offered in one. A lot of the companies are teaming up to work with the casino allowing for everything to go in too many directions, I believe it would be wise to have one company create a software that has all features.

This particular article on hospitality and tourism accounting states that the global travel industry is expanding at an accelerated rate. Although there are high demands in corporate travel and high level of satisfaction in the economy, the ever growing industry is vulnerable to many risks given by its consumers. Just as much as the guests utilizing these hospitality services are becoming more pressing towards great prices and expressing concern in the quality of service they receive, hotel businesses are adamant about increasing awareness in cost and profit. To balance all these exclusive challenges, hotels are insisting on being educated and equipped with the most up-to-date technological advances to keep up with the ever demanding industry. With this in mind, the article states three methods to conquer the challenges faced today. The first method is to utilize a cloud based system to keep track of all the innumerous activities present to keep the business running. Due to the fact that a hotel is run by an overflowing amount of employees, all with different jobs and tasks, all using different systems respective to their departments, and require several types of pay (part-time, full-time, tipped employees) methods, it is a challenge to keep things efficient without a proper system. This is the reason why the article recommends using a cloud based system to keep track of the daily labor costs, overtime management, daily payroll transactions, and incorporate easy accessibility to reporting functions. The cloud based system will be beneficial in keeping everything in record beginning from the moment an employees clocks in to the end where they receive their paycheck, as well as, the ability to manage transactions. The second method is to centralize all the various sources of data. Hotels have a countless amount of data being stored. That can range from guest satisfaction satisfaction survey and comment reports, PMS data, to financial reports. With all these busy ac

The article discusses how hotels can overcome accounting obstacles. Firstly managing payroll is cumbersome, so a cloud-based reporting system can provide an easy way to monitor labour and manage overtime, and daily payroll transactions. Secondly, hotels have a difficult time to read data as data can come from a huge variety of sources: STR reports, PMS data, satisfaction surveys, comments. Hotels need a centralized dashboard which combines all critical accounting and performance data to assist hotels in making better decisions. Lastly, the article talks about hotels needing a back-up accounting team in case of disasters. In-house accounting teams may not be able to tackle on one-time event disasters and there must be a back-up team in place in times of urgency. The author, Scott Watson, executive vice president of sales and marketing at a cloud-based financial platform, sees that hotels are becoming more "cost and profit conscious" and I agree with him. Technology solutions are what hotels are craving right now to increase revenue, minimize costs, and maximize profits without sacrificing service quality.

This article helps guides hotels in how to overcome challenges when it comes to the accounting department in any situation that deals with staff tracking, how to decipher intricate data, and what to do in emergencies. The article details the usefulness of the Cloud and keeping track of staff members that are FOH and BOH that are both hourly and salary. That the accounting department could simply look them up in the cloud rather than searching through paperwork to understand exactly what their role is in the hotel and pay them accordingly. The article also goes over how having multiple centralized data sources can help accountants understand information from reports, guest satisfaction questionnaires, and other forms of reporting to pinpoint exactly what needs to be changed to become more efficient in the company. Lastly, the article covers how having back up accounting teams could be a definite positive just in case of emergencies (i.e. weather) so accounting can still be in progress no matter what situation occurs and the hotel can run smoothly.

This articles is a wake up call to many hotels that are looking for ways to increase profit. The concept of upsale has been around for a very long time. It is time for hoteliers to go back to basic marketing concepts but utilizing the latest technologies. Property management systems contain so much valuable information about the guests. Hotels need to utilize this information to offer unique experiences.

Aptech Computer Systems, Inc., the leading provider of hospitality software for business intelligence and enterprise financial accounting, announced about four new hotel companies who have selected their hospitality solutions to improve their business intelligence, budgeting and forecasting, and accounting. M&R Hospitality Management in New York and San Ysidro Ranch in Santa Barbara, CA, are among the companies implementing Aptech's financial solutions. Excuvue is a web based hospitality Business Intelligence application which gathers and coordinates data from different hotel systems, including the Smith Travel Research report. This system can convert written online ratings, comments, and the guest satisfaction ratings into metrics. This basically helps in optimizing the revenues as they can match up with the customer's idea and with their current daily performance and also with their competitors. It is very essential to bring about changes in the department where your competitor is excelling at. This sort of information can help them make quick changes for profitability and customer satisfaction. The interesting part is that companies are looking outside to leverage financial solutions in order to better manage their standards and keep up the pace. and many more hotel companies are implementing this to streamline their back office processes.

This article focuses on how hotel companies are implementing a new system that has been introduced to simplify financial accounting. Aptech Computer Systems claims to be a leading provider of such software, allowing companies to improve their budgeting, forecasting, and accounting. Many hotel companies utilize Quickbooks to effectively manage their budgeting and forecasting needs, along with their accounting needs, and as these companies grow, they need a better solution to effectively manage these aspects. Companies with multiple properties need a system that can manage data from all of their different sources, and combine them to strategically analyze their profits, revenues, and their losses, as well as to make budgeting decisions and forecasts. Execuvue, a web based business intelligence application created by Aptech, combines data from a large variety of hotel systems, such as STR data, which is extremely valuable in assessing where each hotel stands in its competitive set, and how much of its market share that it is currently obtaining. The system also provides insight to operators as to recommended actions for the hotel to take with the data that is collected. The system also measures online ratings, comment card details and other guest satisfaction measurements, enabling hotel operators to utilize guest satisfaction ratings along with their profit standpoints and their current financials. This system seems to be a valuable resource in today's economy, and with the evolving technology. It allows users to utilize data from all sorts of sources to make decisions and assessments. Any operator or manager knows that seeing data quickly and efficiently, where the answer is simply laid out in front of you so that you do not have to seek information from multiple sources and then compare it with the other sources, allows you to make informed decisions much more quickly and be much more assured with your choices. It also enables those operators to find ways to opt

Four key elements to successfully planning an event in the hospitality industry include but aren't limited to: Client Satisfaction - The event should follow through as planned between the planner and client. Anything that goes wrong should be fixed in a timely manner where the client won't notice. A successful event leads to client loyalty most of the times so they'll book with you again. Profitability - Ensure each event doesn't result in a loss Guest Experience - What the guests experience will ultimately determine how the client's satisfaction of the event will be by the end of the night. A guest's experience will be based off of service and quality. The quality of the chairs, the plates even right down to the utensils they're eating from, the music, the drinks, and most importantly, the food. Happy guest = happy client Perceived Value - Adding a special touch to an itinerary that the client wasn't expecting makes all the difference

This article outlines several factors to focus on in order to host a successful event in the hospitality industry, including customer satisfaction, guest experience, profitability and perceived value. Among them, customer satisfaction is the primary factor that needs attention, and improving customer satisfaction will get more business opportunities. In addition, meeting customers' needs and solving customers' problems can give customers an unforgettable experience, which is also conducive to the success of the event. As an operator, you must also consider profit. Profits come from customers. If you can improve the perceived value of customers, it is a memorable experience for customers, improve customer satisfaction, and profitability comes naturally.

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This article basically gives tips about how to create a safe hotel. There are many ways you can ensure that your staff and hotel guests are protected.

This article is about steps a property can take in order to ensure the safety of their employees and guests. This includes: surveillance cameras, cybersecurity, mobile room keys, safes in rooms, among other things. - Be sure to invest in high-quality cameras that can pick up the little details, such as facial features and bill amounts. - Your Wi-Fi should be a secure network users must log in to before using. Make the username and password easy to find. - Mobile keys strengthen security and allow guests to bypass the front desk altogether. -Set up regular meetings with all employees to talk about guest safety. -In terms of profit-sharing, workers feel a sense of pride or ownership, they will keep their eyes and ears open for signs of waste, fraud or theft.

This article talks about hotel's safety and the usage of surveillance cameras, cybersecruity, mobile room keys, guest safety, staff training, and profit sharing. Each section talks about the procedures that should be taken to keep guest and staff safe.

This web is about a group named Sothertons  Chartered Accountants. Its major meaning is researching the new hospitality accounting management. They provide experienced accounting services to those in this industry.     It is not like the traditional accounting practices. In this company, everyone in every area, must understand their operation very much. They have some specialist services such as Industry benchmarking and KPI management, working capital management and so on.     They could analyze their competitors when you see clearly relationship between decisions and performance. They could help you to solve the accounting problem and satisfy your business needs. For example, their accounting services could cover many areas like hotel, restaurant, catering and food and wine businesses.     The Sothertons Chartered Accountants have influence for the accounting process and could improve your hospitality business profitability. They have the professional ability to cover clients' profits.

KingSmart is a popular and successful HPMS because of its automatic, flexible, and customised. Similar with most HPMSs, it can be installed in any types of hospitality establishements. At the same time, it can help each departments within the hotel finish their work more efficiently. It can cover all aspects of daily operation in a hotel such as reservation & registration, group handling, yeild management, sale & marketing, housekeeping modules, revenue management, and so on. Among these aspects, I think some of its applications are more necessary in modern hospitality environment. First of all, KingSmart allows us to run a hotel in its maximum capacity through its powerful, comprehensive, and flexible tools. In addition, managers can increase the profit without any other efforts except using this smart system. KingSmart can force the operaton toward the most profitable rate depending on some marketing strategies installed by managers before. All of the other works are processed by KingSmart automatically. Another automatic application of this system is that it can assign and check in of multiple rooms by one touch of button. In my opinion, it is more important for group reservation of different preferences and behaviors. At last, it establishes a connection between the hotel and customers. Through sending some emails or messages, the hotel can target and keep some loyal groups easier. In a word, KingSmart has so many common benefits with similar softwares and some of its own advantages. It is a good choice for hotels, resorts, and other hospitality properties.

This article discusses how new demand of customers within the hospitality industry is driving current point of sale systems such as micros to re-term their systems to focus more on customers. It includes several factors that are potentially driving POS systems to be revolutionized. The possibility of POS systems becoming more "from the palm of your hand" is growing each day as more POS systems are converging with wireless devices. As other outside factors influence hoteliers to emerge and update their POS systems, the development and progress of having the most profitable POS systems requires close examination of what works best for each company. One example the article touched on was the change from regular cashier systems to IPad based interactive systems and interactive kiosks. In addition, the enhancements of POS systems overall seem to be increasing F&B profit-a section of the financial statement that was historically less profitable. As with all technology, It is best to refrain from making a large capital investment into emerging systems, starting slow and monitoring how the bottom line is increasing and specific areas such as Room revenue or F&B revenue is the ideal choice.

Excellent Article! POS systems are becoming more user friendly than before. The systems allow companies to track revenue and inventory at the same time. The Walt Disney World Resort tested a POS system that allowed hotel guests to simply flash their room key and the charges would go directly into the POS system then PMS. Hotels have added POS systems to spas, recreation locations and retail stores...(http://www.restaurant.org/nra_news_blog/2012/04/pos-systems-must-accommodate-new-secure-payment-technology.cfm).

Theodore your article proves a great point on the benefits of POS technology. Having a POS system adds more value that will cover its initial cost. Handles greater product volumes. Makes complex business logic possible. Provides more management possibilities of your daily operations such as sales tracking, refunds, time clocks, menus, pricing, revenue maximization, etc.Provides advanced functionalities such as reservation and table management for restaurants, hotels, bars, and any business in the food service industry. Realizes enhanced savings with greater efficiency. Delivers better workflow for staff. Improves customer service and increases customer through-put. Easily manage large numbers of customers and groups. Allows restaurant businesses to combine multiple services into a single invoice (hotel room, meals, events, services). Graphical management of store assets such as table, rooms, bar, etc. Delivers superior reporting and analysis features. Streamlines inventory management. Back Office integration. The purpose of POS system is to accommodate your employees and your customers. If you have happy employees this results in customers having a smile. You have to spend money (POS SYSTEM) in order to make money.