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To create a global resource for the hospitality finance industry, Hospitality Financial and Technology Professionals has begun development on a global hospitality accounting system users guide.

Our plan is to document how the industry is actually performing the process, as opposed to mandating a process."

With huge turnover rates of customers, the hospitality industry,

processes a lot of data.

will accept and process reservations and include other features to manage daily operations,

ff-the-shelf checkbook software through tightly integrated point-of-sale restaurant management systems

Restaurant accounting systems vary from simple

At the foundation of every accounting system lies a general ledger listing assets and liabilities (what the restaurant owns and what it owes) and accounts to track profit and loss

LBA Hospitality Partners with M3 Accounting + Analytics to Enhance Accounting Processes and Increase Efficiencies July, 31 2013 M3 Accounting + Analytics Seeking to update and streamline accounting processes for its 70-plus Southeast properties, Dothan, Ala.-based Larry Blumberg & Associates, Inc. (LBA Hospitality) recently announced an expanded partnership with M3 Accounting + Analytics, the national leader in hotel-specific accounting software, operations reporting, and business analytics. “If we are to continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  LBA sought the ability to swiftly handle budgets, forecasts, and reports, and to dissect business data, all while insuring that the back-office accounting platform functionality was state-of-the-art and industry-specific.  In choosing M3, Benton cited how the company integrates accounting, business intelligence, and reporting, while eliminating most redundancy, software investment and annual hardware/software maintenance. In addition, Benton and LBA were looking for continual and automatic upgrades, backup and disaster protection, and minimized downtime.  LBA is implementing the full suite of M3 products: accounting through the AccKnowledge platform, time, attendance and labor management through the newly released RightTime solution and LaborWatch, and payroll services through RightPay. The company will also continue to use M3 Link business intelligence reporting, as LBA will be expanding it to bring financial data, operating stats, Smith Travel feeds and guest satisfaction data (including verbatim responses) into one completely customizable dashboard. LBA, which launched its business by developing a Sheraton Inn in 1973, is rapidly growing its management business and securing more and more agreements from sophisticated owners and investors.   Scott Watson, M3 Vice President of Sales & Marketing, said, “While our core product remains our accounting solution, we’ve continued to evolve and offer new products and services that meet the current and future needs of the hospitality industry. It is truly exciting that our product platform will help Beau and LBA achieve the aggressive growth they are anticipating over the next five years.”  The implementation and training process for all LBA properties is expected to be complete by December 1.  About LBA Hospitality Based in Dothan, Ala., LBA Hospitality is a hospitality management company focused on maximizing return, safeguarding assets and enhancing value. Founded in 1973, the company now manages 70 properties throughout the Southeast, from Texas to Virginia. More information is available at http://www.LBAHospitality.com.  About M3 Accounting + Analytics M3 is the national leader in hotel-specific accounting software, operations reporting, business intelligence and analytics, processing more than $8 billion in financial transactions for more than 3,000 properties. M3’s integrated suite of hospitality accounting products includes: AccKnowledge, Link, payroll and labor management services, and document imaging and retrieval – all designed to help provide hotel operators, owners and managers unsurpassed access to the information they need in the most integrated and cost-effective manner. The company was founded in Gainesville, Ga. in 1998, and also has a base of operations in Tampa, Fla. More information is available at www.M3AS.com. 

“If we are to continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  

continue to be an industry leader, we must have the ability to meet the requirements of our stakeholders and provide accurate, real-time and relevant information for our management team and owners,” said LBA President Beau Benton.  

For revenue managers, however, perhaps the most important offering for hotels on the cloud is the low, predictable fees that come with a model that is typically subscription-based. This pay-as-you-go model removes the commission costs to the technology provider. Ultimately, this not only provides a boost to a hotel’s bottom line but an opportunity for that hotel to be connected to a greater number of booking sites and meta-search engines – to find travelers, and to be found.

Through the cloud, hotels are equipped with one architecture that is not only powerful today but is equally prepared for the change that is inevitable in future. According to Criteo’s Travel Flash Report, the first half of 2014 saw: Mobile bookings on travel websites are growing faster than desktop, at 20 percent versus 2 percent Smartphones and tablets account for 21 percent of hotel bookings In-app bookings account for 12 percent of total mobile bookings made on travel websites

Cisco has forecast that cloud applications will account for 90 percent of global mobile data traffic by 2018.

Tripleseat, the fastest growing web based sales and event management platform, today announced the launch of new features specifically designed for hotels to streamline the booking process and increase sales.

new key functionalities to the event management platform including the ability to book group business in one or hundreds of hotels, manage event and guest room blocks easily and access a flexible and dynamic sales and CRM platform.

1. Guest Room Control (GRC): a way for hotel sales managers to seamlessly manage sleeping room blocks in one or many hotels. 2. Extensive reporting: generate custom reports, discover your top revenue-generating customers, get deeper insights into your event business, and create sales and financial reports 3. An all-in-one web based platform: track everything with clients and staff without having to use different software products or web applications, and book on the go, using any web enabled device like a laptop, smartphone, or tablet

The badges are meant to flag all health, safety and discrimination issues, including theft, sexual assault and rape, TripAdvisor spokesman Brian Hoyt told CNNMoney.

Businesses will be "badged for a minimum period of three months, and we hope it will be a catalyst ... to change their ways,"

The new approach to warning guests about safety concerns comes after The Milwaukee Journal Sentinel reported last week that TripAdvisor had removed forum posts and reviews warning about rape and injuries at several resorts in Mexico.

What makes a hotel management software best in the business?

There are a lot of hotel management software but myCloud PMS is trying to retain the innovative edge within the hospitality industry.

At first, GDS’ were only meant for the air travel reservations but as years have passed, GDS systems became more and more evolved. As a direct consequence to this fact, GDS’ were also implemented for hospitality industry use.

Hospitality faces unique challenges and has specific requirements, making conventional accounting systems unfit for this industry.  

Accounting software for hospitality, specifically for hotels, needs to be powerful enough to handle the influx of data hotels generate on a daily basis, and then extract insights from these data to make strategic business decisions. 

1. Dashboard and reporting  The reporting tool is essential in showcasing daily rates, occupancy levels, seasonal trends.

From an industry perspective, the next chapter of hospitality accounting will be all about the three “A’s”: apps, automation and analytics. Faced with greater demands in 2019, hoteliers will be forced to find new forms of automation to speed up financial processes and improve visibility on the backend, while enticing guests to utilize mobile apps through enhanced personalization on the frontend.

Mobile app reporting not only streamlines efficiencies and allows easier access to data, it also allows today’s hotelier to be more agile. GMs and other personnel can be on the go and still have KPIs, productivity data and real-time stats in the palm of their hand.

Good data supports good management. As more guests tap into hotel apps on the front end, hoteliers can track, analyze and adjust their offerings on the backend to meet guests’ needs, all while supporting a business synergy and strategy that makes sense.

Adopting a cloud-based reporting system can offer seamless labor monitoring and management from clock-in to paycheck while giving hoteliers on-demand management of earnings to manage transactions in real time.

Adopting an operations management platform that allows hoteliers to import data into one centralized dashboard combines critical accounting and performance data to aid hoteliers in identifying trends and making more informed decisions.

. The global travel industry shows no signs of slowing down any time soon, so hotels must incorporate cutting-edge technology to streamline operations, optimize labor management, and access critical data while preparing for the next unexpected event.

“Every business uses an accounting system of some sort, and every dollar should end up there,” says Tony Smith, CEO of Restaurant365.

it can be difficult for multi-unit operators using a generic accounting system to see if a certain vendor is billing above the contracted price or pinpoint specific ingredients that might be leaking money due to someone over-portioning a recipe

a true all-in-one accounting system is more useful for restaurants because it monitors inventory, pays vendors, reconciles bank statements, tracks fixed assets, forecasts scheduling, and produces financial statements.

Redundancy is the installation of additional or alternate network devices, communication mediums or equipment in your infrastructure

switches, network devices and equipment, an alternate Internet source, phone and VOIP backups, and alternate power sources.

Installing a commercial grade generator that can provide power to critical servers and systems.

Visitor management of protected areas [1–3] is supposed to keep the tourism intensity below the area limits while respecting the needs of the local economy and community as a multi-faceted goal of participative management [4]. It requires reliable, comprehensive, and detailed data about tourism intensity, including its impacts and practical methods and tools to exploit the data for the purpose of visitor management

Visitor management of protected areas [1–3] is supposed to keep the tourism intensity below the area limits while respecting the needs of the local economy and community as a multi-faceted goal of participative management [4]. It requires reliable, comprehensive, and detailed data about tourism intensity, including its impacts and practical methods and tools to exploit the data for the purpose of visitor management

At first, a literature review (Section 2) is conducted in the areas of tourism impacts, tourism sustainability , visitor management, tourism modelling and simulations, visitor monitoring and tracking, and the utilization of data about visitors. Specific attention is paid to the promising method of individual tracking, its variants, and the challenges related to its deployment.

This article investigates

the use of environmental technologies in the hotel industry. Data was collected via a series of in-depth, semistructured interviews with hotel professionals. The research findings reveal that the environmental technologies most commonly used in the sampled were light-emitting diode lights, T5 fluorescent tubes, motion sensors, the key-card system, and water-cooled chillers

However, the escalating number of environmental laws and increasing pressures from the market have raised their environmental awareness. Many hotels and other hospitality businesses now implement environmental programs to save energy and water, reduce waste, and improve their environmental performance in response to increasing pressure from "green" customers, local government, business partners, and the shareholders of their holding companie