In order to create a global resource for the hospitality finance industry,
Hospitality Financial and Technology Professionals (HFTP®) began development on
a global hospitality accounting system users guide this past March.
Recognizing that operating hotels is a global industry, HFTP determined that
there is not a globally accepted method that financial professionals, ownership
structures, investors and benchmarking information services can use to support
efficient operations. There is also not a globally accepted method to monitor
investment performance from region to region without significant assumptions and
data mining.
HFTP’s Global Hospitality Accounting System Users Guide (GHASUG) will address
this need.
Where does the project stand right now?
Currently, research is being conducted into current practices. This research
will identify who is doing what in different parts of the world, with a view to
establishing best practice and providing practical guidance for students,
practitioners and professionals involved in the industry.
The guidance will be formulated by industry experts, based on the research
findings. To date HFTP has commitments from major information benchmarking
companies, hotel corporations, hospitality associations and globally recognized
hospitality schools around the world.
Once completed, HFTP will make the outcome accessible online, together with
analytical tools. It will be available at a minimal cost and users will have the
capability to print versions if they desire.
The hotel sector currently enjoys the benefits of an accounting structure
developed in the USA specifically for the industry. The Uniform System of
Accounts for the Lodging Industry has been widely adopted, principally by US
based operating companies, and linked to management contract terms. HFTP
has been involved in this project for many years and will continue to sponsor
the 11th edition in support and via a monetary contribution.
