Group items matching

in title, tags, annotations or url

This article emphasizes how imperative it is for hospitality businesses to stay on the cutting edge of technology as a part of their business design and strategy if they want to survive in today's competitive market and remain in it, in the near future. The author expresses that today's hospitality market is being driven by Millennials' "the largest generation in the country's history" who patronize businesses that are socially and environmentally responsible. Armed with this information to capture their targeted market, more and more hotels are now incorporating from inception within their physical blueprint infrastructure that is environmentally sustainable and cost-effective. As well as obtaining Green certifications and implementing sustainable software to reduce waste and minimize leakages. This concept has also been adopted by cruise ship operators to reduce environmental impact through the use of technology.

This article introduces the different initiatives that the hospitality industry is taking with regard to technology in order to align with their target market or a large segment of their market. As being perceived, millennials are sought to be the largest generation in the country's history which leads companies to infer that they have a massive amount of buying power in their hands. Hospitality companies are now making strides to become more environmentally conscious. Some of these initiatives is incorporating LED lights throughout the facilities to reduce energy waste and cut down on costs. Another initiative is incorporating new systems in the guest rooms that enhance the stay while keeping it green like systems that adjust temperatures in the rooms, remotely powered shades, etc. Other companies are even using systems as a tool to help track, measure, and reduce food waste for more sustainable and effective restaurant/bar operations. It is no secret that technology is ever-evolving, and it will continue to develop as new features are discovered.

Article discusses millennials as the largest generation in U.S. history, and the speed at which technology progresses. In addition to paying attention to millennials' purchasing decisions, other industries must also meet their financial expectations. Many brands are taking steps to become more sustainable in the hospitality industry despite its reputation for producing massive amounts of waste.

Personal information collected can range from generic data like names and phone numbers to sensitive data like bank accounts. Databases in the hospitality industry are the most vulnerable to data breaches. Reliance on payment cards or virtual payments can increase the chances of information leaking or potential for cyber attacks. Staff training in maintaining data security is overlooked. two-factor authentication, Employees training to reduce insider attacks, and cyber security measures such as adding of firewalls, traffic filters, and network monitors to guard against malware present online can ensure data security for consumers and the business.

Highlights: 1) Computers are used extensively by lodging managers and their assistants to keep track of guests' bills, reservations, room assignments, meetings, and special events. In addition, computers are used to order food, beverages, and supplies, as well as to prepare reports for hotel owners and top-level managers. 2) As for front desk, these computers have an intricate soft ware called the Property Managemen System (PMS) to do all the check ins, guest accounting, and etc. 3) In the restaurant, lounge, or bar is a new computer entirely called a Point of Sale System (POS). This will collaborate with a PMS to bill guests for a meal and etc, but can also be used as a cash register. 4) The computer in the sales office, which software is most likely DelPhi which is a booking terminal. 5) Nowadays hotel without a computer is like a bank without a vault. 6) The PMS may interface with central reservation system(CRS) and revenue or yield management system.

This article talks about the various types of computer systems in the hospitality industry, as well as their usage and benefits. Most of the common computer systems in the hospitality industry are PMS, POS, CRS, and DelPhi. A computer systems may be link to another to ensure streamline process. For example, the POS system at a hotel's restaurant can be linked to the PMS system at the front desk. That way, the guest's restaurant bill can be directly charge to his/her folio. Most of the large hotels do use computer systems. As the author mentioned, "a hotel without a computer is like a bank without a vault." In my opinion, hotels will not be able to deliver exemplary guest service without inventing in computer systems in today's competitive market.

Statistics on credit card fraud to support why PCI compliance is important to protect consumers

The article talks about the switch companies are making from in-person to virtual event platforms. With the current pandemic and the increase of remote working, virtual events are gaining in popularity. They are convenient and allow attendees to network and connect with sponsors, performers, and exhibitors digitally. Virtual event platform companies are using the cloud to integrate customizable solutions for clients. They are also engaging in collaborations and strategic partnerships with innovative companies to incorporate new technology solutions such as AI and Deep Learning into their platforms. This technology also enhances data collection from your attendees that businesses and organizations will use to identify consumer sentiment and deliver customized and improved solutions on future events. Vendors will use this data to develop new strategies for technology enhancements and modifications to their virtual content to adapt to businesses' changing needs. This technology isn't just being used in the hospitality industry. End-users in many different sectors such as banking, financial services, healthcare, and academia, are using this technology to stay connected for high profile meetings and share information to provide better research on COVID-19. These businesses are partnering with networking and connectivity providers to gain technical support and collaboration. This will be a trend that will significantly impact events in the hospitality field as it provides convenience for attendees and cost savings for the companies as they do not need to spend on venues, F&B, and hotel accommodations.

Difference Capital Funding Inc. (DCF) is a Canadian Merchant Bank which is "focused on creating shareholder value through strategic investments in, and advisory services for, growth companies and opportunistic investments in undervalued financial assets and real property". DCF has recently made technology-related investments in three companies: Amaya Gaming Group Inc., Parta Dialogue Inc., and Espial Group Inc. According to the article, Amaya, is a technology-based gaming provider for the regulated gaming industry. It provides a "host of services and solutions" to the gaming world. Parta invests in technology to become a social marketing "one stop shop" for its clients, and Espial is a software solutions developer and marketer.

Disney has been working on this technology for quite some time. They are hoping to have this up and running within the next few years. The wristband would allow them to personalize their guests' experience.

"The Human Resource Information System (HRIS) is a software, an online solution for the data entry, data tracking, and data information needs of the Human Resources (HR) and management functions within a business. Normally packaged as a data base, hundreds of companies sell some form of HRIS and every HRIS has different capabilities."

The Hospitality industry is known to have very high attrition rates. This makes it all the more critical to have a robust HR information system (HRIS) in place. HRIS has emerged as among the most crucial aspects of hospitality IT. No hospitality management system can be considered complete without an effective HRIS system. An efficient HRIS system manages the recruitment, staff-shifts, time & attendance, and many other aspects of your hospitality HR requirements. It should be able to drill down to history files and provide e-leave application & training management. Immerauf has partnered with Greytip software to bring you one of the industry's best Folklore HR software to suit all your HR needs including a resume bank to store a active database of prospective employees.

HRIS solution in hospitality industry is crucial. it makes managers save time and money to pursue the high profitability. this software can collect the employee information or interviewers information and choose the best employee who are suitable for hotel. this solution can compare the employee working experiences like how long this employee works in hospitality industry, what his job was before, what his position was before. using this software, managers can have a clear understanding of the performance of the employee.

Over the years, some businesses have controlled almost all factors of production and distribution (Ford in its early days) whereas others have outsourced almost everything (Dell). In the early days of industry, large enterprises controlled and owned most factors of production and businesses like Ford Motor Company in the USA had their own foundries, railroad, forestry and electricity generating plants, In the UK, Cadbury's and Lever Brothers went so far as to build villages and amenities for their workers. The motivation for this vertical integration was varied but included cost and quality control, worker loyalty and protection of proprietary processes. As well as control of production, resources and employees, businesses like Ford also controlled the retail sales and service network.

The virtual value chain, created by John Sviokla and Jeffrey Rayport, is a business model describing the dissemination of value-generating information services throughout an Extended Enterprise . This value chain begins with the content supplied by the provider, which is then distributed and supported by the information infrastructure; thereupon the context provider supplies actual customer interaction. It supports the physical value chain of procurement, manufacturing, distribution and sales of traditional companies. To illustrate the distinction between the two value chains consider the following: "when consumers use answering machines to leave a message, they are using an object that is both made and sold in the physical world, however when they buy electronic answering services from the phone company they are using the marketspace-a virtual realm where products and services are digital information and are delivered through information-based channels." (Rayport et al. 1996) Many businesses employ both value chains, including banks, which provide services to customers in the physical world at their branch offices and virtually online. The value chain is separated into two chains because the marketplace (physical) and the marketspace (virtual) need to be managed in different ways to be effective and efficient (Samuelson 1981). Nonetheless, the linkage between the two is critical for effective supply chain management.

The financial crisis of 2007-2008 is considered by many economists to be the worst financial crisis since the Great Depression. It resulted in the threat of total collapse of large financial institutions, the bailout of banks, and downturns in stock markets around the world. The bursting of the U.S. real estate bubble, which peaked in 2006, caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions. Prior to this crisis strategies to develop new hotels or acquire existing assets with a small percentage of cash out of pocket were plentiful. Today to secure funding it may take 30%-40% of hard cash to move a deal forward. The Small Business Administration (SBA) is offering a way to leverage funds at well below market rates for major renovations and new construction with as low as 10% cash down. The catch? Some money-saving energy efficiency or renewable energy measures must be in the mix. Millions of dollars in SBA 504 loans have been available for decades to help small businesses grow. The greening of the program began when the Energy Independence and Security Act of 2007 added 3 public policy goals that could qualify businesses for a loan for construction, renovation, or refinance to: 1.Build a new facility (or retrofit an existing building) that consumes at least 10% less energy. 2.Incorporate sustainable design such as LEED into the new construction or renovation projects or building purchases. 3.Incorporate the production and use of renewable energy onsite for the business and/or for the local utility. Another area the 504 green loan program can assist the hospitality industry is to bring cash to the table for major renovations. Hotel franchise companies have been lenient over the past several years on product improvement, as not many hoteliers have had the financial ability to perform major renovations. In the past several months the need for franchise companies to protect their brand have

Subsidizing a product to get a long-term use commitment from a consumer base is nothing new; it existed before high tech hardware was made affordable by software or service agreements. Think about the razors you buy, assuming of course that you're not a fully bearded male. The initial cost of the razor isn't all that expensive, but replacing the razors for a month costs upwards of twice the razor itself. And if you've shopped for a printer lately, you know the same strategy applies here. The printer itself isn't the greatest expense over the life of the asset; the ink, which is required and usually specific to the device itself, is where you will spend the most money. The most well known form of subsidization, or at least most glaring, comes from the coupling of cell phones and cell service providers. An iPhone, for example, costs a lot more than most people actually pay for it. The new iPhone 5, the basic version with 16GB will run you $649. Not to mention the cost of new adapters, chargers, cases, etc. However, if you commit to (or renew) a two-year service contract with AT&T, Verizon, or Sprint, the phone itself costs $199. How does this work? The same way the printers and printer ink work. The service providers (i.e. AT&T) subsidize the majority of the cost of the phone in order to lock customers into a contract that ends up costing much more in usage and data charges over the life of the contract. The idea is to make the cost of entry relatively cheap. Then, the cost the company loses at the initial purchase is recouped through purchases, or service charges, over the long term. Unscrupulous? Not really, although some would say so after receiving their phone bill. But that has more to do with not being aware of the stipulations of the contract you sign to get the cheaper phone at the outset. Although I personally find it annoying, I try to look at as something akin to amortizing the asset, and remember that, at least for me, a monthly fee

The article highlighted states that every business should have a cash management system either POS or cash register. The traditional cash registers will be adopted by smaller business; however, more developed systems should use a POS. The cost could be high but the life expectancy of the system is very long. To make a decision about which POS system to choose, the decision maker needs to do his/her homework to determine the business' needs including how much it will grow in the future. The system will benefit the business to generate detailed reports, track inventory, easy menu updates and others.

With the development of technology, there are many softwares and machines help business imporved. The POS is a good system, which chould be used in the hospitality and retail industries. It has the ability to save money, quickly process a customer's transaction and accurately keep records. However, it charged more than installing a cash register. When considering about whcih one need to adopt, it's better for the business do a self analysis first. No matter what kind of technology we use, we need focus on provide personalized and customer focused service.

if the owner use the cash register, he can get the money directly. he does not need to take out the money out of the bank when he faces to the emergency situation. also the cash register is more reliable and more real. it does not have high risks of fraud and cheat except the fake money. compare to the POS system, the Pos system is convenient and easy operation. customers only need to swipe the credit/debit card that they can pay for the goods. so the customers do not need to bring much money when they are out of home. it is safe for the customers. nowadays, everywhere can receive the master card and almost everyone has one or more debit/credit card. this behavior promotes the development of POS system. easy to carry and consume make people use this way to buy the goods instead of using the money.

Some advanced accounting systems are necessary for hotels and restaurants to achieve productivity operation. More and more properties have installed those kinds of systems providing inclusive accounting maintenance and support. On the other hand, a plenty of software companies are delivering different kinds of accounting software to the market to meet this common demand. Any competent accounting software must have three abilities supporting daily operation, one of which is the ability of storge, process any data covering any dataduring actual. In addition, the analysis of operation and output of accounting or financial reports is also necessary. Last one is the ability to provide business or operation suggestions automatically, which can assist managers make presice decision with moew confidence.

With the great advances in technology, accounting no longer needs to be a complicated process. In the past, it was necessary to hire bookkeepers and/or accountants for many of the internal office functions. However, today this is no longer necessary, greatly reducing internal accounting costs. Determining a process that works best for you and your operation(s) is key. Some of our clients have no internal office help at all. For others, they have their managers enter the invoices that fall under their control directly into the system.Other clients choose to have an "administrative assistant". Some systems they prepare:Monthly financial statements,Monthly bank reconciliations,Monthly meals & sales tax returns,IRS Annual Tip Report,Annual breakeven analyses, which will help the corporate a lot. So, regardless of whether you want to keep your accounting internal or on the web, determining a process that works best for you (now and in the long run) is the key. There is no need to spend thousands of dollars on complicated accounting systems that then require a bookkeeper or accountant to run. Furthermore, these systems require someone to set them up and to design the financial statements, another cost involved. Keep it simple and get timely and meaningful reports - you can have both.

This article is talked about top 11 productivity features in accounting software that can multiply revenue for hotels. 1. Accounting software that grows with you. The ability of accounting software to grow with your practice, known as software scalability, makes this possible. As a practice grows, multiple operating systems may be in use within the firm. 2. The option to operate in heads-down data entry or a mouse-driven mode. 3. Import and Export transactions from QuickBooks and other software. 4. Integration with tax preparation software. The ability to integrate with multiple vendors' tax preparation software means having the flexibility and capability to shift from one vendor's tax software to another, or work with multiple programs on a client-by-client basis. 5. Direct import of bank-cleared transactions. 6. General ledger auto-fill and auto-populate features. These features improve accuracy and significantly reduce typing keystrokes for the bookkeeper. 7. Customizable reports. The best accounting software products allow custom report criteria to be set. Accounting software customizable reports should also support multi-level consolidations. 8. Reporting flexibility. 9. Direct delivery of reports in real time. Reports that are generated and automatically delivered in real time [via e-mail] ensure uniformity and eliminate human error, such as developing reports that are not needed. 10. The ability to automate processes whenever you need or want them to be automated. It also is very important to be able to run a report (such as a trial balance) across some grouping of your clients, instead of having to go in to each client to tell the software you want to print the report, which can save an accountant what could be days of administrative work. 11. Cloud friendly. The cloud will allow you to take advantage of significant productivity multipliers and make you a leader in client/prospect mindset perception. Be sure that your software provider is

Demand the top 11 productivity features in your accounting software and give your practice the opportunity to grow and multiply revenue. Accounting software that grows with you. Whether you serve the basic accounting needs of 25 clients or the highly complex needs of thousands, there is peace of mind in knowing your accounting software will grow with your business for decades into the future. The option to operate in heads-down data entry or a mouse-driven mode. Highly productive software will allow you to work in a heads-down data entry mode or in a drop-down mouse-driven mode. Import and Export transactions from QuickBooks and other software. Having your accounting software integrate well with mass market client-oriented accounting programs like QuickBooks is critical to productivity. The ability to automate processes whenever you need or want them to be automated. A key to productivity and getting it right in an accounting practice is having accounting software that will require only one step to run a predefined series of reports on one or multiple clients, with the option of automatically e-mailing of the reports to the client.

This article is introducing the operational & accounting systems in Highpointe. This system is a blend of several systems and procedures which comprise one of the most valuable components in the entire organization, and one that its investors have come to trust and even admire for its thoroughness and accuracy. Specifically, it does all accounting in-house, including payroll. And the financial status of any property will be pinpointed at any time via real-time analysis. Investors can review financial statements 24-hours a day, seven days a week, from anywhere in the world via website. Highpointe takes the concept of in-house accounting a step further by assigning each accountant full financial responsibility for a certain number of properties, rather than the traditional method. This practice not only saves money, but again keeps accountants fully in the financial loop. What is more, every hotel manager in the Highpointe group is responsible for meeting financial goals and objectives. Finally, every hotel is audited yearly. By maintaining a clear, concise and accurate account of the financial state of each property, investors can be confident they can bank on numbers.

This company offers the accounting service to hotels. It adds expertise to hotels' accounting process and relieves hotels of the headache of tureover and traing as well as the cost of an accounting department. It uses an online real time accounting system that adds value to hotels' statements. Hotel Solutions provides consulting in hotel industry accounting, specializing in properties using M3 Hotel Specific software. M3 hosts the most robust integrated suite of software products for the hospitality industry. It is the mission of our team to provide accounting support to M3 clients to whatever degree needed to help them because more productive and profitable as well as reduce their operating costs. It offer several services: financial statement design&setup, customized daily reports, management reports&owner reports, reviewing and refining existing setups and reports, monthly accounting functions, bank reconciliations, training for new employees, both in person and online/phone, providing continuity as Interim Controller, establishing internal control procedures, internal controls and audit, accounts payable, budgeting and forecasting, and other financial services designed to meet hotels' needs.

A major security Breach took place at Hilton properties between July 2014 and April 2015. This article presents a specific case showcasing the reality of just how possible it is for financial security risks to be exploited for any business device connected to the Internet.

In recent news, Arby's acknowledge a data breach within its restaurants. "Arby's said the breach involved malware placed on payment systems inside Arby's corporate stores, and that Arby's franchised restaurant locations were not impacted." Once figured out the company hired security experts to solve the problem. The initial sign of breach came from a service organization that serves more than 800 credit unions called PSCU. An alert was sent to all cardholders that a fast food chain had been compromised, but no specifics were mentioned. This article points out that, "point of sale malware has driven most of the major retail industry credit card breaches over the past two years." Monitoring your credit/debit card transactions is the best way to be safe in this situation- as long as you report the fraudulent charges you aren't liable. While IT has many positives for any organization, it's not risk adverse. Once a system is hacked all information of company and past users is up for grabs, and credit card companies are forced to take the blow.

As most famous hotel brand expand their business map globally ,they need more powerful technologies, especially the security and emergency technologies. If the technology can make the whole brand as a whole system, any franchise hotel has something usual ,the headquarter will get the information. There is a trend hotel chains want to develop their security system online similar to bank security online system

Acumatica is a financial management web-based accounting system which can apply to huge a bunch of vertical market, specifically hospitality industry. it consists of cash management, accounts receivable, employee portal, currency management, tax management and revenue management. it is able to help hotel control their cost and data mining. After a data analysis, management team would anticipate the marketing trends and link the hotel financial situation to the current trends to be better operating the hotel.