Group items matching

in title, tags, annotations or url

Accounting has a crucial role in the hospitality industry in money management, which is essential for any business to operate efficiently. It's the core of the business. No hotel, restaurant or any business whatsoever can get started without a good accounting system. So as the article mentions the success of the business depends upon an adequate return in its investments. All branches of accounting are used in the hospitality industry such as cost accounting and financial accounting. With a well running accounting system you will know: how much cash is available to pay bills, what is the total amount on payroll last pay period, what is the ratio of various departments and sales and what amount of food inventory is on hand at the beginning of the month, all of this is necessary information to the success of your business.

This article contains information about how accounting is a key force in the hospitality industry. The article continues with what accounting actually is in business and how it is significant in a business in order for it to run smoothly. The article concludes with information that can be accessed through accounting, such as the amount of available funds in the company and the payroll amounts. I agree that accounting is an essential part of a business. Accounting covers the important part of a business: the finances. When finances are accurate, the business runs smoothly. When finances are not balanced properly, the business will fail to thrive. Accounting can be somewhat considered as the lifeline of a business. Besides the finances, accounting links with many more departments and can provide answers to many questions. The accounting jobs should not be underestimated.

In this weeks reading, the article, "Why Investing in Hospitality Technology is Investing in Good Business", mentions how due to the economic downturn hotels have turn to cutting technology and staff levels as a method to minimize costs, yet this is a recipe for disaster, if not conducted adequately. Technology is continuously evolving, it is important to make decisions regards IT investment that will be useful in the coming 3-5 years. Technological infrastructures should operate to facilitate a process or procedure for the overall benefit of the hotel, rather than take a day-by-day approach. In an ever-demanding industry, it is critical for hoteliers to be adequately prepared with automated systems, reducing if not eliminating important manually conducted tasks which are damaging the operations of the hotel due to the lack of real time information which will help revenue maximization. In moments of recessions, companies minimize their cost reducing what is foreseen as unnecessary such as IT investment, yet is important to maintain a level of preparation and not losing the opportunities presented by the market.

Hotel owners and managers are putting eyes on technology in the hospitality industry slow recovery period. All pundits agree this method can bring some recovery. The international hotel organizations have made many plans of improving investment in technology and staff. Progressive hospitality organizations have updated and invested in new technology and training, change the industry requirements and market. Before investment, the most important is to look at what operational efficiencies the technology can bring and how the technology will benefit the hotels. There are many technologies are good choices for investment, such as Revenue Management Systems. This technology is efficient and can help hotels track historic data, forecast future demand and so on. We also need to technology is changing all the time. So this is a big challenge of managers to make decisions for a long development. We also need to realize that the hospitality industry is changing, strategies will not always be applicable to new, unique situations. It is important for hotels to increase advantages in the competition.

Those hotel groups that fail to recognize the speed of change in technology and what this can bring to the business will find themselves significantly under prepared when the market starts to strengthen. While "its never too late" to act - there is a significant opportunity cost in doing nothing or worse still, cutting technology out of the day to day operations. For a hotel to effectively operate and ensure it is maximizing its incoming revenue, the right technologies needs to be in place. Through investing in the right technology at the right time, savvy hoteliers will be ensuring that their facility(s) are able to effectively maximize their ongoing revenue capability now and into the future.

This article identifies the importance of green initiatives within operations and how to link them to available BI solutions. By specifically looking at analytics organizations can assess how they are meeting targets and monitor their performance in relation to their "green" goals. This article also discusses considerations related to expanding BI use to include green initiatives.

Company priorities are shifting towards cost savings and becoming more environmentally aware and business intelligence can help to achieve these goals. BI's ability to monitor performance and alert decision makers about changes in behavior makes it a complementary approach to organizations wanting to become more eco-friendly. Although BI applications are well poised to fill this need, businesses still require a roadmap to successfully tie-in their BI use with their green initiatives. Outside of technology adoption and lowering energy consumption, organizations also support social action initiatives and invest in R&D efforts that work towards more environmentally friendly products and internal processes. This in turn has a broader effect on the environment at large. The benefits that expand beyond the organization include what occurs within the company as well. Whether managing recycling programs, reusing raw materials, lowering consumption, etc. businesses require a way to monitor these initiatives and to identify ways of becoming more efficient over time. This is where the use of BI and analytics comes in.

The reason for my choice is to show that GDS is still preferred in this age. No matter what evolution takes place with direct booking, GDS would never fade away. It is proven that via GDS, the occupancy in hotels are greater than direct booking, once again due to the fact that people have used this before and are comfortable with it and will not want to change.

Hotel booking transactions have increased by 8.8% since April which is the highest year increase through GDS since August 2011 setting a new record. Previously January lead with the strongest growth at 7.9% over 2012. Bookings are primarily business travel and have helped set an increase of 4% with rates .1% ahead of last years. When reported in 2011 it was said that the hotel industry is heavily influenced by the economy verses today reporting positive economic indicators which is definitely welcoming business and leisure travelers to book their travel plans using GDS. Not only did business travel increase so did leisure travel increasing by 6.2% from April 2012. This year in April growth reached its highest growth pace thus far at 5.4% with an increase in rates by 1.2%. Seems like people can always find money in their budget to travel. For the "condition" of the economy I am happy to see that leisure travel is still increasing and people are still using GDS to book. As we discussed in our discussion board, GDS should continue to be used. It is obviously growing and people have not stopped using it. All ages are using GDS and are finding it to work for them. As far as business travel, my company requires us to use our online travel agent even when booking through Expedia or another site is cheaper. They say it's the way they track our expenses for the year. I think businesses have started hiring less people and are requiring their employees to work remotely and then travel when needed. This could be where some of the increase in business travel is coming from.

The growing trend of using mobile payment technology could lead to many opportunities for businesses and consumers alike. The hospitality industry is looking towards mobile payments as a way to make transactions more efficient and profitable for both the business and their customers. Hotels such as the Gaylord Hotel are now using mobile payment methods poolside. By using an iPod Touch, the hotel staff is able to collect payment and even print a receipt from their mobile POS system. This option to use the mobile payment system is a great convenience for their guests as they don't even have to leave their poolside cabana. Not only are hotels starting to use this technology to collect payments but major retailers have also begun to use this technology as well. Retailers such as Target and Walmart have teamed with Merchant Customer Exchange to develop an app that allows their customers to pay for their goods by using their smartphone at the store's register. With this growing technology also comes some concern of security. businesses are being urged to consider the importance of fraud protection as they begin to use mobile payment. If businesses choose to use a mobile payment app or POS they must follow the proper procedures to ensure the security of their software. The benefits of this growing technology could be great for both businesses and their customers.

This article gives tips and tricks for small businesses and how they can grow their ecommerce business. Tips include using social media, knowing your audience, being mindful of wording, and using chatbots, are all tips that smaller business can use to drive customers to their businesses. Online shopping keeps growing and growing so it is important for businesses to know how to stand out against their competitors. Understanding their customers and making adjustments to better serve them, will separate the winners from the losers.

I love how this is showing where the trends are going and business is evolving. It seems crazy to think there is more than the way we currently use the internet, but there is so much room for expansion in this market. Good article and read. Thanks for sharing.

Informative article with many of the advantages of cloud computing. Puts different cloud services into perspective. Keeps in mind, natural disasters, which I found unique and interesting.

This article covers a study performed to determine the digital maturity of events. The research conducted reveals that the majority of industry professionals are aware of technology in events. The study ultimately finds that events have a low digital maturity, but high potential for advancement. The article also addresses the limitations of the study performs and agrees that additional research should be performed to determine the relevance of technology in the events industry while acknowledging that digital engagement is not necessary or conducive to every type of event.

This article has discovered the fact that the event industry was digitally immature. It also introduced a new concept which is called E4.0 into the academic literature. The article is meaningful since it has filled a gap in the literature relating to events and digital maturity and responded to some of the calls for research. The authors were also planning to make further research on E4.0, events, and digital maturity. They have mentioned that the studies on E4.0 itself were also requiring deeper research.

Going green is one of the hottest trends in the hospitality industry, but why? General speaking, there are two reasons: Benefit hospitality industry. Through increased efficiency, hospitality facilities can reduce costs, achieve environmental results, gain recognition, win new business, and be more attractive to employees. Protect the environment. Help to conserve natural resources by preventing pollution in regions with a large concentration of hospitality facilities and high resource use. To be specific, there are below several benefits: 1. Cost savings. Going green can maximize energy efficiency and reduce waste. A hotel can reduce its energy consumption by 20-40%. Substantial cost savings can makes hotel more profitable. 2. Competitive advantage. Over time, green practices will be more treasured in the hospitality industry, particularly as the continually rise of non-renewable energy cost. Green programs can also provide a competitive advantage by being recognized for green efforts. 3. Employee retention Environmental programs have proved to be an effective ways of generating enthusiasm and motivating staff to work as a team to achieve a common purpose. The high level of staff enthusiasm and motivation reduces employee turnover rate, in this way, business could save money in training of new staff. 4. Customer loyalty Business which has green practices makes customers feel responsible and reliable. Customer loyalty will increase once they have experienced hotels which have show their environmental commitment. 5. Regulatory compliance Being aware of green and take green practice will avoid potentially higher future costs which may be associated with compliance. 6. Risk management Going green helps companies reduce their environmental risk and potential liabilities. It also can secure investment and reduce their financial and reputational market exposure

7.Cause it's the right thing to do! Business should pay more attention on protecting environment as business growth. Going green is a reflection of business take social responsibility. Larger businesses have been criticized as being the main culprit in releasing excess greenhouse emissions, climate change, environmental devastation, and unfair treatment of employees. The planet is unique, so lager businesses need to increase focus on protect environment.

Going green is definetely a smart move for the above reasons, but it is also a good idea because it is trendy. People want to stay in forward thinking hotels and feel like they are on the edge of technology. Green hotels will get more attention and ultimately more business simply because it is popular. Investors want to put their money towards the wave of the future. As an Oregonian (tree loving hippies, wink) I embrace the attention being given to a greener way of doing business. It is really the best move for all of us, business and society as a whole.

Point of sale systems have helped restaurants, hotels, etc in a major way. There are several benefits to the modernized POS software. POS systems offer more detailed and accurate reports for businesses. businesses are able to use Cloud-bases systems to store information. This information can then be used to generate detailed sales and inventory reports. They also offer a benefit when it comes to labor and human resources. POS systems help takeaway a few tasks that employees used to have to do. THis helps improve customer service. POS systems also offer a more personalized customer experience and more secure and convenient card and mobile transactions.

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.

In this article, the author discusses many different ways to help a business reduce their risk for cyber attacks. The article touches on a statistic about cybersecurity, stating "During the first half of 2021 alone, over 118 million people were impacted by data breaches". There is quick talk about how the policies that a business implements is the make or break of the cybersecurity for your business. For example, one of the main tips to reduce cyber attacks in your business is to make sure your data is encrypted. "Saving your data in normal-text format only makes it easy for hackers to access. Data encryption, on the other hand, limits data access to parties that have the encryption key". Another tip to prevent cyberattacks highlighted in the article is to keep all your employees educated and informed about malicious emails. Conducting regular employee trainings about the dangers of these types of emails could save your business. These types of emails are known to send links that could hack the system, as well as pretend to be higher-up employees in the company asking for personal data or financial information. The article is extremely educational to every business, as well as just the everyday consumer. Keeping your confidential information as confidential as physically possible is very much doable, as long as you make sure you follow these 10 simple tips.

This article is to emphasize the importance of point of sales system, including the advantages that help restaurant operating business every. For instance, counting is the simplest approach to checking your inventory on the shelves in a small business and this is called stocktaking, especially, for small businesses, like a small toyshop, stocktaking is a thoroughly practical approach. However, most of the time stock management is not that simple, and sometimes the practical option is not the best option. There can be discrepancies between the physical and the stock records, especially when it concerns annual stock management. This is why it is advisable for every business owner to use computerized POS systems in stock management. The best thing about having a computerized POS System in the retail business is: as new stocks arrives and as it is sold, it keeps the stock levels current and updated, hence making it is easier to identify which items are selling and which items are not. A POS System is also good in checking for any obsolete or out of date stock that needs to be disposed. For the managers, if they are still counting the inventory manually on the shelves or in the warehouse, something should be thought twice about the lacking of efficiency method, for there are many advantages in using a POS System mentioned in this article. One advantage of a POS System is its ability to help the business achieve detailed real-time stock level information. In addition, a POS System can also give some information such as weather forecasts, public holidays and major sporting events, which can be of great help in determining the stock level of seasonal products. Managers can now efficiently and effectively handle their stock management accurately.

Marketing and E-business for tourism industry A good marketing plan is important to the success of businesses. There are several guidelines and ways to use electronic medium to stay competitive. A business has to always take care of the existing customers and their needs without forgetting to attract new customers. Tourists are using internet to shop for new destinations so an online presence is very important for consumers so they will be able to find out information about the business. There are several guidelines to consider: * Promptness people expect to get a response within a reasonable time. * Quality means that your website should be able to compete with other websites on the internet and this means that it should have good quality photographs and professional tone to the websites. * Consistency means a good consumer service and a professional image. There are many ways to promote services online: email newsletters and promotion, building traffic by working with other websites, offer deals, get involved in discussion sites about the industry you are in. During an off season bookings, simplicity of booking should be a priority. Tourism operators should join travel and tourism "mall" to offer their products and host their site and use these low cost services. Companies can also promote their products online by offering auction style sales that helps consumers have some kind of control over the prices of the different services in tourism. One of the perks of online shopping for travel services is the price transparency and the fact that costumers have choices of different prices in front of them. Company should Increase a web marketing pull by offering different services and also advertising with other companies. Promote and minimize the costs of the services by adding "do-it-yourself" features. A list such as: A FAQ, maps of location of other area attractions and local guides for rental outlets. To improve the way you market your products and

The article highlights the benefits that companies around the world are deriving through the use of web 2.0. This was done through a survey from a range of industries that has used web2.0 and has seen tremendous value of the technology in dealing with both internal and external customers. According to the report 69 percent of respondents report that web 2.0 has impacted their businesses in a positive way. They are able to market products more effectively, reduce the cost of doing business and better able to communicate with customers, suppliers and of course the ability to collaborate with business partners and experts in a dynamic way; something that was not possible using the static web pages of web 1.0 The article was written four years ago and this goes to show that the technological capabilities of web 2.0, one that revolutionizes the way business has been conducted online, has been around for quite a long time and has been creating tremendous benefits for many businesses such as increase revenues. As the technology continues to increase and expand, and the public's acceptance continues to grow, going beyond web 2.0 is what we are presently experiencing using tools such as semantic web and augmented reality with the launch of web 3.0. The report uses exhibits to highlights areas that companies have gain measurable benefits using web 2.0, how companies have tie other technologies into web 2.0 and regions of the world such as North American and China that have experience tremendous benefits from web 2.0 interaction with both customers and business partners.

Aptech Computer Systems INC announced four hotel companies have selected Aptech's financial solutions software. All four of these hotel companies represent 17 properties that mange their own hotels. This software is a fully integrated accounting system that has business intelligence and focuses on hotels in the hospitality industry. Aptech can either host the system, or the client or a third party can. The system also helps to maintain data security, maintenance, and updates. This is one of the most widely used Business Intelligence systems throughout the industry. I think the idea of accounting software for hotels in the hospitality industry is important because there are different aspects to hotels than other businesses. A hotel sells an experience instead of a product, so there are different focuses when working on an accounting statement. The system can help a hotel focus on what only pertains to them instead of other businesses. I find the system to be interesting and useful because it can help accountants' only focus on hotel related business.

To ensure customer satisfaction and repeat business, it is very important that the hospitality industry determine what type of telecommunication equipment is going to optimize their guest experience. Our guests want to stay connected, either they are on vacation or in a business trip. Before installing telecommunication equipments in a hotel room, it is a good idea to know what type of customers your business handles. They could be a family on vacation or professionals on a business trip. There are a lot of companies that offer telecomunications equipments for this industry, and base on customer satisfaccion , the hotel industry needs to fit customer needs....

This article definitely explains all of the uses that will benefit the guests in hotels. The first thing that it mentions is choosing a telecommunications equipment that meets all of the needs of the organization and is easy to use. This to me is the most important aspect because if you choose equipment that does not suit all of your companies needs it is not efficient at all to the company because you may then have to end up purchasing other equipment and spending more money in the long run. Choosing telecommunications equipment that is secure and has a reliable messaging system is also important because guests may need to relay messages to someone as well as employees may need to relay messages to one another. If the system is not reliable there is always a chance that messages will not be delivered to the proper person or in the proper time frame causing problems. If you can find a system that has all of these features in one it is definitely the best option for your organization. This is a great article because it talks about all of these issues which we may not realize exist.

Optimize your guests' experience with hotel telecommunications equipment In an ever more global society, many businesses are becoming progressively more dependent on telecommunications equipment. For the hospitality industry, this is an increasingly vital priority. Whether your main focus is family vacations or business trips, your guests want to stay connected.

This article deals with the seven main reasons on why a company should switch to a point of sales system. There are a few different systems for example Microsoft Dynamics Retail Management System. There are seven signs that your business can boom if you consider using pos. POS allows you to always know your inventory going out and in stock. Marking down merchandise is always correct and accurate. Promotions can be tracked more successfully, especially if you have more than one location. You can always have some sort of control, even when the boss is away. The business can also get m multiple tools with pos, such as payroll time clock and customer preference databases. Last, businesses can place their human employees where they really need to be, helping customers.

"Electronic commerce or ecommerce is a term for any type of business, or commercial transaction, that involves the transfer of information across the internet." This type of commerce includes various types of businesses exchanging goods and services. It is now one of the most important aspect of the internet available to consumers. "Ecommerce allows consumers to electronically exchange goods and services with no barriers of time or distance." As ecommerce expands and continue to grow more and more businesses will adapt to this kind of commerce to reach a wider global market. Consumers or other businesses too will be able to access the goods and services that they would not be able to use in the conventional means of commerce. With proper implementation and monitoring ecommerce would be a faster, cheaper and not to mention more convenient kind of trading goods and services. This will eventually have a greater competitive advantage over more traditional type of commerce

This article identified some factors that happening in the market which drives a trend for increased bookings through non-GDS hotels. Business travel buyers are increasingly looking at newer opportunities to cut travel costs. Business travel slowdown imminent, The Global Business Travel Association forecasts that the business travel growth is expected to slow in 2012. And business-travel growth will outpace anticipated GDP growth, despite uncertainties in the economy. Rate negotiation process is getting increasingly tougher With a declining market demand, hotels try hard to remain profitable, and have toughened the rate negotiations with buyers. Many are exploring alternative strategies to generate savings from their hotel programs. Some buyers are considering alternative negotiating strategies to derive savings. Due to the demand for wider range of rates to aid policy compliance, corporates are looking for a better value proposition in using hotel aggregators. Hotel aggregation offers key value proposition The latest versions of HotelHub indicate that hotel aggregation offers a major advantage in corporate hotel reservation process. GDS firms and non-GDS are realizing the gap, and aggregation makes Travel Managers save lot of time and cost in servicing booking requests. This article identified some factors that happening in the market which drives a trend for increased bookings through non-GDS hotels. Business travel buyers are increasingly looking at newer opportunities to cut travel costs. Business travel slowdown imminent, The Global Business Travel Association forecasts that the business travel growth is expected to slow in 2012. And business-travel growth will outpace anticipated GDP growth, despite uncertainties in the economy. Rate negotiation process is getting increasingly tougher With a declining market demand, hotels try hard to remain profitable, and have toughened the rate negotiations with buyers. Many are exploring alternative strategies to gener