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ecognizing 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.

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.

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.

"Our investment in technology has increased dramatically. Thanks to CA Technologies Business Service Innovation approach, we have transitioned our focus from maintaining IT systems to delivering new, innovative guest services with speed and agility."

"CA Technologies has enabled us to transform our IT organization and address the high expectations guests have as a result of the trend towards consumerization of IT,"

More than 44 percent of firms currently use Web analytics to evaluate customer behavior, researchers found.

Companies personalizing home pages and delivering targeted content are the ones realizing the most value from their analytical evaluations, the report suggests.

59 percent of industry-leading retailers list keeping pace with competitors as a top driver for their online initiatives.

Some believe the vendor RFP process allows a hotel company to pick the most qualified service/product provider through an unbiased decision process. Perhaps this is the case for commoditized supplies or services (housekeeping supplies, linens, laundry, etc.) where the RFP process allows for comparing the proverbial "apples to apples."

At a typical hotel, who is equipped with the latest best practices in digital technology and marketing to sufficiently and adequately prepare a vendor RFP? Very few hotel companies have the bandwidth and depth of knowledge to adequately identify the digital needs of the property. Nor can they convey the property's needs and wants in the digital space and where it needs to be in 6, 12, 24 and 36 months from now. Lastly, who at the property can afford to devote considerable time to research and prepare a vendor RFP that asks the right questions, conveys the right objectives and provides a solid framework for evaluating and comparing one digital technology and marketing firm to the next?

On the hotel side, the typical vendor RFP process easily takes 50+ hours from beginning to end. On the digital technology and marketing vendor side, time to review, respond, and present takes upwards of 25-40 hours. Typically, three vendors compete and with all parties combined the entire RFP process will cost upwards of $15,000-$20,000. Beyond the cost, this process consumes the time and energy of multiple people and departments on an average of every two years for the hotel company.

What should hotels look for in their financial management system then?Handling currency complexityRapid globalisation means that hotels are likely to report in more than one currency. Thus it would be a tremendous help if hotel accounting software can handle multiple currencies. However, it is worth noting that currency translation is not as simple as it looks. Complexity arises when different categories of exchange rates are required depending on circumstances. This is especially problematic when hotels have to follow more than one set of accounting and business rules. Handling multiple languagesEven though English is the default business language globally, it is not necessarily the case that everyone in an organisation grasps all English terminology and statutory reports, especially those that handle day-to-day operations. They are more likely to do the work in their own language. Moreover, different countries have different units of measurements and formats, which need to be reported as well. Hence, it is vital that hotels’ financial management software can handle all of these. Handling multiple entitiesA hotel chain with various branches in different countries or jurisdictions has the extra workload that entails complexity. As a helping tool, a hotel financial management system should be capable of consolidating results from discrete entities for statutory reporting and tax purposes. In other words, it should help the mother company and its subsidiaries keeping track of one another’s financials without interfering with their various legal structures.Supporting multiple charts of accountsAccording to Ventana Research 2011, “maintaining multiple charts of accounts may prove to be both simpler in the long run and more productive” despite some saying that it is best to have one chart of accounts only. The rigid approach of a single chart of accounts is especially unsuitable for companies with different lines of businesses, those in joint-venture arrangements or those acquiring businesses in different countries. Thus, accounting software for hotels should be able to handle simultaneous charts of accounts.Handling multiple calendarsIt is a fact that businesses around the world do not operate on the same fiscal year. To save time from having to recast figures into different calendars, hotels with multinational operations should implement a financial management system that can create local, regional and consolidated reports as needed for management or statutory purposes.Handling tax complexitiesFor hotels operating in various countries, their accounting software should be able to handle the complexities associated with different tax regulations and help defending tax audits. Apart from addressing issues such as multiple entities, charts of accounts, calendars and depreciation schedules, their system should be configured to be tax-aware. In other words, it should provide hotels with automated maintenance of rules and rates.Reporting using multiple accounting standardsGAAP, IFRS and local accounting standards require different accounting treatments. Thus, accounting software for hotels should allow different books for recording transactions under these various accounting rules. Automating the process from closing these books to creating financial statements and reports using multiple accounting standards also helps hotels save time and effort without risks of errors.Supporting different levels of corporate reportingA multinational hotel’s accounting system should be able to create a consolidated headquarters view as well a consolidated statement of several subsidiaries at an intermediate level. Management should be able to view and analyse these reports right at the source.Supporting global accessFinancial management software that allows web-based access can help hotels avoid incurring costs from installing the system individually at all branches or at branches with limited on-premise support. Having a system that can be installed locally, deployed centrally and accessed globally gives hotels a competitive advantage without compromising security and reliability.

Proximity marketing exploits activities that consumers are already involved with — and enjoy — to offer retailers a new path to reach their audiences, affording a higher level of interactivity that didn’t exist before. Proximity marketing expands the scope of interactive marketing in public places — malls, food courts, cinemas, airports, etc. — to offer a more spontaneous and direct interaction. Think of it as taking location-based marketing to an even greater level of "local," and being contextually relevant in absolute terms. Proximity marketing allows retailers to leverage their strengths and create an even more memorable interaction for consumers and, by extension, motivate return visits and increase ROI.

Technology is opening new doors to hotel safety

Yet more card-free security systems are on the way

eventually new security measures will become such a part of our everyday lives that they will become the norm.

In a day and age of increasing insecurities, it is time that we take proactive measures to protect our guests, our own selves, our industry and our world. Technology comes to the rescue, yet again.

There are simple ways in which each one of us can ensure that our surroundings are secure.

Upon entry into the property, it is vital that a guest’s baggage is scanned and the baggage count is added to his data for cross verification during the check-out,

Steve Barrow, VP of IS, Luby’s Inc

Jonas Project Management (PM) helps you steer away from traditional methods of project management like pen, paper and multiple spreadsheets. Our project management system is fully integrated with all aspects of the Jonas core system and is used to manage the workflow of a project from start to finish. Project Management tracks items that must be fulfilled under a contract, including RFIs, transmittals, submittals and change order requests.

The company’s response to that epic security bug has two parts–a quick fix,  and a more rigorous one, both of which it plans to make available by the end of  August: First, it’s issuing caps that cover the data port Brocious’s hack  exploited, which can only be removed by opening the lock’s case. To further  stymie hackers who would try to open the locks and remove that cap, it’s also  sending customers new, more obscure Torx screws to replace those on the cases of  installed locks.  The second fix is more substantial: Onity will offer its customers new  circuit boards and firmware that ostensibly fix the problems Brocious  demonstrated–But Onity is asking owners of some models of its locks of some to  pay a “nominal fee” for the fix, while offering others “special pricing  programs” to cover the cost of replacing components. It’s also asking its  customers to cover the shipping and labor costs of making hardware changes to  the millions of locks worldwide.

InvoTech’s system makes our property significantly safer and our security operation more effective and efficient,” said Ballester

can adapt to their specific security and budgetary needs to automate a variety of security department functions that include

The report discovered that more operators will invest in green equipment and fixtures in order to attract the 41 percent of consumers who say they're likely to make their restaurant choices based on whether the establishments they frequent practice environmental conservation

, as more information becomes available to them through online and social-media channels, they're learning even more that much faster. Not only that, they're much savvier about how they spend their money and want to make purchases from those they feel are doing the right thing. Operators who understand that and cater to their desires will win that market share every time."

Infor10 EAM Hospitality Edition has an extensive selection of multi-organization tools to allow facilities to manage several tasks and departments from one integrated application.

Infor10 EAM Hospitality Edition uses best practices for sustainability to allow properties to incorporate the consumption, costs, and environmental impact of natural resources-water, air, gas, electricity, and steam-into an asset management strategy to reduce costs and help achieve Energy Star standards.

1) High definition televisions (HDTVs)

2) High speed internet access

3) MP3 docki

Industry leaders’ speculations that the global distribution system is dying a slow death have lingered for the last decade, ever since online-travel agencies made their debut in the hotel distribution space.

A study conducted by the American Society of Travel Agents in 2009 found the percentage of member travel agencies that used the GDS channel declined from 98% in 1999 to 79% in 2009.

However, despite the decrease in GDS usage amid the most recent global economic downturn, hotel companies and travelers still find value in the channel, according to sources interviewed for this report.

The Property Management System (PMS) trends topping the list in 2012 are Mobile optimization for management and guest-facing systems

Many independent operators are leveraging remotely-hosted cloud platforms to reduce expenses, create operating efficiencies, secure cardholder information, and to have instant remote access to their property or hotel group’s data

NORTHWIND helps independents generate greater revenue by providing a complete mobile-optimized online presence and eBusiness services for hotels that do not have their own mobile or online initiative.”