As hoteliers work their way through budget season, it’s a time when their attention rests once more on that simple, yet vital, backbone of hotel accounting, the Chart of Accounts.The Chart of Accounts is a list of financial categories and account codes used by a business to record and categorize its financial transactions. This humble...
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“The numbers are… how we keep score in the game of hotel management.” - David Lund, hotel financial coach and author, “The Prosperous Hotelier”If numbers are how we keep score in hotel management, then hotel teams deserve the best scoreboards possible with which they can track performance against budget and keep their eyes on the...
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Hotel Investor Apps (HIA) is happy to announce enhancements to its API integration with REPAY rolling out over the next several weeks. This update provides more detailed payment information within the HIA system so that users can more easily reference and provide proof of payment. For example, check payments will now include the check number, a...
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More companies are turning to labor intelligence in response to rising labor costs and unprecedented labor shortages. Higher labor expenses can affect profit margins and profitability, and if there are not enough staff to meet business demands, it can also affect service levels and guest satisfaction.
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Hotel management companies are looking for solutions for boosting efficiency as they juggle challenges of portfolio management including hotels at all different stages of the development and renovation pipelines, as well as larger issues of labor scarcity, rising labor rates, and how to do more with smaller teams. In the hotel back office, legacy systems, error-prone...
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It was a great HITEC event this year - attendees and exhibitors alike were all talking about the high energy and high attendance of the show held in Charlotte, North Carolina last week. Nearly 6000 attendees and 325+ exhibitors filled the Charlotte Convention Center to focus on all things hospitality tech.Factors Converging for Tech AdoptionThe...
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Enter the growing popularity of Enterprise Resource Planning systems (ERPs) for hotels that provide consolidated functionality in one platform. Hotel ERP’s stand out from other software in that they are built to integrate different aspects of the business into one consolidated system.
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When a hotel company gets ready to start working with a new accounting system, most plan to take the plunge with a universal go-live date for all properties. However, sometimes hoteliers request to only onboard one or two hotels out of the portfolio to start.There may be very valid reasons for this request - the...
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HIA, the premiere hotel ERP, has announced a new integration with Microsoft Teams as part of its latest enhancements. Other recent enhancements include improved mobile app experience, and improved GL error detection.
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Having a streamlined back office merrily humming as it processes revenue and expenses is the dream of many hotel finance teams. And it is an achievable dream with a digital transformation of that cornerstone of the hotel back office - the accounting system. The accounting system is the key to providing more accurate, comprehensive, and...
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As we wrap up 2023 and look towards 2024, here is a quick round-up of some of the top articles on hotel back office innovation.
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Looking to update your hotel accounting software? Make sure you choose one that preserves your General Ledger history or risk being caught without one!
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Even though we love to point out that Hotel Investor Apps ERP & Accounting software replaces manual Excel work with automated imports, and more error free data, we have to admit that there can still be a time and a place for Excel. When it comes to reporting, budgeting, and planning, we know that many...
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Marriott International and Toast have recently announced an agreement to make the “Toast for Hotel Restaurants” point-of-sale (POS) system available to food and beverage outlets within Marriott’s select-service hotels in the United States and Canada. “Toast for Hotel Restaurants” integrates with Marriott's PMS system enabling hotels to offer an integrated food and beverage experience throughout...
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Discover how real-time reporting can revolutionize financial decision-making in the hotel industry. From enhancing revenue management to streamlining tax planning, we dive into how this powerful tool transforms your approach from reactive to proactive. Let’s navigate the path to profitability and growth
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Discover the ins and outs of hotel accounting in this comprehensive guide. From understanding the unique financial needs of the industry, handling day-to-day operations, managing seasonal variations, to implementing specialized hotel accounting software, we delve into everything you need to manage your hotel’s finances effectively.
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