Press Release: Hotel Investor Apps Rebrands as HIA!

Insights That Move Hospitality Forward

Expert Advice And Real Strategies For Operators Who Want Clarity, Efficiency, And Growth

Improve Cash Management with Bank Reconciliation

Cash Management is an integral part of financial planning. Bank reconciliation is the most important tool to make sure that your cash account is complete and accurate. Processing your bank reconciliation in a timely manner allows for numerous benefits…

How Do You Judge Data Security?

The latest news always seems to be breaking a story about a new security breach at some company. If your server is down the hall, or your Quickbooks is on your desktop, you may think you are safe; but the opposite may be true. Control of location is not the same as control over access to your data. When you want security, what you really want is data durability and availability.

What is Digital Transformation?

You may think your company’s current systems and processes are working for you, but unless you are moving forward, continually improving, your company is falling behind. Digital transformation is about rethinking the way you do things to optimize your business through technology. For hotel companies, digital transformation, via a cloud-based ERP, takes the business from slow and labor intensive to a fully connected business with streamlined processes and integrated data . . .

The Many Ways Integrated PO Software will Reduce Headaches

What is a major hurdle to timely and accurate financial statements? For many, it is inefficiency in your purchasing processes. As soon as an order is made, your company has created a new liability. It is impossible to have accurate balance sheets or financial statements when there are unknown liabilities outstanding. Spreadsheets and even stand-alone Purchase Order software cannot compare in efficiency or accuracy to a purchase order module that is tightly integrated with your financial management software.

3 Ways to Save with POS and Accounting Integration

Hospitality leaders know that sharing data across departments and across different software systems is the key to understanding trends and making strategic business decisions. Streamline operations, manage costs, reduce errors, save time, and get more business intelligence with automatic integration of the Point of Sale (POS) system data with your hotel accounting software, while also automatically integrating the Property Management System (PMS) data.

One overlooked way to increase your hotels’ value

There are many strategic reasons why now may be a good time to sell one of your hotels. But, if you are going to wait for a year or two for hotel market values to increase, you’ll want to start preparing now. There is one often overlooked way to increase your hotel asset value: clear and concise financial statements

4 Things Hotel Accountants Need to Stop Doing

Are your employees wasting time at work? Yes. But, not in the ways that you think. In the accounting department, hours every week may be frittered away doing rote tasks. Your time and your staff’s time is valuable, so why spend it logging into different systems and websites (including bank websites), manually reconciling bank transactions, searching for past records, entering PMS data, or doing any other tedious process.

Coakley & Williams Hotel Management Company Selects Hotel Investor Apps

Hotel Investor Apps (HIA), the provider of the only hotel-specific Enterprise Resource Planning (ERP) platform and state-of-the-art, next generation accounting software, today announced that Coakley & Williams Management Company (C&W), a leading, nationwide, full-service hotel management company, has converted to its new platform to reduce hotel expenses and gain greater flexibility for its owners and property level management.

Dollars and Sense: Saving Time and Money with Comprehensive Accounting Software

By Robin McLaughlin, Lodging Magazine ‘Back of the House’ Winter 2020.

The United States is rebounding from one of the worst economic downturns the country has ever seen. At this pivotal moment in time, every dollar counts. As such, hoteliers and their teams are looking for areas to save money and bolster their businesses. It may seem counter-intuitive to invest in new technology during a downturn, but making the investment now can save both time and money in the long run, and “time is money” according to CEO of Hotel Investor Apps (HIA) Charlie Fritsch.

Maintaining Profitability in an Environment of Increasing Costs

According to the HVS presentation at the Lodging Conference, hotel net income, as a percentage of revenue, peaked in 2015 and has declined for 3 years in a row. The dilemma for hotel management companies is how to carry more top line revenues through to bottom line profits.

The Cost of Doing Nothing

Every hotelier understands the cost of doing nothing when it comes to maintaining hotel condition and brand standards. If you don’t reinvest, do the PIP, etc., your hotels will, over time, lose market share to competitors who are reinvesting in modern designs and technology. Hoteliers need to apply the same focus on their back-of-house business systems, especially accounting. Here are 7 questions to ask yourself when deciding on an accounting upgrade:

5 Money Saving Accounting Features

Accounting should be able to provide a hotel owner reliable insight into the operations and financial well-being of their business. Insightful reports must be available without delay all the time to all key personnel without the owner or others waiting for their accountant to get around to creating the reports. To operate your hospitality business efficiently, here are some more features available in a good accounting program:

5 Reasons to Upgrade Your Hotel Accounting Software

In my 20 years of experience in the hospitality industry, I have seen thousands of hotel profit and loss statements. Over these years many successful hotel owners have grown their portfolio from 1 or 2 hotels, to 10, 20, or 100 hotels. One challenge of this growth is that certain systems and ways of operating one or two hotels become dysfunctional or obsolete. Almost all hotels have had their front office software updated in the last 5 years, so why would you still operate with the same old accounting program, PC or even web-based, that have not kept up with the fast paced advances of the latest technology?