Rolling forecasts are nothing new but I must point out that most hotels don’t use them, and they really should. It’s an incredibly useful tool that is literally worth its weight in gold.
The early arrival program
Don’t set guests up for disappointment – set them up for more fun and they will love it.
The top 10 accounts receivable controls
Offering credit comes with risk and when we have these risks, a tight set of controls that we follow will help keep us safe. Follow these controls if you want to limit your chances of coming up short.
Putting a dollar value on a hotel
Determining the current selling or asking price for a hotel is a bit tricky. Here’s how you can estimate the value, AKA sales price.
The Top 10 cash controls
Cash controls are not complicated, but they need heightened awareness and a constant effort to be effective.
Understanding the difference between material and immaterial expenses
The materiality refers to the significance of the expense item in the context of the financial statements. Our industry is unique in many ways and so is the application of this contrast.
How to properly record packages in your hotel
Many hoteliers are at a loss to properly set up and manage hotel package transactions so that they do not end up with a mess in their books and systems. Here’s how to properly administer these seemingly complicated and unruly devices.
Why you need to reconcile your credit cards every day
The dreaded credit card reconciliation need not be such a big deal if we bite-size it.
Why technology has the hotel business bootstrapped
It is difficult to get hotel stakeholders to invest and develop the kind of broad hotel “operating technology solutions” that we all know we need. Here’s a way to make them pay.
Why prioritizing employee development has the best ROI for owners too
It is a fact that hotels that looked after their staff as best they could during Covid are having the least trouble getting staff back and finding new hires. People talk and they know who to work for and who to stay away from.