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.
Why GMs may have difficulties managing their financial leader
Here are things General Managers can do to ensure they stay on top of their numbers person and not have it be the other way around.
Top 10 list for controlling hotel expenses
Here are the top 10 control points to ensure you are not missing any dollars in your hotel. Failure to follow these controls will cost you by increasing your expenses.
Brainstorming and the early arrival program
Here’s a revenue-generating and guest-pleasing idea that just about any hotel can do and it costs nothing to create.
Three metrics that count in your food operation
If you do not have all three of these metrics on your radar screen at the same time, you are flying the profit picture in your food operation with at least one eye closed.