In order to produce an accurate picture of the business’s financial performance, we need to match the revenues earned with the appropriate amount of costs, payroll and expenses. There is no way to accomplish this without the use of accruals and deferrals. This pair of agents is like the defensive line in a football team.
What if we could look at the profitability by segment and roll that up to be able to see revenues and the associated costs by market segment?
There’s an unexpected magical spell that lands on you when you fall in love with the hotel business, but learning about hotel finances can be the tricky rung when climbing the hospitality career ladder.
Whilst numbers are important, they don’t always tell the full story. Any strategy that works needs to rely on the person that knows your business the best. You.
The other side of this pandemic is going to see some profound changes in the traveling world and the hotel business. Here are seven predictions on what changes we’re most likely to see.
We don’t know what’s next in the hotel world and how business will evolve, but one thing is for certain: You will be receiving new items on your monthly corporate invoice from time to time, and you will have to pay for them whether you like it or not. Full stop.
Here are four tips to work on if you want to create the kind of environment that has your leaders and managers wanting to do their monthly financial forecasts, commentaries or budgets.