Cash controls are not complicated, but they need heightened awareness and a constant effort to be effective.
National Hotel Miami Beach embracing flexible financial management tools to streamline back-office operations
With 101 newly designed city and direct ocean view guest rooms in its historic tower and 36 luxurious cabanas and suites, The National Hotel Miami Beach is impressing guests with stunning views, luxury accommodations, personalized experiences, and unparalleled service. Invisible to guests at this AAA 4 Diamond oceanfront property is how efficiently the hotel’s finance team is operating thanks to the addition of two software solutions from Aptech: PVNG Enterprise Accounting and Targetvue Budgeting & Forecasting.
How to do a Breakeven Analysis using REVPAR
I have recently read more than one article on breakeven analysis and they all miss the mark in my books because they focus on what occupancy is needed. Occupancy is only half of the final recipe.
Why your hotel needs a daily pick-up report
Every day in your hotel you need to beat the drums of great guest service, superior colleague engagement and nonstop financial leadership and the pick-up report is the magic stick-to-the-money focus.
Money never looks after itself
Numbers are just like guest service and colleague engagement. They are never going to be perfect and they are not going away, and most importantly – they never look after themselves. That’s your job!
Hospitality Financial Leadership – Engage their hearts and minds first
Getting your hotel leadership team excited about accounting is like someone thinking it’s fun to go to the dentist. Your average person wants nothing to do with it because they have a predisposed notion that it’s yucky, boring and better left for someone who has a hard time walking and talking at the same time.
Flying by the seat of your pants
In most hotels, the system for forward looking for financial management is non-existent. We rely on the top line coming in and if it does we expect a certain profit picture to emerge. When revenues are good this works, sometimes. When revenues donÕt materialize because of an event or something that produces headwinds in our business, we almost always fall flat on our face of the desired profitability. ThatÕs flying-by-the-seat-of-your-pants.
2015 prize-winning Hospitality Financial Management and Revenue Management learners named by HOSPA
The winners are the learners who achieved the highest HOSPA ETP scores, based on their results in each of the HOSPA examination categories for the Financial Management and Revenue Management training programmes, completed in March 2015 and September 2015.
