hotel accounting
Hospitality Financial Leadership – Why You Need an Internal Control Review Program in Your Hotel – ICR
David Lund | September 6, 2022
By David Lund Here’s the scenario. You have finally got a full-blown accounting policy manual in place. It has taken several months and a lot of work, but it’s done. Something to be proud of indeed! But wait a minute, it seems like no one knows about these policies and whenever you speak about such and such internal control not being followed, you get the deer in the headlights look. This all too familiar stare means one thing, these people have no idea what you’re talking about. Your policy manual might be complete but you’re still a long way from compliance. What’s the solution? The answer is you need a regular program to ...
Should Hotels Complete a Reserve Fund Study
Larry and Adam Mogelonsky | July 27, 2022
By Larry and Adam Mogelonsky One of the obligations of moving from a home to a condominium is to take your turn on the board of directors. Don’t let anyone fool you into believing that this is a simple, 10-hours-a-month task. The time investment is significantly higher, and even though there is no financial remuneration, your fellow unit owners will treat you as if you’re a paid servant. Perhaps this situation strikes closer to home for many of you already. As we’ll examine later on in this article, everything is up for grabs as inflation rolls through various sectors of the economy. This is a critical-yet-still-underappreciated v...
Hospitality Financial Leadership – How to Do a Breakeven Analysis Using REVPAR
David Lund | July 18, 2022
By David Lund 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. You also need rate and really in the end you come up with your real break-even point using REVPAR. The key ingredients that need to be assembled and analyzed are fixed expenses, variable expenses based on occupancy and finally the expenses that are directly related to revenue. I will lay out examples of these in the paragraphs below. For the sake of time and simplicity were going to assume this is a limited-service hotel without...
Hospitality Financial Leadership: Why Auditors Miss the Mark
David Lund | June 27, 2022
By David Lund I recently watched a documentary on fraud and why the auditors were unable to detect anything even when they were right on top of what was so obvious to the person featured in the interview. The narrator also explained very clearly that the audit function is set up to fail. This piece is about what hotel auditors do and what they really should be looking at to find inconsistencies that lead to detecting financial problems in the hotel. Auditors are set up to fail because they are so green. I remember we had a revolving door of both internal and external auditors at the hotel for what seemed like years. Funny thing is ot...
Newport Hospitality Group Centralizing Accounting Across 50 Hotels and Taking Financials to the Cloud
Aptech Computer Systems, Inc. | June 22, 2022
Hotel management company embraces PVNG by Aptech, a seamless cloud-based enterprise accounting platform with complementing tools for budgeting, forecasting, and business intelligence; Visit Aptech at HITEC Orlando in Booth 725 PITTSBURGH, June 22, 2022 — Aptech is pleased to announce that Newport Hospitality Group (NHG) has selected PVNG as the cloud-based enterprise accounting solution for its portfolio of 50 select and full-service hotels. Immediately, the hotel management company will begin leveraging the seamless platform to move data more efficiently from individual properties to a central accounting repository. To complement PVNG a...
Hospitality Financial Leadership: The Bridge
David Lund | May 16, 2022
By David Lund In our lives we are continuously evolving as people. When thought of most of the time, this evolution seems like a continuous stream of challenges to overcome. This persistent development is both personal and professional. The bridge is what I refer to when I think of my advancement in the hotel profession from a 20-something leader who knew nothing about the financial goings on in the hotel to a 30-something controller who was on fire. This is all about what it takes to cross that financial bridge and what it looks and feels like once you are on the other side. I have said this is my articles many times: The hotel bus...
OTH Hotels Resorts Makes Its Accounting Operation Paperless With PVNG From Aptech
Aptech Computer Systems Inc. | February 8, 2022
The enterprise accounting solution is enabling this third-party management company to drive efficiencies and self-manage their finance processes affordably PITTSBURGH, PA — February 8, 2022 — With revenue volumes among its portfolio of independent, branded and soft-brand hotels and resorts on the rise, third-party management company OTH Hotels Resorts needed a way to streamline its financial processes without incurring costly support fees. Unable to self-administer changes directly into its existing accounting system, the young hotel company — founded in January 2020 — was paying exorbitant administrative costs just to modify a s...
Hospitality Financial Leadership: Why Is Hotel Accounting Different?
David Lund | January 17, 2022
By David Lund I heard this about 40 years ago and it has stuck with me. I was a newbie cocktail waiter working part time in my hometown hotel. One of my regular weekend customers was the controller and he was telling me he needed an income auditor for the summer line-up. I suggested my brother who was recently out of work at his articling job at a CA firm. He told me rather strongly I recall that my suggestion would never work because my brother had no hotel experience and hotels are different. I pressed him on it and all he could say is, “We have a different way of doing things in the hotel world.” At the time I was in hotel sch...
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