hotel budget
2024 Budgeting: How To Improve Hotel Performance in Uncertain Times
HotStats | November 9, 2023
By Tanya Venegas In our previous article, we shared insights and advice from global hospitality experts on how to make the 2024 hotel budget process as smooth and painless as possible. Here, we share five ways to improve budget accuracy and performance in uncertain times. 1. Benchmark Against Competitors In the last article, we discussed the importance of strategic planning, aligning stakeholders, and harnessing relevant data. Another key element of the budgeting process is to benchmark performance against competitors. “Benchmarking is critical,” Pete Sams, chief operating officer of Davidson Hospitality Group, told us. “We l...
How to Make the 2024 Hotel Budgeting Process as Smooth and Painless as Possible
HotStats | November 6, 2023
By Jeannette King, Marketing Manager at HotStats For hotel owners and operators alike, the annual budget is often a grueling and time-consuming process. This year, with persistent inflation, added pressures on cost control, and uncertainty about the economy, the process is as fraught as ever. Are there ways to make the 2024 budgeting process more streamlined and efficient? For insights and advice, HotStats reached out to leading hospitality experts around the world. 1. Start Early but Submit Late Hoteliers often complain that the budgeting process seems to start earlier every year. This is especially true for large hotel groups with mult...
2024 Budget Planning: What Is Top of Mind for Hotel Owners & Operators?
HotStats | October 19, 2023
Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hospitality leaders to find out. By Michael Grove Chief Operating Officer HotStats 1. 2023 Hotel Performance: Growth Is Slowing In UAE, Saudi Arabia, India, Brazil, and the Caribbean, hotel profit margins in the first half of 2023 well surpassed 2019 levels, whereas they lagged in the UK, Germany, Spain, Poland, and Qatar. In China, hotels experienced tremendous growth rel...
Engage Their Hearts and Minds First
David Lund | September 5, 2023
You might think that getting your hotel leadership team excited about accounting is like convincing them it is fun to go to the dentist. Your average person wants nothing to do with it because they are predisposed to think it is yucky, boring and better left to someone who has trouble walking and talking at the same time. But once they begin to understand what the numbers mean and how they apply this understanding to general operations and the bottom line, they will feel just the opposite. My book, The Prosperous Hotelier, aims to do just that. Hotel leaders ALL want to have the financial wherewithal to dazzle their peers. They know i...
What Is “Hospitality Financial Leadership”?
David Lund | August 7, 2023
Book Sample – The Prosperous Hotelier By David Lund A few years ago, finding the three words "hospitality financial leadership” together in one sentence was not possible. I know because I tried to Google them in 2014 and came up with a grab-bag of ideas on leadership, consulting, courses and more. Even the words “financial leadership” revealed surprisingly little – some tidbits about CEOs and their roles, but nothing any broader. Yet, in my opinion, financial leadership is the cornerstone of any manager, executive or leader’s business acumen. It enables an individual to see the importance of being plugged into the strategy ...
Aptech to Unveil NEW Solution Upgrades & Financial Reconciliation Integration at HITEC Toronto
Aptech Computer Systems, Inc. | June 22, 2023
Attendees are encouraged to visit the 100% hospitality focused provider of enterprise accounting, business intelligence and budgeting/forecasting solutions in Booth 1301 PITTSBURGH, June 22, 2023 — Next week at HITEC® Toronto, Aptech will reveal a series of upgrades to its three innovative financial-management solutions, PVNG, Execuvue, and Targetvue. Produced by Hospitality Financial and Technology Professionals (HFTP®), this premier hotel technology tradeshow is the ideal forum to shop for the latest in financial-management software designed to help operators cut costs and improve their bottom lines. Aptech’s 100% hospitality foc...
Hospitality Financial Leadership – Why You Need an Internal Control Review Program in Your Hotel
David Lund | June 19, 2023
By David Lund Here is the scenario You finally have a full-blown accounting policy manual in place. It has taken several months and a lot of work, but it is 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 are talking about. Your policy manual might be complete but you are still a long way from compliance. What is the solution? The answer is you need a regular program to test ...
Aptech’s Enterprise Accounting Software Scores BIG With Hoteliers Across All Segments
Aptech Computer Systems Inc. | March 14, 2023
Users rank PVNG by Aptech 98 out of 100 for ease of use, ROI, implementation and customer support PITTSBURGH, March 14, 2023 — Aptech was a finalist in the Hotel Tech Report “Best Finance & Accounting Software” 2023 popularity index. Although the provider of hospitality financial management solutions narrowly missed 1st place by a mere 2 points, the company said more than 100 reviews by users of its PVNG enterprise accounting solution say it is No. 1. “We certainly feel like winners, especially since our customers made it abundantly clear that in their eyes Aptech is ‘the best’ hotel accounting software on the market,”...
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