Cloud computing has revolutionised the way businesses operate, and at the heart of this transformation is the cloud operating platform. Often referred to as a virtual operating system, a cloud operating platform provides a sophisticated approach to navigating the complexities of cloud-based computing.
Blog Topics: Technology trends, Cloud Computing, Digital Transformation
The finance team plays a crucial role in the success of any hotel business. From managing financial transactions to ensuring compliance with tax regulations, the finance team provides valuable insights and supports informed decision-making.
In today's digital age, hotel finance teams can leverage modern, hospitality-specific cloud accounting software to streamline operations, improve accuracy and efficiency, and empower the team to make more than just informed and timely decisions.
In this article, we will explore the important functions of a hotel's finance team as well as the benefits of adopting dedicated accounting software.
Read more: Financial Management in the Hospitality Industry: the Best Practices
Contents
Functions in the finance team of a hotel
1. Financial accounting: The backbone of hotel finance
2. Cost accounting: Enhancing transparency and resource utilisation
3. Tax accounting: Simplifying Compliance
4. Auditing: Ensuring accuracy and minimising risks
5. Managerial accounting: Empowering informed decision-making
Blog Topics: Hospitality solutions, Financial Accounting Management Software, Infor SunSystems
What motivates Infor to partner with Amazon Web Services (AWS)? How do both parties benefit from this collaboration, and what groundbreaking innovations are they able to achieve? Discover the efforts invested in strengthening the enduring relationship between these two influential technology giants in this article.
Blog Topics: Cloud Computing, Infor SunSystems, Digital Transformation, Amazon Web Services
Human psychology is probably one of the most challenging issues to study today. Therefore, personality assessments require a lot of time and effort but might not always yield reliable results. A more systematic approach was developed to support this process - the HEXACO model of personality, created by Ashton and Lee, based on the work of Costa, McCrae and Goldberg.
Blog Topics: Talent Management
Amid the uprising digital transformation trend today, the vast majority of law firms still employ traditional offline marketing strategies. This leads to an exceedingly high cost for acquiring clients while the return is low. Let also not forget the great problem of the legal services, market saturation in many countries.
Don't panic as there is a solution: Inbound Marketing. This strategy, coupled with digital transformation and marketing automation tools, can result in a reduction of client acquisition costs and boost growth.
Blog Topics: Digital Transformation, Inbound marketing
The international school landscape has never been more competitive. In Bangkok for example, where I am based, there are almost 80 international schools with new establishments opening every year, meaning that the competition to attract and retain parents - and the best teachers - is intense. This makes the school marketing team’s job more challenging than ever, as they try to cut through the noise and get their message to the right audience.
Blog Topics: Digital Transformation, Inbound marketing
Our previous article has emphasised the impacts of Accounts Payable (AP) on vendor relationships, and a well-managed AP can enable companies to take advantage of vendor payments.
Blog Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software
Budgeting is a cornerstone of financial planning in businesses. The traditional budgeting approach, with its roots in historical accounting practices, has been a mainstay in the corporate world. However, this method has faced criticism, particularly from proponents of more dynamic budgeting methods like Beyond Budgeting.
Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM), Financial Accounting Management Software
As globalisation continues to flourish and travel becomes more accessible, workplaces are experiencing an unprecedented level of diversity. This is particularly significant in the hospitality industry, where employees frequently interact with a diverse range of customers.
Blog Topics: Hospitality solutions, Talent Management
Creating an annual hotel budget is a crucial financial planning exercise that sets the foundation for achieving strategic goals and objectives. In this article, we will explore what a hotel budget entails, key steps in the budgeting process, best practices for format and preparation, and tips shared by hoteliers on effective budget allocation.
Read more: 5 Most Common Budgeting Approaches and Their Pros & Cons
Blog Topics: Hospitality solutions
Rick Yvanovich
/Founder & CEO/
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