Procurement in the hospitality industry is not just about buying goods and services; it is a strategic process that impacts the overall quality of operations. With responsibilities ranging from sourcing furniture, equipment, food, and beverage supplies to managing relationships with suppliers, this function has evolved from mere cost-cutting to becoming essential in achieving business goals.
Recent TRG blog posts
Understanding the Changing Dynamics of Procurement in Hospitality
Posted by Rick Yvanovich on Tue, Apr 23, 2024
Blog Topics: Hospitality solutions, Technology trends
Better Thrive in 2024 with These 3 Key Hospitality Trends
Posted by Andrew Turton on Mon, Apr 15, 2024
The global hospitality industry has been observing strong signs of recovery heading into 2024, with demand rebounding to pre-pandemic levels. With travel on the rise once more, hoteliers must strategise effectively to capitalise on this revival period through proactive alignment with emerging trends.
Blog Topics: Hospitality solutions, Technology trends, Cloud Computing, Digital Transformation
5 Technology Inventions that Changed the Hospitality Industry
Posted by Andrew Turton on Fri, Mar 8, 2024
The rapid development of technology continues to reshape the hospitality industry, with innovations like cloud-based software and mobile apps driving a new era of hyperautomation and hyperpersonalisation.
Blog Topics: Hospitality solutions, Cloud Computing, Digital Transformation
Best Practices for Implementing Cloud Financial Management in Hotels
Posted by Rick Yvanovich on Thu, Feb 8, 2024
Implementing new software can be a daunting task, especially when it comes to financial management in hotel businesses. However, with the right precautions and strategies in place, the process does not have to be overwhelming.
Blog Topics: Hospitality solutions, Financial Accounting Management Software, Cloud Computing
5 Digital Transformation Trends in the Hospitality Industry
Posted by Andrew Turton on Sat, Jan 6, 2024
Digital transformation refers to the implementation and utilisation of digital technologies in the business to achieve a competitive edge. Those benefits include greater efficiency for the stakeholders, stronger business agility, and many more. Many industries are taking advantage of this digital transformation agenda, and the Hospitality Industry is no exception.
Blog Topics: Hospitality solutions
What are the Functions of a Hotel's Finance Team?
Posted by Rick Yvanovich on Wed, Jan 3, 2024
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
Strategies to Manage a Diverse Workforce in the Hospitality Industry
Posted by Mai Hoai Thu on Wed, Dec 6, 2023
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
Hotel Budget: Steps in the Budgeting Process for Hotels
Posted by Rick Yvanovich on Tue, Dec 5, 2023
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
Financial Management in the Hospitality Industry: the Best Practices
Posted by Rick Yvanovich on Mon, Dec 4, 2023
Financial management lays the very foundation of a successful business. Likewise, the most successful hotels rely on fundamental financial management principles to manage their property profitably.
Blog Topics: Hospitality solutions, Financial Accounting Management Software, Infor SunSystems
Seasonality in Hotels: Revenue Management Strategies You Should Adopt
Posted by Carla Burton on Wed, Nov 22, 2023
A longstanding issue for hotel owners and managers is how to maximise revenue and occupancy rates despite the effects of seasonality. To be effective, revenue and yield management strategies need to consider seasonality, but all too often, hotels approach seasonality in blocks of time rather than looking at each day over a 365-day period, resulting in lost opportunities.
Learn more: Hospitality resource portal
Blog Topics: Hospitality solutions