The hospitality industry is a multi-billion dollar industry that typically relies on the availability of people’s leisure time as well as their disposable income. This industry – which includes, hotels, pension houses, restaurants, theme parks and others – usually thrives when there are enough people who are capable of spending money as well as willing to use them to pay for leisure services and facilities.
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.
Hanoi, 10th September 2013 – Following its previous version, the seminar “Office of the CFO for Hospitality: A new way of working to maximise profits” had ended successfully in Hanoi.
The event was well-received by over 60 representatives from about 35 Hospitality organisations in Vietnam and the media. With years of experiences working with hospitality organisation globally, our experts, Mr. Rick Yvanovich - FCMA, CGMA, FCPA (Aust.) and Mr. Pham Hong Thai - Deputy General Director, TRG International shared their viewpoints and knowledge about the new concept for CFOs and top managers in Hospitality industry. The main point that was emphasised during the event is that, CFOs nowadays is not only responsible to financial management but also to the decision-making process of the organisation. Nonetheless, as a common practice, not just CFOs who need to make decisions but all managers within the organisation do. Thus, it is important to be able to get the information they need, before they need it by leveraging new technologies. Such that, CFOs and top managers nowadays have all the technologies they need to help them overcome financial challenges and improve their hotel management and performance process.
This seminar also carries one CPD hour for people who have CPD requirements such as CIMA, CPA, ACCA and CGMA and networking session for the audiences to meet and discuss with peers, seniors and expert in the Hospitality industry.
By continuing to introduce this Office of the CFO concept in Vietnam, especially for the Hospitality industry, TRG hope to build up stronger relationship with all hospitality organisations, and we hope we could help them shine by providing advices, working quietly and brilliantly in the background, identifying and implementing the right solutions (systems) for them so they can focus more on their core businesses.
Hanoi – August 19th, 2013 – Following the success of previous seminar in Ho Chi Minh City, the “Office of the CFO for Hospitality: new ways of working to maximize profits”, TRG once again bring this concept to the audiences in Hanoi. The seminar - which is on Tuesday, September 10, 2013 at Hilton Opera Hanoi - is going to expect more than 120 representatives who are CEOs, CFOs, and Chief Accountants, Hotel owners, directors and managers from 3 and above star rating hotels, resorts and other companies in the hospitality industry countrywide.
For a long time, hotel reports (often called operational reports, list reports or flat reports) have been presented as on-screen reports, printouts or in PDF format. These reports are given daily, weekly or monthly in order to provide staff information on a steady basis.
Topics: Hotel management software
Online Travel Agencies (OTAs) including Expedia, Orbitz and Priceline have greatly benefited the hospitality industry, providing a proven conduit for filling up rooms that would have otherwise stayed vacant. However this value has its drawbacks as more customers solely use these channels to book hotels.
HCM City – April 18th 2013 – A record number of guests turned up for TRG’s seminar entitled “Office of the CFO for Hospitality: A new way of working to maximise profits” on April 16th at New World Hotel.
During the economic downturn, many families decided that the prudent thing was to downsize their lives by purchasing smaller homes and vehicles, but most importantly, by simplifying their lives. Similarly, hotel companies also downsized, frequently letting staff go, which created additional pressure on remaining staff to hold the company and its underlying technology together.
In our last two blog entries on top hotel industry trends (part 1, part 2), we outlined a number of factors that are shaping how the hospitality sector operates. Hoteliers in Vietnam are advised to “be alert to new opportunities during tough economic times by changing their business strategies and researching the market” (*) . We believe four areas should be tackled to tremendously improve the Vietnamese hotel sector’s performance.