Recent TRG blog posts

Best Practices for Implementing Cloud Financial Management in Hotels

Posted by Rick Yvanovich on

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.

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Blog Topics: Hospitality solutions, Financial Accounting Management Software, Cloud Computing

The Benefits of E-Invoicing (Electronic Invoicing)

Posted by Rick Yvanovich on

Electronic invoicing (e-invoicing) is revolutionising how businesses handle transactional documents between suppliers and buyers. From cost reduction and automation to improved cash flow and enhanced relationships, e-invoicing offers a wide range of advantages while also helping to contribute to environmental sustainability by reducing paper usage and minimising the carbon footprint.

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Blog Topics: Financial Accounting Management Software

Unveiling the Strategic Benefits of IFRS

Posted by Rick Yvanovich on

International Financial Reporting Standards (IFRS) compliance is often seen as a mountainous and challenging workload for many businesses, especially those operating multi-nationally. However, beneath the surface of technical and accounting complexity lie many benefits waiting to be discovered. IFRS, in fact, is not as scary and daunting as it seems.

Shifting your mindset is key to embracing the IFRS journey. By understanding its advantages, you can navigate the transition with clarity and confidence. This blog will help shed light on the two main benefits of IFRS adoption as well as how suitable solutions can lessen the daunting task.

Read more: IFRS 17 Overview: What Is It For? Who Is Affected? Why Should You Care?

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Blog Topics: Financial Accounting Management Software, Infor SunSystems

What are the Functions of a Hotel's Finance Team?

Posted by Rick Yvanovich on

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

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Blog Topics: Hospitality solutions, Financial Accounting Management Software, Infor SunSystems

Common Accounts Payable Problems & Its Changing Role

Posted by Rick Yvanovich on

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.

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Blog Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software

Advantages and Disadvantages of Traditional Budgeting Approach

Posted by Rick Yvanovich on

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.

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Blog Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM), Financial Accounting Management Software

Financial Management in the Hospitality Industry: the Best Practices

Posted by Rick Yvanovich on

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.

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Blog Topics: Hospitality solutions, Financial Accounting Management Software, Infor SunSystems

Accounting Best Practices for Logistics and Transportation Companies

Posted by Rick Yvanovich on

Companies operating in the logistics and transportation industry such as airlines, cruise liners, railways and shipping/trucking firms face several accounting and operational challenges that can impact their net earnings. That is why it is critical that good accounting practices are followed to manage their cash flow and liquidity. 

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Blog Topics: Financial Accounting Management Software

5 Most Common Budgeting Approaches and Their Pros & Cons

Posted by Rick Yvanovich on

Establishing a budget can be quite daunting, as is selecting the optimal budgeting method that aligns with your business' unique model and requirements. In this blog article, we will delve into the five most prevalent approaches to budgeting, delving into their advantages and disadvantages.

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Blog Topics: Planning and Budgeting, Financial Accounting Management Software

Digital Transformation in Finance and The Changing Role of CFOs

Posted by Rick Yvanovich on

The role of CFOs today has evolved significantly, becoming more dynamic and responsive to changing demands from internal stakeholders and external customers. The modern CFO is now involved in strategy creation and business transformation initiatives, acting as a strategic advisor to the CEO and the rest of the C-suite.

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Blog Topics: CFOs, Financial Accounting Management Software, Technology trends, Cloud Computing, Infor SunSystems, Digital Transformation

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Rick Yvanovich

 Rick Yvanovich
 /Founder & CEO/

With TRG International Blog, it is our mission to be your preferred partner providing solutions that work and we will make sure to guide your business to greatness every day.

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