In this day and age, it is crucial for hotel businesses to adapt to disruptive trends such as personalised customer experience, IoT, and blockchain. Advancements will also bring new challenges to the hotel finance and accounting team, who must evolve to take on new responsibilities and provide key insight for the CFO’s decisions in the following critical areas.
If your business is in need of a full-fledged reporting and financial performance management software with built-in deep analytics, business intelligence, plus the capability to help you gain a holistic real-time view of the entire business performance, Infor d/EPM might be the one that you’ve been looking for.
World Vision, based in Monrovia, California, is a global relief organisation committed to improving the well-being of people around the world, particularly children. With the aims to help poor children and their families build a sustainable future, World Vision’ responsibility is to assure that the resources they spent are used according to their mission. Acknowledging the situation, World Vision realised that they need support in managing their complex set of financial data in the most efficient way.
Infor SunSystems, among the first Infor’s products hosted in the cloud, is about to have some more major upgrades: smoother integration with other systems, better security, and functional enhancements.
In order to improve the efficiency of its accounting and reporting systems, Astra Life upgraded its enterprise financial management solution. The results include a 6-day reduction in the month-end closing process, a 75% reduction in reporting time, and a 72% reduction in accounts payable transaction time. How did they achieve such impressive figures?
In addition to being difficult to manage, intangible assets have traditionally been a challenge in terms of communicating their value. Financial reporting has not evolved fast enough to adequately capture the true value of the organisation’s intangible assets and to address the needs of business decision makers.
There are several functions in the finance team of hotels, each serving a different purpose in hotel financial management. Whilst some of these may overlap, they include: financial accounting, cost accounting, tax accounting, auditing and managerial accounting. With the advent of technology, hotel accounting software has gained a significant role in helping these finance function of hotels.
Ledgers are the backbone of any accounting system. They are the central repository for all accounting data of an organisation and are pivotal to financial reporting. An organisation’s financial statements are derived from ledgers.
Most organisations have plans. There is, however, a huge difference between a good plan and a bad plan. A bad plan, for example, is one that consists only of costs and revenues. This plan provides no guidance for the organisation regarding how it is to achieve the revenue targets. There is no linkage between the high level goals and the day-to-day activities necessary to achieve them.
In today’s complex and rapidly changing business climate, there is an increased demand for top management to better observe, measure, and manage their business. Planning and budgeting plays an important role in enterprise performance management. However, in many organisations, planning and budgeting is not seen as adding value since: