Recent TRG blog posts

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

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

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

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. 

Blog Topics: Financial Accounting Management Software

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.

Blog Topics: Planning and Budgeting, Financial Accounting Management Software

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.

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

As hotels grow, the volume and complexity of financial data increase significantly. Typical spreadsheets or basic accounting systems cannot handle the scale and complexity of a growing hotel, leading to inefficiencies, errors, and reporting challenges. 

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

Bank reconciliation is a vital aspect of financial management for any business, and it involves comparing the balances and recorded transactions of a company's external bank statements to the cash balances and transactions recorded in their general ledger.

Blog Topics: Financial Accounting Management Software, Cloud Computing

Accounts receivable is the lifeblood of any business. Establishing a proper account receivable management process allows you to take control of your cash flow and streamline payments and invoicing. However, many find the process daunting.

Blog Topics: Financial Accounting Management Software