As a finance leader, you grapple with the problems brought about by disparate operations, ever-changing regulations, and fluctuating market dynamics. Follow along as we delve into the intricacies of financial consolidation for hotel chains, pinpoint usual stumbling blocks, and reveal the game-changing power of specialized consolidation software.
Blog Topics: Enterprise Performance Management (EPM), Financial Accounting Management Software, Digital Transformation
When SunSystems was first introduced back in 1982, Mark Zukerberg was not yet born, and most computer users still have not heard of a mouse. In the fast-paced digital world, four decades might feel like a century. Yet, SunSystems is not just surviving; it's thriving, outlasting many of its competitors. What's the secret to its longevity? More importantly, will it continue marching on for the next 40 years?
Blog Topics: Financial Accounting Management Software, Infor SunSystems
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
Data plays a vital role in empowering leaders to not only stay informed about their current financial performance but also contribute to financial planning and analysis, as well as ensure businesses maintain compliance.
Blog Topics: Financial consolidation, planning and reporting, Financial Accounting Management Software, Technology trends, Cloud Computing, Analytics, Digital Transformation
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.
Blog Topics: Financial Accounting Management Software
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?
Blog Topics: Financial Accounting Management Software, Infor SunSystems
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
Rick Yvanovich
/Founder & CEO/
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