Hospitality faces unique challenges and has specific requirements, making conventional accounting systems unfit for this industry.
Infor d/EPM is a fully integrated solution suite that is capable of automating your business’ financial management process, thereby eliminating the use of spreadsheets. It layers world-class in-context business intelligence, financial performance management, and risk and compliance monitoring, empowers you to drive your business performance more effectively.
In a global survey conducted by KPMG1 in 2016, over two-thirds of respondents, who are all senior executives, said they have some forms of rolling forecast in place. In order to thrive in this VUCA world, accurate forecasting seems more imperative than ever. Rolling forecasting, as a means to achieve that, is now a universal practice thanks to its proven capabilities.
Planning, Budgeting, and Forecasting (PB&F) is one of the three management processes that constitute Enterprise Performance Management (EPM). We have presented the basic principles of EPM and its other two components in a previous post. In this article, we will dive deeper into the PB&F process and discuss the similarities and differences among financial planning, budgeting, and forecasting.
Vienna House is an Austria-based hotel chain that currently has 34 hotels under its brand. The brand is famous for their classic Viennese charm with a touch of modern comfort. During the past five years, Vienna House has grown and acquired a few more hotels. The steady growth brings in the inevitable IT challenge: the need for a revenue management system to help unify and manage all of the hotels in the group.
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:
Since the early days, Management Accounting has played a critical role in helping executives to make impactful decisions. However, many people have easily mistaken Management Accounting for "Financial Accounting". When you clearly understand these two concepts, you will see that they have obvious fundamental differences.
Financial analysis dates back centuries, at least to the codification of double-entry bookkeeping in the 15th century. The analysis of balance sheets and income statements has long served as the basis of credit and lending decisions.
The discipline of management accounting developed in the early 20th century as a way of using accounting data to keep corporate executives and managers informed about what happened or is happening and why.
As the world is heading towards an uncertain future, businesses can expect some unexpected events along the way. Therefore, agility needs to be embedded in every business process, including corporate financial planning.
In today’s fast-moving world, companies have to juggle multiple priorities when managing their business, such as overseeing financials transactions, measuring corporate performance, attesting financial reports, timely closing and consolidating financial data. Thus, it is no surprise that CFOs are always aiming to close books and comply with regulations faster and more efficiently.