Creating an annual hotel budget is a crucial financial planning exercise that sets the foundation for achieving strategic goals and objectives. In this article, we will explore what a hotel budget entails, key steps in the budgeting process, best practices for format and preparation, and tips shared by hoteliers on effective budget allocation.
Read more: 5 Most Common Budgeting Approaches and Their Pros & Cons
Blog Topics: Hospitality solutions
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
A longstanding issue for hotel owners and managers is how to maximise revenue and occupancy rates despite the effects of seasonality. To be effective, revenue and yield management strategies need to consider seasonality, but all too often, hotels approach seasonality in blocks of time rather than looking at each day over a 365-day period, resulting in lost opportunities.
Learn more: Hospitality resource portal
Blog Topics: Hospitality solutions
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
Businesses today rely heavily on cloud solutions, applications, and services to drive their operations, enhance collaboration, and deliver seamless customer experiences. To support these technologies effectively, a powerful and agile cloud infrastructure is crucial.
Blog Topics: Hospitality solutions, Financial Accounting Management Software, Cloud Computing, Analytics, Enterprise Resource Planning ERP, Digital Transformation
There are reasons why Infor SunSystems is the chosen financial management solution of more than 2,200 hospitality companies worldwide. The system is designed to transform the way you collect, analyse, manage, and report financial information. More important, it can help your hotel business drive the bottom line and improve guest experience through timely and actionable insights.
Blog Topics: Hospitality solutions, Financial Accounting Management Software
Infor, a leading industry cloud company, has recently been acknowledged as a leader in the IDC MarketScape report for Worldwide Hospitality Property Management Systems 2022 Vendor Assessment. The report evaluated vendors based on a comprehensive and rigorous framework relative to the criteria and one another, and key strategy criteria included both qualitative and quantitative data resulting in a single graphical illustration of each vendor’s position within a given market.
Blog Topics: Hospitality solutions, Cloud Computing
The challenges and expectations of businesses in the Hospitality industry can change drastically overnight. Hoteliers need agile solutions that can grow with the business while also ensuring they can meet changing regulations and market demands with ease.
Blog Topics: Hospitality solutions, Infor SunSystems
Designed to provide hoteliers with a next-gen cloud-based system, Infor HMS is a full-fledged management solution tailored for the hospitality industry. The solution encompasses not only the key functions of a PMS but also analytics and mobile capabilities for a top-of-the-line guest experience. Infor HMS streamlines core processes like CRM, revenue management, and incident management with its built-in capabilities.
Blog Topics: Hospitality solutions
As the region’s hospitality and tourism sector is poised to rebound post-COVID, Accor IMEA is bringing their accounting systems to the cloud by adopting SunSystems, a SaaS-delivered financial management solution from Infor.
Blog Topics: Hospitality solutions, Financial consolidation, planning and reporting, Financial Accounting Management Software, Cloud Computing, Infor SunSystems
Rick Yvanovich
/Founder & CEO/
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