Recent TRG blog posts

Hotels and resorts are laying the groundwork for how they will do business in a new decade and beyond, in an effort to stay competitive, profitable, and ready to meet new challenges. Industry leaders are examining the workflows and mechanics of technology-driven processes, like data infrastructure, reservations, event planning, inventory control, competitive price setting, and revenue forecasting—and seeking out ways to tie them all together to better serve operations, revenue management, and brand strategy.

Blog Topics: Hospitality solutions, Cloud Computing, Business Intelligence, Analytics

The hospitality industry will likely never be the same again. This isn’t necessarily bad news, though. Right now, industry leaders are thinking about how to evolve their businesses—embracing innovation and planning ways to ensure stability and long-term success.

Blog Topics: Hospitality solutions

The rapid development of technology continues to reshape the hospitality industry, with innovations like cloud-based software and mobile apps driving a new era of hyperautomation and hyperpersonalisation.

Blog Topics: Hospitality solutions, Cloud Computing, Digital Transformation

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

Digital transformation refers to the implementation and utilisation of digital technologies in the business to achieve a competitive edge. Those benefits include greater efficiency for the stakeholders, stronger business agility, and many more. Many industries are taking advantage of this digital transformation agenda, and the Hospitality Industry is no exception.

Blog Topics: Hospitality solutions

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

As globalisation continues to flourish and travel becomes more accessible, workplaces are experiencing an unprecedented level of diversity. This is particularly significant in the hospitality industry, where employees frequently interact with a diverse range of customers.

Blog Topics: Hospitality solutions, Talent Management

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