financials

Your hotel financial statement needs to be in shape, and it must have the proper features that allow you the insight to make better operating decisions

February was stronger all around for the global hotel industry, but escalating line item expenses could derail what’s already a fragile profit rebound

Inflation’s impact is typically offset by raising prices and passing on costs. However, inflation dramatically increases a customer’s price sensitivity

You also need to be balancing the guest ledger and the city ledger to the property management system totals as well as to the general ledger

If you have a small budget, it’s a waste to split that between SEO, SEM, PPC, Metasearch. Instead of spreading horizontally, go vertical in one or two areas

Doing your month-end and having a final financial statement each month within one week is the benchmark for a team and system that works well

The budget is a mean and unruly nasty guest that comes every year and does not leave completed for weeks, even months. It is certainly not fun like baseball

Remote work is already having an impact on the hotel industry, and this trend will continue. I recommend embracing it, it will increase your bottom line

Managing labor costs is a never-ending battle in any hotel. No wonder it adds up to on average 50 percent of the total revenue in hotels around the world

This is a perfect opportunity for the hotel industry to work on zero-based budgets, instead of prior year’s numbers, so they focus on services guests value