Cookies on HFTP Bytes

This site uses cookies to store information on your computer. Some are essential to make our site work; others help us give you the best possible user experience.
By using the site, you consent to the placement of these cookies. However, you can change your cookie settings at any time. Read our Privacy Notice to learn more.

I understand
  • HFTP Research Report: Pre-opening Expenditures in Hospitality

    A study of the pre-opening budget; the timeline for these expenditures; timeline for onboarding of staff; and the selection, installation and training of the technology component. By Agnes DeFranco, Ed.

  • New Global Directors Join the 2018-2019 HFTP Board

    The HFTP 2018-2019 Global Board of Directors was installed during the association's 2018 Annual Convention and introduces new directors Toni Bau, Carson Booth, CHTP and Mark Fancourt. These extensive director profiles give insight into the distinguished professions and personal goals of HFTP's newest association leaders.

  • Letter from the HFTP Global President: At the End of the Year, We Reflect on the Best of the Year

    As we prepare to transition to the new HFTP Global board at the 2018 Annual Convention in October, I would like to take the time to reflect on my year serving as HFTP Global president.

  • Members Only: 2018 HFTP Compensation and Benefits Report

    By Tanya Venegas, MBA, MHM, CHIA. Results to the biannual survey conducted by Hospitality Financial and Technology Professionals (HFTP). Information includes data on compensation and benefits trends for finance and technology professionals in the club and lodging industries.


Evention Debuts New and Expanded Solutions

Evention LLC ·14 June 2018
Group Billing by Evention has been specifically designed for and tested by hospitality brands. Evention has partnered with two world-wide hotel companies to develop this all-encompassing solution. The solution centralizes the data from sales, contracts and tax exemption forms, credit, e-payment, point of sale (POS), and property management system (PMS) to create accurate final group invoices.Without Group Billing by Evention, billing a group hotel stay is a highly involved process that relies on data spread across multiple platforms, often causing variances. Evention's solution eliminates the complexities associated with the manual process of billing a group for expenses related to its hotel stay.Credit Card Reconciliation by Evention applies to both the hospitality and retail industries.This solution transforms scattered credit card settlement data into one, easy-to-review format. It also provides complete reconciliation from POS to the processor, processor to the bank, and any variation in between.Providing efficient reporting and standardized reconciliation, Credit Card Reconciliation by Evention arranges data from settled credit card transactions. By referencing data sources like bank deposits and credit card processor batches, this solution also provides quick and accurate comparison, as well as more manageable variance research.As of January 2019, both new solutions, Group Billing and Credit Card Reconciliation, will be available for purchase and installation.In addition, Evention now provides automated reconciliation for small-volume cash recycling hardware. Designed as an "under-the-counter" device, the new recycler expands Evention's cash recycling suite with options to suit hotel operations of any size.This small-volume recycler debuted at the 2018 HITEC Houston Tradeshow.With this recent product expansion, Evention's full solution suite includes: SecureDrop Cash Reconciliation, Tip and Gratuity Management, Cash Recycling (with multiple volume options), Group Billing, and Credit Card Reconciliation.

Who Says Robots Shouldn't Help Run the Back Office?

Evention LLC · 7 June 2018
It's by far best to create comprehensive corporate automation. By operating in tandem, technology in both the front and back office can most effectively eliminate error and increase efficiency.Some may perceive robots to be the "Big Brother" that will not only steal their personal data, but their jobs as well. However, statistics showcasing the benefits brought to humans via artificial intelligence (AI) and other emerging automated technologies should more than quell this fear.In fact, oftentimes robots, AI, and automation don't replace human labor... they simply redefine it.Take, for example, the restaurant business. It's one traditionally linked to long hours and tolling tasks. As such, its employees benefit when the industry takes advantage of automation's ability to better human productivity.The Wall Street Journal cited that technologies such as these could create between 20-50 million jobs by 2030.On a similar note, robots cannot always function on their own. Automation requires human ingenuity.Just ask MIT professor, David A. Mindell.In a recent interview with Tech Republic, he said technology is "always interacting with the human world in some way or another" and that "the highest expression of the technologies are the ones that work most deeply, fluidly, with human beings."The rise of front-facing robotics in hospitality and retail continues to receive no shortage of attention. Thanks to automations like Savioke's room service robot Relay, Aloft's Botler, Target's Tally, and Lowe's aisle-navigating LoweBot, hotel and retail employees are able to spend more face time with employees.In an article last year, McKinsey & Company shared their insights on the advantages of back-office automation. The company's research found that automation could improve employees' day-to-day work. The firm also pointed to a major financial institution's findings that automating 35% of financial operations bolsters economic stability.Overall, the article explained that automation is necessary to fill gaps in the workforce - not rid business of human intelligence.Concern, McKinsey emphasized, should be focused on the risk to corporate achievement that comes with failing to embrace automation and related technologies.McKinsey says:"...being caught flat footed as competitors gain an edge through automation--is a risk that's not worth taking. Automation at its best can help companies to uncover entirely new ways of executing traditional processes and radically new possibilities for operating more quickly, efficiently, and effectively... the top-quartile companies of tomorrow will be the companies that start the journey today."But how do you begin to rid your back office of archaic practices to reap benefits associated with 21st century automation?In hospitality and retail, employing robotic cash recycling is one option. This solution, pioneered by Chicago-based Evention, streamlines century-old cash reconciliation practices.Rising labor costs cause cash to be increasingly expensive to manage. But, by implementing back-office technology that integrates cash recycling, this automation can minimize the cost of cash management. Furthermore, centralizing this process through the web allows accounting and reconciliation processes to be managed via a shared services platform - providing breakthrough control and efficiency.Today, remaining competitive in the marketplace many times relies on adopting automation. Employing robotics and artificial intelligence are key avenues to automating your workplace.

Evention to Showcase New Cash Recycler and Other Automated Solutions at 2018 HITEC

·30 May 2018
  Attending this year's HITEC in Houston? Visit us at Booth #1733 to learn about our automated cash management solutions and see a cash recycling demo! Our automated solutions offer back-office efficiency for 600+ hotel properties world-wide. Our SecureDrop software streamlines financial operations. This solution offers daily auto-reconciliation, manages over/shorts, and pairs with cash recycling

Who Says Robots Shouldn't Help Run the Back Office?

·14 May 2018
As business becomes increasingly automated and you find your front office includes the likes of R2D2 and Wall-E, don't disregard the benefits of robotics in the back office as well. It's by far best to create comprehensive corporate automation. By equipping the front and back office with technology that eliminates error and increases efficiency, the

Millennials and Their Money: Why One of the Youngest Generations Prefers Old-Fashioned Cash

· 1 May 2018
It may be surprising to some that a generation with access to a record number of payment options, still prefers one of the oldest payment methods - cash. From a variety of digital currency sharing and payment platform options to credit cards and cryptocurrency, millennials' transaction choices are endless. Regardless, this demographic prefers to pay

How Going Cashless May Hurt Your Consumer Base

·25 April 2018
Turns out paying with plastic is not for everyone and cash really is king. In fact, keeping cash payment as an option will help retain and grow your customer base. Here are three reasons why: 1. Not all consumers have access to credit cards... or banks. Approximately 7% of the population do not use a

Tech Spotlight: Evention at the Marriott Marquis Chicago

· 1 March 2018
Check out Evention on Page 37 of Hospitality Upgrade's 'Transforming Technology Today and Tomorrow.' This special edition showcases technology at Marriott Hotels. We are thrilled to be highlighted as a technology provider for the Marriott Marquis Chicago. Evention is proud to work with hundreds of Marriott properties throughout the world to simplify cash and gratuity

Evention Processed over $1 Billion in Gratuity Payroll and 3 Million Cash Drops in 2017

Evention LLC ·11 January 2018
In 2017, Evention automated the distribution of more than $1 billion in gratuity, tip, and service charge payroll and reconciled over 3 million cash drops for its hospitality and retail clients across the globe.Tips & Gratuities by Evention, introduced to the market in 2006, manages gratuity distribution for marquee hotel clients in all major hotel brands throughout North America. During 2017, Evention Tips & Gratuities processed over $1 billion in gratuity, tip, and service charge payroll. Evention's web-based gratuity calculation and distribution provides accurate and simple gratuity management, eliminates manual-entry errors and spreadsheets, and streamlines the management process.Evention SecureDrop provides automated cash reconciliation for retail and hospitality clients worldwide, including across North America, Asia, Europe, Australia, and the Middle East. In 2017, Evention SecureDrop reconciled over 3 million cash drops across the globe. This web-based software platform integrates Cash Recyclers/Machines, POS cash responsibilities, and Bank Deposits to provide complete automation for cash management, from the point of the cash "drop" through the posting to the general ledger."$1 billion in gratuity payroll, along with 3 million cash drops over the last 12 months are two enormous milestones for Evention," said Mike Baldinger, Co-Founder of Evention. "Our team thanks each of our clients for their trust in Evention to automate and manage these critical daily functions. We are very proud of these 2017 accomplishments, but are absolutely focused on the future and adding further value for our clients. We look forward to 2018 as we roll out more automation in our existing products, as well as launch our new Income Audit and Group Billing solutions."In 2018, Evention plans continued growth for its products, services, and team. Over the course of the coming year, Evention will expand its products to offer Credit Card Reconciliation for the retail and hospitality industries, as well as Group Billing Management for hotels. In addition to this product expansion, Evention's customer base continues to grow. At the beginning of the 2018 year, Evention reached more than1,000 world-wide software installations, which service an array of businesses, including hotels, convention centers, casinos, grocery stores, restaurants, and multiple retail verticals.

An Argument for Automation

·11 August 2017
Looking for a competitive edge in the hospitality industry? Tired of manual errors across piles of spreadsheets and reports? With hotel automation, the time consuming, error prone process that jeopardize efficiency, accuracy, and time/cost spending become obsolete. Automated systems eliminate these common business challenges and deliver an unstoppable competitive advantage that drive success in the modern hospitality environment.

Fighting Fraud: What Retailers & Hoteliers Need to Know

·20 July 2017
How much do companies lose due to fraudulent activity every year? How much of this lost cash do retailers and hoteliers even know about? Employee theft, payroll fraud, or embezzlement impact profitability and undoubtedly foster mistrust, tainting company culture. Here is what you need to know about fraud in the hospitality and retail industries:

The Top 3 Benefits of Hotel Cash Recycling According to Our Customers:

·17 July 2017
Hoteliers are no strangers to the cash management headaches involved in handling large sums of cash, day-in and day-out. When management is dependent on manual processes, it is no easy task to guarantee accurate organization and tracking of cash. Cash Recycling provides the immediate remedy for these cash management headaches. Check out the top 3 benefits of hotel Cash Recycling, according to our customers:

Top 10 Questions About Cash Operations Management and Cash Recycling

Evention LLC ·20 June 2017
Do I still need a general cashier? How can my property leverage the time savings and other operational efficiencies? How do I calculate the ROI? In this white paper, Evention LLC shares the top 10 questions that hotel and retail professionals ask about Cash Operations Management.

New Solution Launched by Evention Ensures IRS Tip Compliance for Hotels

Evention LLC · 4 May 2017
Since Service Charges are imposed upon hotel customers and Charged Tips are discretionary, the IRS requires hotels to clearly designate tips and/or tip-outs as either Service Charge or Charged Tips.The IRS website makes clear, "The Internal Revenue Service reminds employers that automatic gratuities are service charges, not tips." In addition, "Generally, service charges are reported as non-tip wages paid to the employee. Some employers keep a portion of the service charges. Only the amounts distributed to employees are non-tip wages."Yet, in working to comply with IRS guidelines, hotels face the challenge of insufficient functionality from most POS systems. The majority of POS systems do not offer the functionality for a hotel associate to identify whether the "Tip Out" is a Service Charge or a Charged Tip. The POS systems often record this transaction as Charged Tips, the defaulted category within the program. To comply, hotels are left with manual processes and even paper tip-sheets to work around these limitations."After analyzing the tip-out process across the industry, we found that the majority of hotels are unknowingly non-compliant with IRS Tip Regulations," states Mike Baldinger, Co-Founder/Managing Partner at Evention. "We collaborated with our clients to develop a new module to solve this widespread industry need."The advantage of full tip compliance, coupled with a more direct and efficient process for hotel staff makes Evention's tip out solution the first of its kind.Self Service Tip Outs by Evention is an online cloud application, which allows employees to conveniently make tip outs from any mobile device, tablet, or PC. Secured by a unique user login, every employee has the ability to "tip out" Charge Tips, Service Charge, Charge Tip Sales, Service Charge Sales, etc. either to an individual employee or to a pool.In addition to guaranteeing IRS compliance, Self Service Tip Outs by Evention also simplifies the management of tip outs at the property. After the employees create the tip outs, managers only need to review the daily/weekly totals. Using the robust reporting features inside Evention, the managers simply approve and close the pay period. Furthermore, payroll for tip postings is automated. Evention generates a payroll file, which is uploaded and used to distribute all gratuities. The increased visibility offered by this solution also makes this a useful tool for management-employee relations. All employee activity on the module is tracked and visible to the management team. While management can leverage this tool to enhance staff accountability, employees benefit from greater knowledge of the tip distribution.While other POS solutions do not always account for the IRS requirement to differentiate service charges from tips, Self Service Tip Outs by Evention was specifically created to solve the industry-wide challenge of complete IRS tip compliance.

Evention Cash Recycling: More to Come For 2017

Evention LLC ·26 January 2017
Since its launch in early 2016, Evention Cash Recycling continues to provide the industry-first and technology breakthrough solution for hospitality, saving operators and ownership time, frustration, and money.With the powerful and unique integration of advanced cash recycling hardware and automated reconciliation against the POS and PMS, Evention is the only company that has solved the puzzle of hotel cash management.See the success of Evention Cash Recycling in 2016 and learn what is anticipated in 2017.2016--Year in ReviewHotel properties throughout the United States from all major hotel brands have installed Evention Cash Recycling for automated cash management.Over 80 locations in the United States and Canada now leverage the integration of Evention SecureDrop software into cash management hardware to streamline the cash process.Evention migrated its software to a mobile-friendly web application. This allows users to manage and review their cash reconciliation from anywhere.Recognized as a game-changing solution for the hospitality industry, Evention was invited to present its Cash Recycling solution at several HFTP events in 2016, including the Nashville HFTP Chapter, the Monterey HFTP Chapter, the National Convention, and HITEC.Tradeshow appearances included HITEC 2016, HFTP Annual Convention, and HX: The Hotel Experience, as well as various regional and national conferences for several major hotel brands.Evention Cash Recycling was selected as a finalist in the TechPitch Competition at HX: The Hotel Experience Show this past November.2017--A Look AheadWith numerous Evention Cash Recycling installations currently underway throughout the United States, this year's Q1 installation schedule is fully booked.Evention is now accepting orders for Q2 Cash Recycling installations - If you are interested in reserving your installation date, we recommend that you place your order early.Options now exist for a wide range of property types, from select-service to upscale and luxury hotels.A variety of scheduled software and hardware enhancements will create even further automation.Evention plans to speak with many HFTP Chapters throughout this year - To schedule a presentation for your HFTP Chapter, contact Evention.Throughout this year, Evention Cash Recycling will be showcased at numerous tradeshows, including HITEC 2017 (Booth #1113), the HFTP Annual Convention, and several more.Solution Overview & DescriptionEvention Cash Recycling revolutionizes cash management for hospitality to eliminate the pain and costs of cash handling that have burdened hotel operators for decades. By combining the best breed of cash recycling hardware with comprehensive web-based software, Evention Cash Recycling eliminates manual cash counting and automates the POS/PMS reconciliation.No other company has solved this puzzle. By reducing courier fees, minimizing cash on hand, and even eliminating the general cashiering position, this innovative solution disrupts what have traditionally been considered sunk cash management costs.Employees also gain new efficiencies. Cashiers start their shifts with a fresh till in less than one minute. At the end of shift, employees can drop all on-hand cash back into the "smart safe" worry-free, without counting out their banks or creating drop envelopes. Audits are automatic ensuring cash accountability and visibility.ROI & Case Study HighlightsWithin just 10 months of installing Evention Cash Recycling, a Washington D.C. hotel achieved the following savings:A complete return on investment in just 10 monthsReduced Cash Float at the property by approximately 50%Productivity Increase of nearly 600 hours per month in operations/accountingIn addition, check out this Case Study to learn how this Dallas property slashed its courier fees and saved significant time and money after installing Evention Cash Recycling.More InformationEvention invites you to learn more about Evention Cash Recycling at the upcoming webinar on Thursday, February 16 at 1:00 PM CST - See details & registration here!Contact Evention to schedule a demonstrationView more information at

Evention Cash Recycling

Evention LLC · 2 November 2016
Evention Cash Recycling revolutionizes hotel cash management by combining the best breed of cash recycling hardware with its web-based software, eliminating manual cash counting, while also automating reconciliation against the POS and PMS. No other company has solved this puzzle. This unique automation is an industry first and a technology breakthrough for hospitality, saving operators and ownership time, frustration, and money. By reducing courier fees, minimizing cash on hand, and even eliminating the general cashiering position, this innovative solution disrupts what have traditionally been considered sunk cash management costs. Employees also gain new efficiencies. Cashiers start their shifts with a fresh till in less than one minute. At the end of shift, the employee can drop everything back into the "smart safe" worry-free without counting out a bank or creating a drop envelope. Audits are automatic ensuring cash accountability and visibility. Hotel cashiers, management, and owners have waited long enough. It is time for change with cash management in hotels and Evention has delivered.Traditional cash management simply cannot guarantee the control, accuracy, and efficiency necessary for a modern hotel. Managing all aspects of cash management from the drop to the cash reconciliation process has always challenged hotels. Secure, automated, precise control and reporting of cash is exactly what the hospitality industry needs.With the powerful integration of automated reconciliation against the POS and PMS and true cash recycling hardware, Evention Cash Recycling provides the only cash management solution leveraging both cash recycling and POS integration. There is no other product on the market that combines both these solutions and brings the full-cycle automation offered by Evention Cash Recycling. From employee start and end shift, cash counting, buying change, and dueback processing, to POS Reconciliation and reporting. Evention Cash Recycling automates the entire process for a faster, more accurate process.Whereas the traditional, manual process for hospitality cash management is tedious, time-consuming, and error-prone, Evention Cash Recycling automates the entire process to save significant time and money and eliminates all risks related to manual-entry. Evention Cash Recycling optimizes the cash available on-site for operations and increases staff efficiency. By replacing manual cash counting, bank audits, and spreadsheet reconciliation with complete employee self-banking and detailed web-based reporting, this automated solution maximizes hotel resources to slash both time and money costs.
Evention Cash Recycling


Thank you for subscribing. Your email address has been added to our mailing list.
To subscribe to the Finance Bytes Newsletter please enter your contact details below.
An error occured, please check your input and try again.
I do want to receive the Finance Bytes email newsletter.
By submitting this form, you have read and agreed to the Privacy Notice of HFTP.
You may unsubscribe to these emails at any time.