-
The Art of Pitching: Is it Overrated - or Essential?
Pitching… that thing we force notoriously introverted geeks to do for funding. The main idea is that an entrepreneur — unless his name is Elon Musk or Tony Stark — has limited resources and needs the financial support of pockets that are substantially deeper than his own.
-
What to Expect: New Changes Coming to Lease Accounting Standards
The upcoming revision to lease accounting standards was one of the topics discussed by the HFTP Hotel Advisory Council in their February 2018 meeting. The surprising conclusion from the council: The hotel industry in general is not prepared for the changes, and there is no viable off-the-shelf software that any of the members were aware of that would assist with the accounting for the new standard.
-
HFTP GDPR Guidelines: Hospitality Organization Flow Charts
This document is a set of flow charts illustrating data flow scenarios, involved parties providing hospitality services, steps of the guest journey and more. Four scenarios are presented: independent hotel, independent hotel with third party agreement, branded hotel and branded hotel with independent control.
-
Job Description Template: Club Accounting Positions
The HFTP Americas Research Center has developed example job descriptions for club accounting positions. The process involved reviewing sample job descriptions, and compiling the information into standardized job descriptions.
commercial
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.
commercial
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.
commercial
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.
commercial
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 eventionllc.com
commercial
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
PRODUCT FEATURE – Evention LLC
PRODUCT FEATURE – Evention LLC
