advertisement
  • Value Added Tax in the GCC

    Details on the new VAT established in the region covered by the GCC, including implementation best practices and documentation requirements. By Tanya Venegas, MBA, MHM, CHIA

  • Members Only: A Room for Robots in Hospitality

    Realistic uses for artificial intelligence are increasing, making way for machine-based assistance in accounting, marketing, customer service and more. This feature details current scenarios where robotics is used in the business environment, such as for accounting tasks.

  • Letter from the HFTP Global President: A New Year Equals New Possibilities

    Written By: Timothy G. Nauss, CHAE - We are officially in the year 2018. Now is the ideal time to reflect on the successes of the old year, and prepare to make this new year the best one ever. Just as we set goals for ourselves to make us healthier, happier and more successful, HFTP as an organization sets goals each year to better meet the needs of our members and the hospitality industry.

  • GDPR in Hospitality: Vendor Compliance Query Template Available to Industry

    As a professional association, Hospitality Financial and Technology Professionals (HFTP®) created a group of hospitality industry experts to develop hospitality-specific guidelines to assist with preparation for General Data Protection Regulation (GDPR) compliance.

commercial

Meet the people behind the cryptos

PhocusWire·15 January 2018
The cryptocurrency community is centered around a tightknit group of friends - developers, libertarians, Redditors and cypherpunks. They have known each other for years through meet-ups, an endless circuit of crypto conferences and internet message boards. Over long hours in anonymous group chats, San Francisco bars and Settlers of Catan game nights, they talk about how cryptocurrency will decentralize power and wealth, changing the world order. The goal may be decentralization, but the money is extremely concentrated.
commercial

What's a company board good for, anyway?

BERKONOMICS by Dave Berkus·11 January 2018
Some of you have gotten along forever without a board of directors, or used your spouse as the “other” board member from the start. But there are some very good reasons to build a great board composed of some outside members. And good board members can add real value to you and the company.
commercial

You Don't Just Need One Leadership Voice - You Need Many

harvardbusiness.org·10 January 2018
We often equate developing a leadership voice with finding ways to appear more confident. We assume that our success depends upon mimicking someone else, increasing our self-promotion, or saying things louder than others. But rather than living with imposter’s syndrome, or feeling exhausted by wearing your game face all day, you can build a truer confidence by more intentionally focusing on cultivating many different parts of your leadership voice each day. Ultimately, you should cultivate enough parts of your voice so that no matter the leadership situation or audience you find yourself facing, you can respond in an authentic, constructive, and effective way. So, what are the various voices to access within yourself and cultivate over time? And what are the situations that warrant each voice?
commercial

Efficient Hotel Design Tips - Save Monthly Utility Costs

Hotels University·10 January 2018
With construction costs on the rise, most developers are looking for ways to cut both upfront and operational costs. One way to drive down operational costs is to design a hotel as energy efficient as possible. While we see very few developers pursuing “formal” sustainable certifications like LEED, we do encourage all of our clients to at least evaluate “selfish sustainability” measures – design aspects that benefit both the environment AND the bottom line.

Video: Three approaches to running a travel startup

PhocusWire· 9 January 2018
One has taken in around $450 million funding. Another hasn't brought in any outside capital investment. The other a modest $1.5 million. Three travel startups with three very different takes on how to build a business.

Letter from the HFTP Global President: A New Year Equals New Possibilities

HFTP Connect· 8 January 2018
Written By: Timothy G. Nauss, CHAE - We are officially in the year 2018. Now is the ideal time to reflect on the successes of the old year, and prepare to make this new year the best one ever. Just as we set goals for ourselves to make us healthier, happier and more successful, HFTP as an organization sets goals each year to better meet the needs of our members and the hospitality industry. As president of HFTP, I am very enthusiastic about all of the possibilities for continued growth and productivity in 2018.
commercial

QOTW: Something about Airbnb's legal dilemmas

PhocusWire· 5 January 2018
Quote from Apartment Investment & Management Co. (Aimco) in an article on PhocusWire this week: Lawsuit against Airbnb dismissed, but battle isn’t over “Complicit” here would be how Aimco characterizes the home-share giant’s involvement in what the landlord company views as illegal subletting of its properties. It’s a claim Airbnb not only disputes, but has also legally triumphed over - for now. A California judge dismissed Aimco’s case against Airbnb on the grounds of the Communications Decency Act, which protects online service providers from liability for user content. And while Aimco lost that battle, it’s not giving up the fight and is pursuing further legal options in California and also with litigation in Florida.
commercial

Lawsuit against Airbnb dismissed, but battle isn't over

PhocusWire· 3 January 2018
Although Airbnb is celebrating a victory over landlord company Apartment Investment & Management Co. in a lawsuit attempting to stop tenants from sharing spaces, the fight is still active. In a December 29 ruling, a Los Angeles federal judge sided with Airbnb, citing the Communications Decency Act, which protects online service providers from liability for user content.
commercial

Priceline Group, IBM settle patent lawsuit

PhocusWire· 2 January 2018
Priceline Group and IBM start the new year with their complicated patent battle resolved with a confidential settlement. IBM had sued Priceline Group in 2015, accusing the company - and its subsidiaries Priceline.com, Kayak and OpenTable - of using its patents without authorization and payment. In the complaint filed in the U.S. District Court in Delaware, IBM claimed Priceline refused to buy a license to use four of its patents concerning apps and ad displays related to Prodigy, the online service co-founded by IBM in the late 1980s.
commercial

Promote Teamwork

Naturally Loyal·31 December 2017
Upskill and cross train people to cover other’s responsibilities so people are confident their job still gets covered when they are sick, on holiday or have an extra heavy workload. Set up job swaps so everyone has a greater appreciation of each other’s roles and create teamwork and a culture where everyone takes responsibility when necessary, rather than passing the buck. Upskilling also demonstrates you commitment to your team, and shows people they are valued.
commercial

How to Resolve Conflicts with a Remote Coworker

harvardbusiness.org·29 December 2017
Working as part of a remote team, with colleagues spread out in different locations, is increasingly common and surprisingly challenging. Absent non-verbal cues, it’s often difficult to gauge how your relationship is going. If something does start to derail your relationship, you don’t have the benefit of informal office interactions to build rapport and re-establish trust. Small irritants that aren’t addressed can fester into resentment and eventually impact your work. Don’t let concerns with your remote teammates grow bigger than they need to be. There are a few techniques you can use to deliver feedback that will get the relationship back on track.

2017 Wrap-Up & Heads-Up: The Top Workforce Management Issues of 2017

Hospitality Labor and Employment Law Blog·27 December 2017
As 2017 comes to a close, recent headlines have underscored the importance of compliance and training. In this Take 5, we review major workforce management issues in 2017, and their impact, and offer critical actions that employers should consider to minimize exposure:
commercial

Are hoteliers ready for the GDPR in 2018?

SiteMinder Blog·21 December 2017
In 2018, member states of the European Union (EU) will be subject to one of the biggest changes to data protection laws in the past 20 years. The General Data Protection Regulation (GDPR) will come into effect on the 25th May, but many hoteliers are seemingly not ready for the new law. Management consultants, Edgar, Dunn & Company (EDC) surveyed 300 hoteliers around the UK to gain a better understanding of the current status of their GDPR preparations.
commercial

The Rainmaker Disaster Checklist: Are You Prepared?

The Rainmaker Hospitality and Gaming Blog·20 December 2017
Once you have answered pressing questions concerning what to do in the event of a disaster, the next step is to ensure you've whittled down the list of to-do items for your property. We've developed a disaster checklist that addresses what to do when a disaster is forecasted, and the key items to accomplish whether your property is open or closed after disaster strikes from a revenue management stand point.
commercial

UAE Hotels: How to price right and accommodate new tax laws

Duetto Research Blog·20 December 2017
On January 1, 2018, a 5% Value Added Tax (VAT) will be introduced on all hotel services, service charges and municipality fees for hotels in the UAE. This new consumption tax will be charged at every stage of the supply chain. It is expected that the new tax will generate $3.27 billion for the UAE Government within its first year, rising to $5.45 billion by 2019. Hospitality revenue in the UAE is reportedly forecast to reach nearly $10 billion by 2020. Yet, recent figures have shown revenue to be in decline. What will the additional 5% VAT charge mean for hotels in key markets such as Dubai and Abu Dhabi? According to data from STR, Dubai hotels saw a 14.8% decline in RevPAR to AED381.20 in September 2017. ADR dropped 10.6% to AED497.67 during that same month.

What Should CFOs Expect from the New Tax Bill?

CFO Magazine·19 December 2017
With the House’s passage of the final version of the Republican tax bill today and with the Senate’s thumbs-up expected to follow it, the broad outlines and many of the details of the new regime for corporate taxes (as well as taxes for individuals) starting on January 1, 2018, is in focus. Indeed, many CFOs might start plotting their companies’ responses starting Tuesday night. Both houses will be voting on the version of the Tax Cuts and Jobs Act released on December 15 by a joint House and Senate Conference committee that resolved the Congressional conflicts that lead up to it.
commercial

Key things hoteliers need to include in a hotel's budget plan for 2018

Hotelogix Blog·19 December 2017
As the year is almost drawing to a close, the struggle for hotel owners just begins. It’s time to analyze the minute details and make a plan for the hotel’s spending for the next year -2018. We can’t deny that large bunch of reports definitely make us cringe, but having a set plan will help to keep things stable for hoteliers. So, it’s time to tackle one of the most important question for every hotel owner, “What should a hotel spend on in 2018?” What can hotel owners do differently to optimize revenue and increase profit? Let’s take a brief look.
commercial

Hotels and a record-breaking 2017

eyefortravel.com·Requires Registration ·19 December 2017
In the market for accommodation, hotels have had a pretty good year but Airbnb is facing growing competition and regulatory pressure No hotelier is taking the current good times for granted, witness the migration to asset-light strategies, but 2017 has been excellent for most major groups. The global economy has been growing well, business is better than expected and overall price prospects for 2018 look good - a rise of 3.7% according to Carlson Wagonlit Travel.
commercial

NLRB Reverses Key Rulings on Joint-Employer Status and Handbooks, Rules & Policies - More Changes Coming

Hospitality Labor and Employment Law Blog·15 December 2017
Our colleague Steven M. Swirsky at Epstein Becker Green has a post on the Management Memo blog that will be of interest to our readers: “NLRB Reverses Key Rulings: Returns to Pre-Obama Board Test for Deciding Joint-Employer Status and for Determining Whether Handbooks, Rules and Policies Violate the NLRA – Assessment of 2014 Expedited Election Rules and Future Changes Also Announced.”
commercial

Why Cutting Taxes Won't Make America More Innovative

harvardbusiness.org·15 December 2017
As the U.S. Congress considers the tax proposal put forward by Republicans, there has been plenty of debate over how it would affect innovation. Proponents argue that lower taxes would increase corporate investment; critics contend that the bill would hurt research universities and that the bills as written would neutralize the R&D tax credit for businesses.
commercial

The Rise, Fall, and Rebirth of the U.S. Antitrust Movement

harvardbusiness.org·15 December 2017
What happened to the antitrust movement? This was the question asked by Richard Hofstadter in the mid-1960s. Antitrust, observed the historian, once was the subject of a progressive movement in the U.S. that stirred public agitation and imagination, despite few antitrust prosecutions. By the 1960s, there were many antitrust prosecutions (by both Democratic and Republican administrations), but without any antitrust movement. Fifty years later, the U.S. has neither an antitrust movement nor much enforcement. That needs to change.
commercial

Hotel Budgeting Strategies for 2018

HMG Hospitality Blog·15 December 2017
The end of the year means extra focus on hotel budgeting strategies for 2018. While the end-product is an estimated financial statement for the upcoming year, the process begins with a marketing plan. Robert Mandelbaum, contributing author at HotelManagement.net, shares useful insights in his article, “Understand Your Local Market When Making 2018 Budget.”
commercial

If You Aspire to Be a Great Leader, Be Present

harvardbusiness.org·13 December 2017
Some years ago, we worked with a director of a multinational pharma company who’d been receiving poor grades for engagement and leadership effectiveness. Although he tried to change, nothing seemed to work. As his frustration grew, he started tracking the time he spent with each of his direct reports — and every time he received bad feedback, he pulled out his data and exclaimed, ”But look how much time I spend with everyone!”
commercial

The Real Reasons Companies Are So Focused on the Short Term

harvardbusiness.org·13 December 2017
dec17-13-637552554-MirageC MirageC/Getty Images This has been a remarkable year for the markets.  The S&P and the Dow indexes are up 18% and 19%, respectively.  But this run-up isn't based on solid business foundations.  Quarterly profits have only increased 5% since 2012, but investors' valuations of those profits (as measured by earnings per share) has increased 59% over the same period. What's behind the disconnect?  Some argue that profits are stagnant because of short-termism-that decades of focusing on current profits over long-run innovativeness has resulted, now, in companies that are hollowed out. Indeed, a study by Rachelle Sampson and Yuan Shi found that company short-termism is negatively correlated with innovativeness, measured as RQ ('research quotient,' a measure of the return on R&D investments). Investors punish companies with a short-term orientation by applying higher discount rates to them, which increases the cost of capital for those co
commercial

What Workers and Companies Should Know About the Republican Tax Bills

harvardbusiness.org·11 December 2017
The House and Senate have passed somewhat different versions of major legislation to restructure the federal income tax. A House-Senate conference committee still needs to reconcile the two bills, with the goal of finishing before Christmas. Both bills would significantly overhaul the corporate income tax, increase the federal budget deficit, and disproportionately benefit upper-income taxpayers. And the bills include many provisions that are poorly understood and may have unintended consequences.
commercial

VIDEO: Solving a genuine multi billion dollar problem in travel

PhocusWire· 6 December 2017
There are a number of comments that often float about during travel startup pitch events - many of them not very positive. From the reasonably constructive: "This is a feature, not a business." ... to the not particularly subtle: "This is a solution in desperate need of a problem to solve."

Newletter

Thank you for subscribing. Your email address has been added to our mailing list.
Close
To subscribe to the Club Bytes Newsletter please enter your email address below.
An error occured, please check your input and try again.
CancelSubscribe