David Lund, a financial consultant for hotels, shares his thoughts on how hotels should approach hotel finance software and tools, and the role techn
This is not the case for all GMs, but it is definitely the case for many. The reason is simple: the GM has not been given any formal accounting train
The word “expenses” needs to be defined and refined for this article. Expense broadly refers to any cost a business has including payroll, goods and
They go by many names: owner’s commentary, monthly commentary, executive commentary and more. The names can be different but in essence, they are all
To get your non-financial managers to play ball with their numbers in your hotel you need a system that they can follow, a sort of roadmap they can u
With the rapid changes we have seen since 2020 in hospitality comes many additional challenges. It seems like everything is up for grabs these days.
Preparing a five-year financial plan for your hotel might sound daunting, but it is all in your head. Let’s lay it out. You are either dreaming about
If you do not have all three of these metrics on your radar screen at the same time, you are flying the profit picture in your food operation with at
Here’s the scenario. You have finally got a full-blown accounting policy manual in place. It has taken several months and a lot of work, but it’s don
What brands don’t know is, they can create great financial bench strength in their hotels and their owners will pay 100% of the cost. Brands also don
Having a financial system that produces regularly scheduled information about your hotel and the direction it is going is paramount to your survival.
I have recently read more than one article on breakeven analysis and they all miss the mark in my books because they focus on what occupancy is neede
I recently watched a documentary on fraud and why the auditors were unable to detect anything even when they were right on top of what was so obvious
In our lives we are continuously evolving as people. When thought of most of the time, this evolution seems like a continuous stream of challenges to
The budget is a BIG deal. Heck, it consumes so much time and energy in the hotel. Getting it right is a critical element to any branded, managed hote
You might be reading this and saying to yourself, “Well, for sure every hotel needs a daily pick-up report.” But I bet you would be surprised how man
Having a monthly financial statement for your hotel is the key to creating an effective management process inside your business. But, like many thing
In your hotel internal controls are a mission critical element you must have up and working well to adequately safeguard your assets. If you forgo th
GO PAR is the new and exciting measurement everyone is talking about in the hotel business. But let’s be honest. It is a bit of a stretch to comprehe
The hotel business is a form of retail business. Every day we must balance our revenues with our settlements, just like you would if you owned a stor
If you complete a regular monthly close in your hotel, and I certainly hope you do. And if closing your books takes longer than three-five working da
That’s a big statement because if you are involved in the budget in your hotel and you have played baseball then you are probably saying to yourself
I heard this about 40 years ago and it has stuck with me. I was a newbie cocktail waiter working part time in my hometown hotel. One of my regular we
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 w
That’s right, your eyes and the headline are not fooling you. I learned this from a client in a backwards kind of way and now I want to share it with
When it comes to investing in oneself many times people overlook the outcome and instead concentrate on the up-front cost. When we look at the opport
A lot has been speculated about what could and should change because of the pandemic. There is one aspect of the hotel business that desperately need
