Hospitality Financial Leadership
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Your Ultimate Resource for Financial Leadership in Hospitality - www.hotelfinancialcoach.com
Your Ultimate Resource for Financial Leadership in Hospitality - www.hotelfinancialcoach.com
There is a critical understanding that all hospitality financial leaders need to clearly understand and communicate when it comes to expenses. It is a simple distinction that is many times missed or not clearly understood. That is what this piece is all about: Clearing up the mystery and setting the expense record straight. Here's the scoop!
Packages are, on the one hand, straightforward. They are a well-established offering in most hotels, customers love them, and they are not going away. On the other hand, most hoteliers are at a loss to properly set up and manage the transactions so that they do not end up with a mess in their books and systems. That is what this piece is about: How to properly administer these seemingly complicated and unruly devices.
No one can explain accounting. I have some pretty crazy situations presented to me by potential clients. I say crazy and I what that means is that it is almost unbelievable that anyone would find themselves in such a mess with their business and their books.
In my life, there are few if any financial moments that have created a lasting positive memory. At least that is how it has been for me. Not too many earth-shattering activities, but one on the money side stands out. So that is what this one is about, one of those moments where a financial miracle happens, and it is at the hand of one of my heroes.
Hospitality Saskatchewan to Host Gather Again 2023 Conference & Tradeshow
Book Excerpt from The Prosperous Hotelier - What is 'Hospitality Financial Leadership?'
You finally have a full-blown accounting policy manual in place. It has taken several months and a lot of work, but it is done. Something to be proud of indeed! But, wait a minute, it seems like no one knows about these policies and whenever you speak about such and such internal control not being followed, you get the deer in the headlights look.
The dreaded credit card reconciliation need not be such a big deal if we bite-size it. That is what this piece is all about: How and why you should balance your hotel credit cards daily. That is right – every day – and I mean you need to know the cards are balanced to three separate and connected points.
In the hotel world it is the operational technology stack that has us all bootstrapped. That is what this piece is all about. How we find ourselves in this predicament and how we might be able to literally run away from it.