Simple Tip for Getting Your Monthly Hotel Financial Statements Faster! Imagine if all of your vendor relationships were seamless, every invoice was paid timely, and that data flowed exactly where you had planned on the financial statements. Accounts payable pros are often thrown into the job with little to no training, yet they are given the responsibility of making all of that happen. So vendor relationships are strained. There are missed payments, double booked invoices, an

We hear over and over again when you bring on a new person that the 90 day mark is one of the most important to set the stage on how that new team member is going to develop and train and grow. Personally I think that the 90 day mark is important but it’s not nearly as important as the first two weeks. The first two weeks are when the new person is learning names, lingo, locations, processes, and they are essentially a sponge and just taking it all in. That’s great but as a

Quick Tip for Increasing Hotel Revenue and ADR (Average Daily Rate) Here’s a problem all of our hotels are facing…. Revenue Performance! Now the tip I’m going to share with you comes from Dylan Beaumont, a General Manager who shared this with me and I wanted to share it along with all of you! We need all of the revenue we can get right now and I appreciate Dylan reaching out to share this with fellow hoteliers. It’s this type of “abundance mindset” in how can we all win and

Hotel Accounting Systems to Hotel Financial Statements Throughout the month data is flowing into your accounting system from multiple places. Different systems. Different team members. Many people are going to let it sit wherever it lands and never question it, but that is a mistake. Mistakes are going to be made. Systems are going to have errors and humans are going to make errors. And if you don’t have a process for identifying and moving misplaced items, your financials ar

How do you know if your Hotel's Balance Sheet is correct? Have you ever looked at an accounting schedule and thought to yourself, “What the heck does that mean? I don’t have any idea what they’re talking about here? Wait, when is this due? How much am I paying?” You see, when I look at most schedules, insurance schedules in particular, those are the kind of questions I typically come up with. They’re difficult to understand and there’s a lot of information on there that isn