Revenue Hub

OCTOBER 13, 2023

Planning a hotel budget is a critical task that ensures the smooth operation and financial health of your hotel. This guide will walk you through the essential steps, best practices, and expert advice to help you create a robust hotel budget. Without a budget, you risk financial instability and inefficiency.

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Budgeting Revenue Projections Article Maintenance 105

Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. Subscribe to our weekly newsletter and stay up to date In this guide, we’ll break down everything you need to know about budgeting with revenue best practices in mind. You’ll need to address problem areas in your 2024 hotel budget. Let’s dive in!

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Budgeting Accounting Pricing Article 99

Modern Restaurant Management

JULY 7, 2022

They accounted for more than 80 percent of all restaurant transactions during those days. It’s important to monitor and account for your “Invisible Guest” traffic so you can get a better handle on resource allocation. After all, delivery apps and take-away service were the true lifelines of lockdown. It can be done.

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Accounting Budgeting 186

SiteMinder

SEPTEMBER 10, 2023

What is a hotel budget? A hotel budget is a financial plan that outlines the projected income and expenditures for a specific period, usually one fiscal year. The budget also accounts for all types of expenses, including operational costs, capital expenditures, and marketing budgets. Here are the steps involved: 1.

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Budgeting Maintenance Front Desk Operations Document 59

Hospitality Net

AUGUST 30, 2023

For the last 20 years, The Peabody has relied on Aptech to automate its enterprise accounting processes. This month, the property will go live with Aptech’s budgeting and forecasting solution, Targetvue, to give its accounting team “one version of the truth.”

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Revenue Hub

OCTOBER 20, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hotel leaders to find out.

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Budgeting Travel and Tourism Pricing Article 108

STAAH

NOVEMBER 29, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

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Budgeting Pricing Book Accounting 64

Synergy Suite

JUNE 6, 2023

A powerful tool, restaurant accounting software can revolutionize the financial management of your food service establishment. What is Restaurant Accounting Software? Restaurant accounting software is a specialized software solution designed to manage financial and accounting tasks specific to the restaurant industry.

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Accounting POS Systems Budgeting Bookkeeping 52

SiteMinder

MAY 12, 2023

What is hotel accounting? Hotel accounting is the process of recording and maintaining the financial records and performance of your hotel business. Good accounting makes the finances of your hotel easy to understand for management and other stakeholders – so they can make informed decisions. room sales).

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The Restaurant Times

AUGUST 5, 2022

Restaurant accounting is an integral part of operating modern-day restaurants and ensuring consistent growth in the business. Typical accounting methods have not been able to cope with the fast-changing demands of the restaurant business. Benefits Of Restaurant Accounting. Efficient Budgeting. Accounting Cycle.

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Travel Booster

MAY 10, 2023

Are you tired of spending countless hours tracking down transaction records, trying to reconcile accounts, and manually generating financial reports? But fear not, intrepid travel agency, because we’re here to help you navigate the choppy waters of accounting software. The List of Best Accounting Software for Travel Agencies: 1.

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Modern Restaurant Management

AUGUST 10, 2020

The Center on Budget and Policy Priorities estimates that state budget shortfalls will reach almost 10 percent in the current fiscal year and about 25 percent in fiscal year 2021. A good practice for restaurants is to move these trust fund monies into separate bank accounts. On July 13, the U.S.

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Budgeting Accounting Information 178

eHotelier

FEBRUARY 15, 2024

Invisible to guests at this AAA 4 Diamond oceanfront property is how efficiently the hotel’s finance team is operating thanks to the addition of two software solutions from Aptech: PVNG Enterprise Accounting and Targetvue Budgeting & Forecasting.

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Xotels

AUGUST 15, 2022

How far are you with your targets, budget, and plan of attack for next year? Did you make your new hotel budget already or are you right in the middle? Or are you really putting your teeth into it and drilling down per segment, per channel, per account, and per day? I have to share with you a funny story to budgeting with you.

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Budgeting Marketing Blog Accounting 59

Revenue Hub

MARCH 6, 2024

Starting March 11, Google Ads is implementing a new policy that’s all about boosting your campaign’s budget efficiency. Rollout Timeline: Completion across all Google Ads accounts by the end of April. Here’s why it’s important: Budget Optimization: Ensuring your ad spend goes to active, high-performing ad groups.

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Budgeting Accounting Article Marketing 109

Modern Restaurant Management

APRIL 10, 2024

For example, operators can boost value perception and satisfaction by implementing a barbell strategy—appealing to budget-conscious consumers looking for affordable meals as well as giving high-end customers, who are willing to pay a premium, additional options to add on.

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POS Systems Back Office Operations Pricing Budgeting 193

Hospitality Net

FEBRUARY 13, 2024

Invisible to guests at this AAA 4 Diamond oceanfront property is how efficiently the hotel’s finance team is operating thanks to the addition of two software solutions from Aptech: PVNG Enterprise Accounting and Targetvue Budgeting & Forecasting.

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Modern Restaurant Management

JUNE 26, 2020

Many restaurants are looking at their 2020 budget and wondering – what now? It is time to adjust your 2020 budget, evaluate labor and food costs, update bank reconciliations and take an overall holistic look at your business model and strategy. Restaurants and bars are opening with capacity restrictions and new guidelines.

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Budgeting Accounting Front of House Customer Service 178

Horizon Hospitality

APRIL 15, 2024

It speaks to the public’s demand for authenticity and is budget friendly. No matter what a restaurant’s budget is, there is no shortage of tactics available for UGC. User Generated Content (UGC), which is anything that a customer shares about a brand on social media, seems to be a marketing golden ticket for restaurants.

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Marketing Budgeting Accounting 130

Revenue Hub

APRIL 22, 2024

The absence of marketing at key points in a traveler’s booking journey due to budget restrictions should be recognized for what it is—opportunity cost. So much so that OTAs have devoted huge chunks of their budgets to these channels. Metadesk covers the cost of media – and is not constrained by artificial budget limits.

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Hospitality Net

MARCH 13, 2024

With relationship building always top of mind, Aptech will be exhibiting at the 35th Annual Hunter Hotel Investment Conference to display its integrated enterprise accounting, business intelligence, and budgeting/forecasting software for hotels.

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Modern Restaurant Management

FEBRUARY 27, 2023

Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out. Use creativity to market a restaurant on a limited budget. Reviewing these numbers frequently can help to hold vendors accountable to the prices they are quoting.

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Bookkeeping Budgeting Scheduling Pricing 186

Modern Restaurant Management

MARCH 1, 2023

The best way to decrease food waste is to have accurate, up-to-date analysis, which means implementing a reliable restaurant accounting system. Also, BOH staff should establish a declining spending budget to account for weekly purchases and pinpoint how much budget remains for need-it-now food and ingredient purchases.

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Back of House Front of House Accounting Budgeting 169

Blue Magnet Interactive

FEBRUARY 11, 2020

Your property may even have an account on Instagram and Twitter. Social listening, when done effectively, can improve your social media account performance and enhance your entire marketing strategy as a whole. Active social listening can help your marketing team make educated decisions and allocate your budget more effectively.

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Accounting Budgeting Marketing Information 52

Hotel Business

MARCH 13, 2024

She led a transformation in Aqua-Aston’s financial strategy, implementing substantive changes to enhance its accounting and financial operations, including budgeting, financial reporting and audit functions, according to the company. She joined Aqua-Aston in December 2018 as SVP/chief financial executive.

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Budgeting Accounting 59

Hotel Owner

DECEMBER 6, 2022

Travelodge has announced it has exchanged contracts for a seventh hotel in Bristol with Invesco Real Estate, a global real estate investment manager, on behalf of one of its separate account clients. The hotel will be developed to Travelodge’s new budget luxe premium look and feel design, the group’s “most radical transformation to date”.

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Budgeting Accounting 105

Modern Restaurant Management

SEPTEMBER 1, 2023

Inventory also has major implications in the accounting process since the amount of product on hand represents a large part of the overall budget. Whenever a restaurant acquires, counts, transfers, or wastes inventory, it must be entered as a journal entry into the accounting general ledger.

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Accounting Training Scheduling Information 177

Modern Restaurant Management

NOVEMBER 24, 2020

Restaurant owners are being forced to find a way to make it through winter with vastly reduced revenue, and many operators are scrambling to reallocate budgets and manage staffing to survive COVID-19. Plan for Gaps in Your Budget. That said, restaurants didn’t have COVID-19 written into their budget at the beginning of 2020.

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Budgeting Communication Training & Development Marketing 229

Modern Restaurant Management

MARCH 30, 2022

Accountability down to the individual level. More accountability for who is responsible for what in an organization results from each step in a business workflow being clearly assigned to one action. If visibility is increased, then communication for employees can be more accurate. Value of Automated Workflow.

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Front of House Customer Service Accounting Communication 178

Hotel Owner

MARCH 25, 2024

A meticulously crafted plan serves as the roadmap for the refurbishment, working out timelines, budget allocations, and resource requirements. Whether the aim is to modernise facilities, reposition the hotel in the market, or enhance accessibility, clarity in objectives guides decision-making throughout the project lifecycle.

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Budgeting Communication Guest Satisfaction Marketing 98

Revenue Hub

JANUARY 13, 2023

Like all businesses, you want your hotel to get the best return on its investment and ensure every penny of the hard-earned marketing budget is being spent well. However, taking this into account, we’d recommend budgeting between £200 – £1,000 per month for PPC. Recommended ad budgets for hotels.

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Marketing Budgeting Pricing Book 97

Hotel Owner

APRIL 18, 2023

UK’s budget hotel chain Travelodge has announced it has resubmitted plans for a new 83-room hotel in Shrewsbury town centre. The interior of the hotel will be developed to Travelodge’s new budget-luxe premium look and feel design.

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Budgeting Accounting 103

Revenue Hub

APRIL 3, 2024

The algorithm takes various factors into account, with one of the most important being the conversion rate. Since booking.com earns from commissions, which hotel do you think will receive greater visibility now? Naturally, it would be Hotel B. This logic isn’t hidden; it’s evident in booking.com’s documentation.

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Reservations Book Document Article 103

Modern Restaurant Management

MARCH 22, 2024

Have a system in place to record what has been pulled and ensure all recalled products are accounted for, and none remain in walk-ins, prep areas, etc. These tools have become more affordable, accessible, and user-friendly, making them an ideal solution for organizations of all sizes and budgets. Act quickly. Communicate effectively.

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Modern Restaurant Management

FEBRUARY 4, 2021

Provide Franchisees with an Adaptable Template and Budgeting Playbook. Providing your franchisees with a playbook to guide them through the budgeting process for their restaurant’s unique situation will engage them to lay a foundation for their success in the months and years to come.

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Budgeting Document Scheduling Accounting 199

Modern Restaurant Management

OCTOBER 1, 2022

Let’s look at low-budget restaurant marketing ideas to succeed in inflationary times. Three Tips to Promote a Restaurant on a Low Budget. Or you can partner with influencers, invite them to the restaurant, and ask them for a review on their accounts. What you need is to have positive outcomes for every dollar spent.

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Marketing Budgeting Communication Information 199

Hotel Owner

JANUARY 31, 2023

Sustainability is seen as crucial to the success of businesses across industries, but there is scepticism about who is telling the truth and being ethical, accountable and transparent. In the past decade, consumer consciousness and worldwide concern have increased in tandem with the growing severity of the climate crisis.

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