AUSTIN, TEXAS, USA (March 6, 2015) – The Global Hospitality Accounting Common Practices (GHACP), a tool that uses cutting-edge technology to provide users a way to compare global accounting practices, now features club data provided by the Uniform System of Financial Reporting for Clubs, 7th Edition (USFRC). In partnership with the Club Managers Association of America (CMAA), Hospitality Financial and Technology Professionals (HFTP®) is now able to deliver an interactive web site that is beneficial to both club and hotel professionals alike.
“HFTP’s partnership with CMAA along with the tireless work of industry contributors has made this all possible,” commented HFTP CEO, Frank Wolfe, CAE. “We are thrilled that club professionals will now have a tool in which to further their knowledge and make informed, financial comparisons.”
The GHACP is a searchable database of detailed operating financial reporting practices used at lodging properties and clubs around the world. It also provides guidance on industry standards, and commentary and analysis from industry experts. The tool helps executives learn and compare how full service properties in multiple regions structure their management accounts.
The addition of the USFRC to the GHACP is a great benefit to club professionals for many reasons including the option to compare schedules and search for items. Now, schedules can be compared between club types (City, Country and CIRA) side-by-side. Club schedules can also be compared to lodging schedules, such as those listed in the Uniform System of Accounts for the Lodging Industry (USALI), both the 10th and 11th editions. This becomes a major benefit when professionals transition to a new club or change segments of the industry from hotels to clubs (or vice versa). Searching for a particular item in the USFRC using GHACP is also a significant benefit because it is an efficient way to locate an item that may be listed under several different accounting categories.
Currently, the GHACP is available for free to HFTP members and for a nominal fee to nonmembers. For more information on the GHACP, please visit the GHACP web site. The USFRC is available for purchase through CMAA’s marketplace and serves as an essential reference for the industry.
