hotel budgeting
Hotel Financials: Key Changes in USALI 12th Edition
HotStats | May 22, 2024
USALI 12th Edition: Significant Revisions Overview The 12th revised edition of the Uniform System of Accounts for the Lodging Industry (USALI) fundamentally enhances the transparency of financial and operational aspects in the hospitality industry. To quote Sir Arthur Conan Doyle's iconic character Sherlock Holmes, “It is a capital mistake to theorize before one has data.” Embodying this wisdom, the updates in USALI provide a robust framework for data-driven decision-making and increased transparency, aligning closely with evolving business needs. These are thoughtful changes, designed to align with the shifting demands of the hospital...
How to Make the 2024 Hotel Budgeting Process as Smooth and Painless as Possible
HotStats | November 6, 2023
By Jeannette King, Marketing Manager at HotStats For hotel owners and operators alike, the annual budget is often a grueling and time-consuming process. This year, with persistent inflation, added pressures on cost control, and uncertainty about the economy, the process is as fraught as ever. Are there ways to make the 2024 budgeting process more streamlined and efficient? For insights and advice, HotStats reached out to leading hospitality experts around the world. 1. Start Early but Submit Late Hoteliers often complain that the budgeting process seems to start earlier every year. This is especially true for large hotel groups with mult...
Hospitality Financial Leadership: Why Managing the Budget in Your Hotel Is Like Playing Baseball
David Lund | January 24, 2022
By David Lund 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 that I am off my rocker. The budget is a mean and unruly nasty guest that comes every year and sometimes does not leave completed for weeks, even months. And, it is certainly not fun and engaging like a good game of baseball can be. Alas, like all things, there is more than one way to look at the budget, and I did say “managing” in the title. So, let’s dig a little deeper and see what I am talking about. Much of life is how we choose to do battle and manag...
It’s Time for Hotel Finance Teams to Re-Evaluate Their Budget ‘Drivers’
Jill Wilder | September 14, 2021
By Jill Wilder As we are all aware, budgeting for 2022 will present some challenges, without a crystal ball we are going to need to use our knowledge to form new ways to plan for our future. While historical drivers helped hoteliers in previous years with their future planning, it’s a whole new ballgame today, as the very way a hotel operates is radically different from even a year ago. As in the past, just comparing departmental profits from previous months is just one piece of the puzzle. To have better, more accurate budgeting numbers for the year ahead, hoteliers need to re-evaluate their drivers and establish a new baseline data set...
Hospitality Financial Leadership: The Infamode Machine
David Lund | May 17, 2021
By David Lund There has been a great deal of progress and technology that helps hotels and businesses in general keep better financial information. This story is about the early days and how things changed rapidly in my world. With those changes came opportunities. I also remember how some struggled with all the changes. It in turn makes me think of the current situation in our world and I can take some solace from knowing there is still more to come. I can recall working in the early days and using green columnar pads to enter food and beverage purchase information. There were no personal computers at work. For those of you who are stu...
myDigitalOffice Announces the Acquisition of Broadvine, a Leader in Hotel Budgeting, Forecasting, and Performance Reporting Technology
myDigitalOffice | May 10, 2021
BETHESDA, Md., May 10, 2021 -- myDigitalOffice (MDO), the leading technology platform for hotel performance management, today announces an asset purchase from Broadvine, a long standing provider of hotel performance planning applications, including their cloud-based budgeting and forecasting platform. The addition of Broadvine's technology will intensify MDO's rapid growth and solidify their position as a market leader in hotel performance management and data analytics. The acquisition expands MDO's platform by adding standardized hotel budgeting capabilities with week over week forecasts. Additionally, Broadvine's customers will bene...
Hospitality Financial Leadership: Chapter 14 – The How To vs. The Want To
David Lund | January 4, 2021
By David Lund The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. Mr. D returned the next morning ...
Hospitality Financial Leadership: Chapter 11 – Being
David Lund | October 12, 2020
By David Lund The chapter below is an excerpt from my new book. It’s fiction but some of the characters and story lines are based on people I have worked with and events that have taken place in the hotels I have worked in. The book is a fable about a hotel manager who has some very bad habits. He must change in order to survive and the book takes him and you through the lessons needed to be a great hospitality financial leader. I’m writing ahead each month so I’m not sure how the book will end. I hope you enjoy it and if you missed any earlier chapters you can find them on my website blog tab. The first two days at the Norton...
