hotel financial statements
Hospitality Financial Leadership: The Key Attributes of a Proper Hotel Financial Statement
David Lund | April 4, 2022
By David Lund Having a monthly financial statement for your hotel is the key to creating an effective management process inside your business. But, like many things in life, hotel financial statements are not all equal. To be effective your statement needs to be in shape, and it must have the proper features that allow you the insight you need to make better operating decisions in a timely manner. That is what this is all about, defining what the modern-day standards are when it comes to designing and producing a good hotel financial statement. Monthly First and foremost, you MUST produce your financial statement each mo...
Hospitality Financial Leadership: Modern Hotel Financial Statement Features – Part 1
David Lund | June 14, 2021
By David Lund Do your hotel financial statements give you the information you need to effectively run your business? Are you able to see if your profits are where they should be in an enhanced top-line statement? Do your statements measure flow thru? Do you record your room’s business by proper segments and track the rooms occupied, rate and revenue in each segment? Do you record customers served in F&B and do you separate meal periods? Do you record liquor, beer, wine, and mineral sales on your financials separately? Do you measure labor productivity in your financials? Do you record hours of work in your financials? Do you have pay...
Hospitality Financial Leadership: What’s Possible in the Future With Hotel Financial Statements
David Lund | January 18, 2021
By David Lund I am a big fan of the Uniformed System of Accounts for the Lodging Industry (USALI), or as she is affectionately called “You Sally.” It has been the guide that our industry uses to properly present financial information for a long…long time, in fact almost 100 years. It lays out the format for our financial statement presentation and essentially acts as a referee if you like, to tell us what goes where. What revenues, costs of goods, expenses, and payroll belong to which department. Having a guidebook in its 11th edition that details where it goes and what it looks like are a gift. I know many industries struggle w...
