Global Hospitality Accounting System Common Practices

PARTICIPATE The development of the Global Hospitality Accounting System Common Practices is a major undertaking, and involves the input from a broad spectrum of hospitality industry practitioners and professionals. The project team welcomes participants for the following roles:

ACADEMIC INSTITUTIONS

The assistance from hospitality management students and their tutors is needed for the collection, organization and analysis of data. HFTP has developed a structure for the research which both contributes to the development of the project database and provides students with a valuable learning experience.

LODGING PROPERTIES

Examples of reporting formats from properties across the globe are needed for building the database. All data is held in a secure environment, and no actual figures are required from participating hotels.

HOSPITALITY PROFESSIONALS

Input from experienced professionals is needed for the review and analysis of the database content.

For details on how to contribute to this project, visit the web site listed below.

STAY INFORMED Keep up with the project’s progress via the HFTP web site at www.hftp.org/GHAS.

HFTP GLOBAL HOSPITALITY ACCOUNTING SYSTEM COMMON PRACTICES

DEVELOPMENT “ HFTP’s roots were first established in 1925 as a North American professional association. As HFTP has grown internationally, there has been no question amongst HFTP leaders that it would use the association’s experience and resources to develop a Global Hospitality Accounting System Common Practices.”

PHASE 1

Ralph Miller, CA, CBV, CHA, CHAE President and Owner; Inntegrated Hospitality Management Ltd. CANADA

Recognizing that operating hotels is a global industry, Hospitality

marking information services can use to identify common practices for hotel management reporting and how they vary from region to region.

The goal for the Global Hospitality Accounting System Common Practices (GHASCP) is to provide a searchable database of detailed operating financial reporting practices used at lodging properties around the world, along with guidance on industry standards, and

“ Having overseen the opening of properties in multiple countries, I have been challenged with pulling sets of comparable financial reports that line up to use as a baseline. Having documented regional common practices would provide a structure clearly illustrating performance trends and the direction we need to take our operations. HFTP’s Global Hospitality Accounting System Common Practices will provide the needed backbone for financial reporting when no other is available.”

Timothy G. Nauss CHAE Director of Finance; Wynn Macau MACAU

commentary and analysis from industry experts. It is intended that

PHASE 2

Review. Following the basic research phase, industry experts will

PHASE 3

Release. The ultimate aim will be to make this online database

establishments.

Currently in progress, the development of this project is being accomplished with the assistance of hospitality management students at globally recognized universities and hospitality schools, with input from hotel corporations, performance benchmarking companies and hospitality associations.

review the regional data. Their input will help identify best practices, and give explanations on instances of non-standard treatments.

widely available to aid and simplify the setup of new, or interpretation and analysis of existing, hotel management accounts and performance data wherever the hotel is located.

Users will have broad search options, such as by item, reporting destination, report items within a specific department and more.

REGIONS OF STUDY

North America, Europe, Asia, South America, India and the Caribbean

this resource will be continuously developed, and that in addition to practitioners, access will be available to students and educational

hospitality management students are surveying reporting practices at lodging properties across the globe. The information collected is focused primarily on operating statements and key financial performance indicators to highlight examples of current practice.

Once assembled, the regional database will reflect an overview of common practices, together with explanations for local variations from accepted international industry standards.

Financial and Technology Professionals (HFTP) is developing a unique resource that financial professionals, owners, investors and bench-

Research. To build this valuable resource, a multi-national team of

“ Maintaining an effective, consistent and relevant system of financial reporting is always an evolving process for any hospitality enterprise. With a widely used global system of accounts, above-property financial and operational stakeholders would readily have set reports from different properties that they would know how to interpret and examine for inconsistencies, inefficiencies and irrelevancies.”

PARTICIPANTS Academic Institutions • • • •

Europe — Ecole Hôtelière de Lausanne Asia — Hong Kong Polytechnic University North America — University of Houston South America — San Ignacio de Loyola University

Professional Organizations • HOSPA — Hospitality Professionals Association • HCAA — Hotel Controllers and Accountants Association of Hong Kong

Site Developer

Interactive Sites is dedicated to providing unrivaled web design, mobile solutions, and online revenue generating products and services to more than 10,000 hotels worldwide.

Lead Organizer

Hospitality Financial and Technology Professionals (HFTP) is the global professional association for financial and technology personnel working in hotels, clubs and other hospitality-related businesses. HFTP provides educational opportunities, research and publications to more than 4,800 members globally, including the premiere hospitality technology conference HITEC. HFTP also awards the hospitality specific certifications for accounting and technology — the Certified Hospitality Accountant Executive (CHAE) and the Certified Hospitality Technology Professional (CHTP) designations.

Learn more about HFTP at www.hftp.org.

PROJECT LEADERS

Jerry Trieber, CPA, CHAE, CFE, CFF, CGMA Director of Field Accounting; Crestline Hotels & Resorts, Inc. UNITED STATES

Howard Field, FCA, FHOSPA, FIH Lead Project Consultant, Europe, Asia, India

Anna McFarland, CPA, CFE, CHAE, CHTP Project Consultant, Americas

Arlene Ramirez, CHE, CHAE Project Consultant, Americas

Frank Wolfe, CAE HFTP Liaison

HFTP GLOBAL HOSPITALITY ACCOUNTING SYSTEM COMMON PRACTICES

DEVELOPMENT “ HFTP’s roots were first established in 1925 as a North American professional association. As HFTP has grown internationally, there has been no question amongst HFTP leaders that it would use the association’s experience and resources to develop a Global Hospitality Accounting System Common Practices.”

PHASE 1

Ralph Miller, CA, CBV, CHA, CHAE President and Owner; Inntegrated Hospitality Management Ltd. CANADA

Recognizing that operating hotels is a global industry, Hospitality

marking information services can use to identify common practices for hotel management reporting and how they vary from region to region.

The goal for the Global Hospitality Accounting System Common Practices (GHASCP) is to provide a searchable database of detailed operating financial reporting practices used at lodging properties around the world, along with guidance on industry standards, and

“ Having overseen the opening of properties in multiple countries, I have been challenged with pulling sets of comparable financial reports that line up to use as a baseline. Having documented regional common practices would provide a structure clearly illustrating performance trends and the direction we need to take our operations. HFTP’s Global Hospitality Accounting System Common Practices will provide the needed backbone for financial reporting when no other is available.”

Timothy G. Nauss CHAE Director of Finance; Wynn Macau MACAU

commentary and analysis from industry experts. It is intended that

PHASE 2

Review. Following the basic research phase, industry experts will

PHASE 3

Release. The ultimate aim will be to make this online database

establishments.

Currently in progress, the development of this project is being accomplished with the assistance of hospitality management students at globally recognized universities and hospitality schools, with input from hotel corporations, performance benchmarking companies and hospitality associations.

review the regional data. Their input will help identify best practices, and give explanations on instances of non-standard treatments.

widely available to aid and simplify the setup of new, or interpretation and analysis of existing, hotel management accounts and performance data wherever the hotel is located.

Users will have broad search options, such as by item, reporting destination, report items within a specific department and more.

REGIONS OF STUDY

North America, Europe, Asia, South America, India and the Caribbean

this resource will be continuously developed, and that in addition to practitioners, access will be available to students and educational

hospitality management students are surveying reporting practices at lodging properties across the globe. The information collected is focused primarily on operating statements and key financial performance indicators to highlight examples of current practice.

Once assembled, the regional database will reflect an overview of common practices, together with explanations for local variations from accepted international industry standards.

Financial and Technology Professionals (HFTP) is developing a unique resource that financial professionals, owners, investors and bench-

Research. To build this valuable resource, a multi-national team of

“ Maintaining an effective, consistent and relevant system of financial reporting is always an evolving process for any hospitality enterprise. With a widely used global system of accounts, above-property financial and operational stakeholders would readily have set reports from different properties that they would know how to interpret and examine for inconsistencies, inefficiencies and irrelevancies.”

PARTICIPANTS Academic Institutions • • • •

Europe — Ecole Hôtelière de Lausanne Asia — Hong Kong Polytechnic University North America — University of Houston South America — San Ignacio de Loyola University

Professional Organizations • HOSPA — Hospitality Professionals Association • HCAA — Hotel Controllers and Accountants Association of Hong Kong

Site Developer

Interactive Sites is dedicated to providing unrivaled web design, mobile solutions, and online revenue generating products and services to more than 10,000 hotels worldwide.

Lead Organizer

Hospitality Financial and Technology Professionals (HFTP) is the global professional association for financial and technology personnel working in hotels, clubs and other hospitality-related businesses. HFTP provides educational opportunities, research and publications to more than 4,800 members globally, including the premiere hospitality technology conference HITEC. HFTP also awards the hospitality specific certifications for accounting and technology — the Certified Hospitality Accountant Executive (CHAE) and the Certified Hospitality Technology Professional (CHTP) designations.

Learn more about HFTP at www.hftp.org.

PROJECT LEADERS

Jerry Trieber, CPA, CHAE, CFE, CFF, CGMA Director of Field Accounting; Crestline Hotels & Resorts, Inc. UNITED STATES

Howard Field, FCA, FHOSPA, FIH Lead Project Consultant, Europe, Asia, India

Anna McFarland, CPA, CFE, CHAE, CHTP Project Consultant, Americas

Arlene Ramirez, CHE, CHAE Project Consultant, Americas

Frank Wolfe, CAE HFTP Liaison

PARTICIPATE The development of the Global Hospitality Accounting System Common Practices is a major undertaking, and involves the input from a broad spectrum of hospitality industry practitioners and professionals. The project team welcomes participants for the following roles:

ACADEMIC INSTITUTIONS

The assistance from hospitality management students and their tutors is needed for the collection, organization and analysis of data. HFTP has developed a structure for the research which both contributes to the development of the project database and provides students with a valuable learning experience.

LODGING PROPERTIES

Examples of reporting formats from properties across the globe are needed for building the database. All data is held in a secure environment, and no actual figures are required from participating hotels.

HOSPITALITY PROFESSIONALS

Input from experienced professionals is needed for the review and analysis of the database content.

For details on how to contribute to this project, visit the web site listed below.

STAY INFORMED Keep up with the project’s progress via the HFTP web site at www.hftp.org/GHAS.