Why is accounting important in the hospitality industry? – Nimble Property Blog. Accounting in hospitality industry plays an extremely important role for recording the business’s financial transactions.
Without it, the financial health of your business cannot be known – In other way it’s a life blood for your smoother business operations. Accounting was created in the medieval times as an answer for the growth and development of commerce and travel, but since then over the years it’s being active in various other industries. Especially when it comes to hotels, accounting becomes pivotal as it involves various facets and compilations of financial statements. Practicing systematic maintenance of financial records, summarizing them will eventually help a hotelier like you to plan budgets and save money for business expansions.
Even to ascertain your profits, accounting becomes a must. What’s the importance of chart of accounts? Like a map, you need to have accounts named as per the nature of your business, and they are to be memorized, laid out on your glance. 1. 2. 3. 4. Hotel Industry Is Getting Back To Its Business – Nimble Property Blog. Since the part memorial day weekend, the hotel accommodations throughout the United States started varying in terms of occupancy levels.
Properties located in the destination areas like beaches, amusement parks and mountain resorts reported occupancy hike while other hoteliers had 20 to 30 percent boost. Hospitality associations few days before the weekend began predicted to see dismal hotel business performances, for which hoteliers may seek Congress for the approval of additional funding to get rescued and buoyed.
But, it’s now the U.S. hotel industry seems to show itself and comeback has begun so all states may reopen their economies. In accordance with STR, the occupancy numbers are slowly and steadily increasing, while hotels are getting back to business fully-fledged. But, yet the businesses will surely be not as usual. In the age of coronavirus, major brands are doing pretty good job in heeding and implementing COVID-19 safety measures and preventive procedures at a very good level. Peek-A-Boo Into The Near Future Of Hotel Industry – Nimble Property Blog. As most of the Americans are remaining to be reluctant to travel, your hotels are certainly left closed since a while now.
And, you must be wondering what might your hotel business expect over upcoming months. Yeah, we don’t have a crystal ball to predict accurate but yet the data available now is quite enough to reveal the hotel trends based on the current situation. Experts Says Hospitality Workforce Will Shape A New Shift Post-COVID-19 – Nimble Property Blog. Today, all hoteliers are fighting the invisible Coronavirus COVID-19 menace that decimated the hospitality industry.
Experts say that the hotel industry employers like you are expecting their workers to return back to the lost jobs due to coronavirus crisis. However, it will be a different world after rebuild for employers as it’s hard to recruit and retain after the pandemic. Reassure Your Guests In This Time Of COVID-19 Crisis – Nimble Property Blog. Are Service Robots The Future Of Hotel Industry? – Nimble Property Blog.
Recently, a research study has been investigated on how the service robots could help hotels in redefining their leadership and boost the management performance, which is reckoned to be a great significance in the light of COVID-19 seismic impact on the travel and hospitality industry.
However, the research also reveals that while service robots are anticipated to increase productivity and efficiency of hotel activities, they may besides pose challenges including flooded costs, skill deficits and even bring significant changes to the culture and organizational structure of hotels. Thence, such anticipated applications and the integration of robotic technology will surely require future leaders to consider the balance carefully between the human employees and roles of service robots to deliver prizewinning guest experience, while nurturing a work environment that embraces change and open-mindedness. Best Way To Stay Productive & Upbeat Amid COVID Lockdown – Nimble Property Blog. We’re living in the time of uncertainty, and it will be a while from now before we’re able to revive to complete normality.
To an extent, lockdown measures may soon lift across certain parts of the world, so you could be possibly reopening your hotel doors sooner than you’d think. However, reports indicate that this doesn’t mean hospitality business to be as usual. As your hotels get a green light to open up again, you can expect to get instructed and be following social distancing’s strict guidelines, cleaning & disinfecting protocols, and generally operating your hotel business on a minimal basis.
Significance Of Software Scalability During Up & Down Markets – Nimble Property Blog. Changes in your hotel portfolios are evident now in this COVD-19 crisis.
Forever, it has caused flex and flow in resources to you as a hotelier in the process of addressing the demand from new management contracts, changes in ownership and also lost management contracts. Now in this current scenario, with more volatile and vulnerable market conditions, being able to scale your hotel operations up & down is vital with conjunction to them. 7 Ways Hotels Will Eventually Change Post This COVID Pandemic – Nimble Property Blog. The Coronavirus Covid-19 pandemic has seriously prompted a ‘sea change’ in the hotel business’s operations.
By which, it’s altering almost everything right from how guests are going to check-in and do their dine-in, most importantly how hotel rooms are getting cleaned. Well, here’s what the travellers can actually expect from hotels once it’s all safe to travel again. How Hotels Can Stay Productive During COVID-19? – Nimble Property Blog. The word “crisis” defined two Chinese characters, one is “danger” and the other is an “opportunity.”
So In every crisis, there is opportunity but it all depends on how you see it and take the maximum advantage. “The bigger, the better” No matter how big the crisis is, the opportunities is a lot to unfold. And, COVID-19 is that which we can call really big and unprecedented in the modern history and human existence.
It’s an undeniable fact that, Coronavirus COVID Pandemic has the most conspicuous effect on every industry, be it small or large. Tips For The Hotel Industry To Bounce Back After COVID-19 – Nimble Property Blog. Not a single day passes by these days without hearing buzz on coronavirus and its negative effect on the travel and hospitality arena.
However, the hotel industry earlier have been through various crisis and virus. For instance, the SARS virus had a drastic impact on the industry definitely in 2003. There was a witnessing 50% decrease in hotel bookings, which prompted a drop of about 9.4 million in global traveller appearances, with misfortunes assessed at between $30 billion to 50 billion. Regardless of the aforementioned numbers, the travel industry recovered sooner and scored out a gigantic development by 2006, with an all-out contribution of $5,160 billion to the worldwide GDP within that year. Accounting ‘A wise Investment, Not an Expense’ – Nimble Property Blog. For hotels, the accounting is an obligation and it must be considered as an investment but not an expense, that’s how the profitability increase can be seen.
As we all know, the hotel industry is thriving in its business expansion even when other industries are actually slowing down. In this position, it’s highly rewarding to run a hotel, but often exhausting for hoteliers and managers. Because, there should be a balance maintained between handling all the financial activities and the daily administration of providing satisfied customer service, as guests expect best from them. Keep Yourself Accountable. SUCCESS will follow. WHO IS AT A HIGHER RISK FOR COVID-19? – Nimble Property Blog. According to the U.S. Centers for Disease Control and Prevention (CDC) ( the information says that certain people are at higher risk of getting infected and becoming very sick from Coronavirus COVID-19.
According to the CDC, 8 out of 10 deaths in the country due to the novel coronavirus have been witnessed in the people aging 65 and older. There’s an estimation of 6% to 29% people of 85 age and older who get attacked with COVID-19 will have to go through intensive care. So, based on the information on the table, older adults and people those who are at high-risk include: Source: www.cdc.gov People those who are at higher risk for COVID-19 serious illness, it is very crucial for them to take actions and avoid getting sick.
Caring for your loved ones during this pandemic? If any COVID-19 symptoms persist, it’s very important to call nearest health care provider immediately. Emergency Warning Signs & Symptoms However, this list is not all inclusive. What Will HOTELS Look Like Post COVID-19? – Nimble Property Blog. Currently, the novel coronavirus ‘COVID-19’ is ravaging throughout the U.S and crippling the economy, with especially the hotel industry a hard hit. Estimates predict that, 1 in 4 cases in the world are diagnosed of coronavirus in the U.S. Never in the history would anyone have imagined such disruption would be occurring like this and it was never on the radar.
Coming to the world of hospitality, it has been really devastated by the COVID-19 not only in the U.S., but also elsewhere in the world. And the hardest hit emerged due to the fear of community spread through the travel and group/gathering events. Within no time, all events of different sizes got cancelled, which had a direct impact on the hotel industry causing immediate room cancellations. Ward Off Novel Coronavirus From Your hotel Rooms – Nimble Property Blog.
As the novel coronavirus continuing to spread around the globe and causing distress through the severe respiratory disease ‘COVID-19’, the hotel industry is taking serious hits. It’s being witnessed that, the Airlines industry is cancelling services and offering the flexible cancellations so all major world celebrations and social gatherings been cancelled, and many countries even have closed their borders. Travellers are becoming fearful to travel and even are taking own measures into their hands so as to prevent infection — including cleaning the hotel rooms during stay. The Centers for Disease Control and Prevention (CDC) reports that the COVID-19 is most commonly contracted through contact of human-to-human. A professor and an environmental microbiologist from the University of Arizona directed hoteliers to help their guests in taking precautions during this outbreak. He added that, the respiratory agents including flus and cold viruses can easily persist for hours to days on surfaces.
Business Intelligence in Hotel Accounting ‘At Your Fingertips’ – Nimble Property Blog. Managing your hotel vendor bills a nightmare? – Nimble Property Blog. As a hotelier, you might deal with hundreds of bills dealing your business. So, its obvious that it becomes really difficult to keep a track of your vendor bills in high volume, on a regular basis.
Using an age-old system makes it even more complex as it involves manual entry of the data into the accounting system. Paycheck Protection Program (PPP) FAQs for Small Businesses Impacted by COVID-19 – Nimble Property Blog. Where can I apply for the Paycheck Protection Program? Nimble Property Continues To Support and Serve Our Customers ‘We Remain OPEN For You’ – Nimble Property Blog. Amidst the COVID-19 pandemic, we would like to assure you that Nimble Property is poised to continue serving and proving support to our customers. As the U.S. government outlined the need to “reduce physical presence and practice physical distancing”, we decided to play our part as this crisis affects everyone. In light of the outspread, Nimble is strengthening the ability to strategise entirely with remote workforce and flawlessly manage all accounting systems at our current levels.
We thoroughly verified that all our internal systems and critical functions at Nimble Property are being remained operable. Why Financial Management Matters The Most For Hoteliers? – Nimble Property Blog. In today’s hospitality industry landscape we’re witnessing an upswing of competition as well as development, for which the demand from guests is rising. Employment TAX Credits Under ‘Families First Coronavirus Response Act (FFCRA)’ – Nimble Property Blog. Last month, president Trump had signed the Families First Coronavirus Response Act (“FFCRA”) into law on 18th March, 2020 and it’s a sigh of relief for small and medium business employers. This act becomes boon for employers in their employee retention process as it offers COVID-19 Related Tax Credits towards the mandated Paid Sick Leave and Paid Family Leave.
Survival Guide for the Hotel Industry hit hard by COVID-19 – Nimble Property Blog. The novel coronavirus and global pandemic ‘COVID-19’, which has been declared by the World Health Organization (WHO), is having a devastating impact on the Economy of U.S. What is Hotel Accounting & why is it Important? – Nimble Property Blog. This is a widely asked and quite familiar question anyone may ask when the light is on the Hospitality industry. If we muse over on accounting in history, the existence has been all around as much as money itself. 5 Hotel Accounting Challenges to Conquer for Success – Nimble Property Blog. Evidently on a daily-basis hotel managers and accountants confront numerous of hotel accounting challenges. 8 WAYS TO INCREASE YOUR HOTEL’S NET PROFIT – Nimble Property Blog. How can I increase my hotel’s net-profit & improve bottom line?” This is one of the common question every hotelier thinks of in mind to keep his/her business alive.
It doesn’t end in there, we get to hear this question over the meeting tables during the conferences from time to time by most of the hoteliers. Review Last Year Financials & Prepare for the Holiday Season – Nimble Property Blog. Knowing About Revenue per Available Room (RevPAR) and How Your Hotel Can Increase It – Nimble Property Blog. Hotel Accounting Software for a greater latitude in your operations – Nimble Property Blog. Hotel Accounting Software for a greater latitude in your operations – Nimble Property Blog. Tips for Hotel Managers to sustain the impact of ‘COVID-19 Pandemic’ – Nimble Property Blog. Importance & Impact of Guest Satisfaction Survey (GSS) in Hotel Industry – Nimble Property Blog. Data Breach Affects Your Hotel Business. Stay Safe! – Nimble Property Blog.
Improved Dashboard with Better Metrics & More Intuitiveness – Nimble Property Blog. Be sure of your Hotel’s Budget & Forecast to reach Targets – Nimble Property Blog. Is your Hotel/Hotel Chain making or losing money? – Nimble Property Blog. Emerging Technologies to Transform Hotel Accounting & Financial Management – Nimble Property Blog. Cash Flow ‘The Lifeline of Your Business’ – Nimble Property Blog. Knowing how Daily Sales AUTOMATION reduce efforts & save time – Nimble Property Blog. Top 9 Benefits of using Hotel Accounting Software – Nimble Property Blog. 5 Indications Your Hotel Accounting Software is Obsolete – Nimble Property Blog. Benefits of Bookkeeping service for your Hotel business – Nimble Property Blog. Is Hotel Balance Sheet Really Important? Let’s Find Out! – Nimble Property Blog.