In order to create a global resource for the hospitality finance industry, Hospitality Financial and Technology Professionals (HFTP®) began development on a global hospitality accounting system users guide this past March.
Recognizing that operating hotels is a global industry, HFTP determined that there is not a globally accepted method that financial professionals, ownership structures, investors and benchmarking information services can use to support efficient operations. There is also not a globally accepted method to monitor investment performance from region to region without significant assumptions and data mining.
HFTP’s Global Hospitality Accounting System Users Guide (GHASUG) will address this need.
Where does the project stand right now?
Currently, research is being conducted into current practices. This research will identify who is doing what in different parts of the world, with a view to establishing best practice and providing practical guidance for students, practitioners and professionals involved in the industry.
The guidance will be formulated by industry experts, based on the research findings. To date HFTP has commitments from major information benchmarking companies, hotel corporations, hospitality associations and globally recognized hospitality schools around the world. Read More »
How the EHL’s Student Business Project added value to a project of global importance
Cleverdis recently interviewed Frank Wolfe, CAE, CEO of HFTP for their Hotel Innovations & Technologies publication. The following is reprinted with permission from Cleverdis.
The world’s top hospitality organizations “leverage” Ecole hôtelière de Lausanne (EHL) in Switzerland as a prime research resource for major projects. How does it work?
At the outset of a Student Business Project phase, each participating company makes a presentation, “pitching” their project to the students, and thus competing with all other companies on the podium, as it is the students who select which project they will undertake.
One can therefore imagine how tough it is to sell accounting to students, when a number of more “fun” projects are on the table.
Could you please explain your project to us and why you’ve decided to work with EHL?
The project — Global Hospitality Accounting Standards User Guide (GHASUG) — is a global hospitality accounting project. There are many types of accounting, but it’s very difficult for someone to come in and compare hotels in different parts of the world, because there is no standardized system. Read More »