Now Is the Time to Improve Your Accounting Processes

Written by: Katie Paolino, CHAE | Cyber HITEC Guest Blogger If your processes are not tight, you may be bleeding money. And who can afford that in 2020? PKF O’Connor Davies presented on Accounting Processes and Procedures at Cyber HITEC this year, and although they did an excellent job, it…

The Little Known but Mighty Facts of the USALI Schedule, 11th Edition

Written by: Agnes DeFranco, Ed.D., CHAE, CHE, CHIA, CAHTA When people think of the Uniform System of Accounts for the Lodging Industry (USALI), most often they envision a Summary Operating Statement (SOS) or an Operated Department schedule like Rooms or Food and Beverage. They may even think of the many…

Club Tax Expert Explains New IRS Guidance on Employee Social Security Payroll Tax Holiday

Written by: Brad Steele, J.D. Attention, clubs: on August 8, the United States President issued an executive order deferring a portion of your employees’ payroll taxes. This payroll tax holiday runs from September 1 to December 31, and only employees making less than $104,000 per year qualify. In that same…

USALI Recording Guidance Part 3: Government Loan Assistance

As a result of the current economic situation, entities that own or lease hotels are eligible to apply for and receive a loan under a government assistance program. An example of this is the Paycheck Protection Program (PPP) in the United States. This program requires the hotel to meet certain…

USALI Guidance Part 2: Government-sponsored Wage Subsidies and Grants

During the Covid-19 global pandemic, some governments have decided to support industries with significant revenue losses and offer wage grants/subsidies to keep workers employed during the crisis. To help guide users, the USALI Global Finance Committee came together to collaborate and issue their recommendations for how to record these wage subsidy programs….

Survey Shows Areas of Agreement, Improvement for USALI Future Editions

The AH&LA Financial Management Committee (FMC) conducted a survey on the Uniform System of Accounts for the Lodging Industry (USALI) earlier this year, specifically focusing on issues that merit further discussion by the FMC. Revisions to the USALI are overseen by the FMC, a majority of which are also HFTP members. Robert Mandelbaum is…

Exploring the GHACP: A Valuable Resource for Hospitality Finance Professionals

HFTP has developed a unique resource for the hospitality industry — the Global Hospitality Accounting Common Practices (GHACP). The GHACP is an online resource and guide for hospitality industry accounting practices, which includes four major parts: operating schedules, indextionary, HFTP Global Database and industry common practices. Operating Schedules: Examples of summary…

How to Write a Good Job Description

Written by: Amanda Belarmino Remember when Rupert Holmes asked the famous musical question, “Do you like piña coladas, and getting caught in the rain?” The songwriter was trying to attract the right kind of person with the tone of their personal ad. The same idea holds true when you are writing…

Jennifer Hogencamp April 2015

Are You Overpaying Management Fees? Gross vs. Net Reporting and the Impact of Improper Accounting

When reporting gross operating revenue, correct classification of expenses is important. Presenting items gross when they should be net can potentially cause a property to overpay fees, including its property management fees. The classification of these expenses is dependent on certain lodging industry rules and guidelines. If the property is…

[Update] Global Hospitality Accounting System Project

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…