Revenue Hub

NOVEMBER 17, 2023

In our previous article, we shared insights and advice from global hospitality experts on how to make the 2024 hotel budget process as smooth and painless as possible. Here, we share five ways to improve budget accuracy and performance in uncertain times. So, we’re able to be more aspirational,” he said. That is absolutely critical.”

Budgeting 97

Budgeting Article Strategic Planning Accounting 97

Modern Restaurant Management

JUNE 26, 2020

Many restaurants are looking at their 2020 budget and wondering – what now? It is time to adjust your 2020 budget, evaluate labor and food costs, update bank reconciliations and take an overall holistic look at your business model and strategy. Restaurants and bars are opening with capacity restrictions and new guidelines.

Budgeting 180

Budgeting Accounting Front of House Customer Service 180

Revenue Hub

NOVEMBER 30, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

Budgeting 87

Budgeting Pricing Accounting Article 87

Hospitality Net

SEPTEMBER 21, 2023

A hotel budget is a financial plan that outlines the projected income and expenditures for a specific period, usually one fiscal year. The budget also accounts for all types of expenses, including operational costs, capital expenditures, and marketing budgets.

Budgeting 81

Budgeting Accounting Book Marketing 81

Revenue Hub

OCTOBER 13, 2023

Planning a hotel budget is a critical task that ensures the smooth operation and financial health of your hotel. This guide will walk you through the essential steps, best practices, and expert advice to help you create a robust hotel budget. Without a budget, you risk financial instability and inefficiency.

Budgeting 100

Budgeting Revenue Projections Article Maintenance 100

Revenue Hub

NOVEMBER 3, 2023

For hotel owners and operators alike, the annual budget is often a gruelling and time-consuming process. Are there ways to make the 2024 budgeting process more streamlined and efficient? Start Early but Submit Late Hoteliers often complain that the budgeting process seems to start earlier every year.

Budgeting 99

Budgeting Strategic Planning Article Accounting 99

Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. Subscribe to our weekly newsletter and stay up to date In this guide, we’ll break down everything you need to know about budgeting with revenue best practices in mind. You’ll need to address problem areas in your 2024 hotel budget. Let’s dive in!

Budgeting 92

Budgeting Accounting Pricing Article 92

Modern Restaurant Management

NOVEMBER 24, 2020

Restaurant owners are being forced to find a way to make it through winter with vastly reduced revenue, and many operators are scrambling to reallocate budgets and manage staffing to survive COVID-19. Plan for Gaps in Your Budget. That said, restaurants didn’t have COVID-19 written into their budget at the beginning of 2020.

Budgeting 230

Budgeting Communication Training & Development Marketing 230

Revenue Hub

AUGUST 30, 2024

While the budget depletion column is not one of your standard columns, it is recommended as a key custom metric to focus on when optimising your Google ads campaigns. It is a value that is measured in percentage and it helps you to see the rate at which your daily or campaign budget is being used up. What are the consequences of this?

Budgeting 88

Budgeting Scheduling Article Accounting 88

EATER

JANUARY 6, 2023

Spaghetti is the foundation of one of my favorite Budget Bytes recipes. Freelance-writer, no-savings-account, five-dollars-in-the-gas-tank type broke. Shutterstock. An ode to the internet’s best broke-friendly recipe blog Like many millennials, I spent much of my 20s broke.

Budgeting 93

Budgeting Blog Definition Accounting 93

Revenue Hub

OCTOBER 20, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hotel leaders to find out.

Budgeting 104

Budgeting Travel and Tourism Pricing Article 104

Modern Restaurant Management

OCTOBER 16, 2024

They will create multiple fake accounts in bulk and then sell them to those looking for a discount on food. When done on a large scale, this wastes the platform’s marketing budget and eventually leads them to cut down on promotions, slowing order volumes for restaurants. Promotion abuse can take other forms as well.

Accounting 166

Accounting Demo Training Budgeting 166

Modern Restaurant Management

FEBRUARY 27, 2023

Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out. Use creativity to market a restaurant on a limited budget. Reviewing these numbers frequently can help to hold vendors accountable to the prices they are quoting.

Bookkeeping 189

Bookkeeping Budgeting Scheduling Accounting 189

Hospitality Net

AUGUST 30, 2023

For the last 20 years, The Peabody has relied on Aptech to automate its enterprise accounting processes. This month, the property will go live with Aptech’s budgeting and forecasting solution, Targetvue, to give its accounting team “one version of the truth.”

Budgeting 82

Budgeting Accounting 82

Modern Restaurant Management

AUGUST 7, 2024

"Cutting a marketing budget creates a ripple effect that may not be felt until months down the road when the damage has already been done. " Cutting a marketing budget creates a ripple effect that may not be felt until months down the road when the damage has already been done.

Marketing 188

Marketing POS Systems Budgeting Events 188

Modern Restaurant Management

APRIL 10, 2024

For example, operators can boost value perception and satisfaction by implementing a barbell strategy—appealing to budget-conscious consumers looking for affordable meals as well as giving high-end customers, who are willing to pay a premium, additional options to add on.

POS Systems 196

POS Systems Back Office Operations Pricing Budgeting 196

Modern Restaurant Management

FEBRUARY 4, 2021

Provide Franchisees with an Adaptable Template and Budgeting Playbook. Providing your franchisees with a playbook to guide them through the budgeting process for their restaurant’s unique situation will engage them to lay a foundation for their success in the months and years to come.

Budgeting 203

Budgeting Document Scheduling Accounting 203

eHotelier

FEBRUARY 15, 2024

Invisible to guests at this AAA 4 Diamond oceanfront property is how efficiently the hotel’s finance team is operating thanks to the addition of two software solutions from Aptech: PVNG Enterprise Accounting and Targetvue Budgeting & Forecasting.

Back Office Operations 130

Back Office Operations Budgeting Accounting 130

Modern Restaurant Management

MARCH 1, 2023

The best way to decrease food waste is to have accurate, up-to-date analysis, which means implementing a reliable restaurant accounting system. Also, BOH staff should establish a declining spending budget to account for weekly purchases and pinpoint how much budget remains for need-it-now food and ingredient purchases.

Back of House 171

Back of House Front of House Accounting Budgeting 171

Modern Restaurant Management

MARCH 19, 2020

Any person with a social media account can be considered an influencer, so where should you begin? However, there are influencers who buy fake followers (bot accounts with no real person behind them) in order to appear to have a greater online presence so they can demand a higher premium for promotional services.

Marketing 213

Marketing Blog Accounting Budgeting 213

Modern Restaurant Management

MARCH 30, 2022

Accountability down to the individual level. More accountability for who is responsible for what in an organization results from each step in a business workflow being clearly assigned to one action. If visibility is increased, then communication for employees can be more accurate. Value of Automated Workflow.

Front of House 180

Front of House Customer Service Accounting Communication 180

Modern Restaurant Management

DECEMBER 27, 2022

Luckily, tech solutions have become more affordable and accessible for food businesses of all sizes and budgets, allowing them to increase transparency, accuracy, safety, and quality. . Boost Workplace Accountability. Technology can boost business operations in a variety of ways. Focus on Sustainable Food Production.

Training 226

Training Budgeting Accounting Pricing 226

Modern Restaurant Management

JULY 8, 2021

Micro influencers are defined as accounts with 1,000 to 100,000 followers who are well known in their niches with a hyper-engaged audience. A smaller account is more approachable and able to better interact with followers, leading to genuine connections and relationships.

Accounting 203

Accounting Marketing Budgeting 203

Modern Restaurant Management

DECEMBER 16, 2024

Budgeting Smart : Review your benefits costs and the financial impact of anticipated changes so you can set realistic financial expectations for 2025. Reviewing Unemployment Tax Rate s: Stay updated on tax rate changes and budget for them in 2025. Meeting Filing Deadlines : Submit W-2s and 1099s by January 31 to avoid penalties.

Scheduling 179

Scheduling Training Communication Budgeting 179

Revenue Hub

MARCH 6, 2024

Starting March 11, Google Ads is implementing a new policy that’s all about boosting your campaign’s budget efficiency. Rollout Timeline: Completion across all Google Ads accounts by the end of April. Here’s why it’s important: Budget Optimization: Ensuring your ad spend goes to active, high-performing ad groups.

Budgeting 107

Budgeting Accounting Article Marketing 107

Modern Restaurant Management

MARCH 13, 2020

Do you think it is not in your budget? If providing health insurance is not in your budget, what if you were able to give them access to high-quality, truly affordable healthcare? Provide your team with access to easy, affordable tools to allow them to build a retirement account. Think again.

Budgeting 184

Budgeting Accounting 184

Modern Restaurant Management

OCTOBER 1, 2022

Let’s look at low-budget restaurant marketing ideas to succeed in inflationary times. Three Tips to Promote a Restaurant on a Low Budget. Or you can partner with influencers, invite them to the restaurant, and ask them for a review on their accounts. What you need is to have positive outcomes for every dollar spent.

Marketing 203

Marketing Budgeting Communication Information 203

Hospitality Magazine

DECEMBER 1, 2024

Choose wines that complement the characteristics of the seafood dish, taking into account the type of seafood, cooking method, and accompanying sauces or side dishes. Other considerations Budget Budget is often aligned with occasion and can vary greatly depending on your customers’ confidence with wine.

Budgeting 130

Budgeting Pricing Accounting Magazine 130

Modern Restaurant Management

JULY 23, 2024

Accounting for any other stipulations outlined in local labor laws. For example, a manager in a jurisdiction with a curfew for teens under 18 would need to account for that when scheduling employees, while a manager at the same franchise in a different city might not.

Scheduling 203

Scheduling Accounting Training Front of House 203

Modern Restaurant Management

DECEMBER 1, 2021

It can help you to stay on time and within budget while causing as little disruption as possible. Work with your contractors to create a timetable taking these elements into account. They will have some similar skills to your accountant. Knowing the Right Time. Look at what big local events are coming down the pipeline.

Strategic Planning 202

Strategic Planning Front of House Accounting Scheduling 202

Modern Restaurant Management

SEPTEMBER 1, 2023

Inventory also has major implications in the accounting process since the amount of product on hand represents a large part of the overall budget. Whenever a restaurant acquires, counts, transfers, or wastes inventory, it must be entered as a journal entry into the accounting general ledger.

Accounting 180

Accounting Training Scheduling Information 180

Hotelogix

FEBRUARY 4, 2024

Accounting Managing your hotel's finances is essential, right? With hotel management software, you can streamline your accounting operations.    Accounts receivable: This feature allows you to manage your accounts receivable. Accounts payable: With this feature, you can manage your accounts payable.

Housekeeping 147

Housekeeping Maintenance Reservations Accounting 147

7 Shifts

MARCH 11, 2020

Don’t forget to budget for training, installation, and support costs. Utilities Budget 5% of your operating budget for utilities. You’ll likely need the help of legal counsel, a business strategist, accountant and bookkeeper, and marketing and PR consultants to set yourself up for success. Check out these U.S.

Budgeting 141

Budgeting Scheduling Training Bookkeeping 141

Modern Restaurant Management

NOVEMBER 22, 2022

However, limited budgets and resources necessitate thoughtful hiring decisions in order to reduce wasted time and costs on advertising positions or training new hires. Take into account your broader goals by asking: How does hiring seasonal workers fit into your budget? How to avoid.

Budgeting 205

Budgeting Training Scheduling Catering 205

Modern Restaurant Management

JUNE 30, 2021

California Narrowly Rejects Sweeping FAST Act : On June 3, 2021, AB-257, the Fast Food Accountability and Standards Recovery Act (the “FAST Act”) was defeated in the California Assembly, coming up three votes short of the 41 votes needed. The agency’s FY 2022 Budget provides $1.6

Budgeting 189

Budgeting Kitchen Operations Accounting Article 189

Modern Restaurant Management

AUGUST 6, 2024

Begin by promptly acknowledging and empathizing with the guest's concerns, followed by immediate action and accountability to resolve the issue. These factors account for over half of what guests value, demonstrating that emotional and sensory aspects now play a higher role. Did any results surprise you?

Pricing 197

Pricing Accounting Presentation Budgeting 197

Modern Restaurant Management

MAY 16, 2022

. “Also, the potential for adding health insurance as a benefit will go a long way with employee retention and attraction, taking into account the consistent increase we are seeing in costs for that space.” “However, this comes at a cost that the owner needs to factor into their budgets,” Moller notes.

Budgeting 208

Budgeting Special Events Events Maintenance 208