Revenue Hub

MAY 21, 2024

While this is a significant part of our role, it’s easy to overlook the in-depth analysis that underpins each pricing decision to get to the sticker price. If you get too fixated on solely pricing, it can be very easy to lead your hotel astray and deliver sub-optimal revenue outcomes. A big event is announced.

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Pricing Article Book Accounting 94

Modern Restaurant Management

OCTOBER 7, 2020

As a business owner or franchisee in the restaurant industry, accounting can be one of the biggest headaches you face. Even for the most seasoned, well-rounded restaurateurs, restaurant accounting is often a complex and intimidating new world. Shouldn’t your accounting be, too? Cloud Computing and Automation.

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Modern Restaurant Management

NOVEMBER 15, 2022

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.

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STAAH

JULY 23, 2024

In the ever-evolving landscape of the hotel industry, finding the right pricing strategy can significantly impact your business’s success. One approach that has gained traction among savvy hotel owners and managers is dynamic pricing. But what exactly is dynamic pricing?

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Pricing Marketing Book Accounting 98

Revenue Hub

MARCH 11, 2024

Cost-based pricing is the easiest and most financially secure way of determining prices. NB: This is an article from Mews Subscribe to our weekly newsletter and stay up to date A cost-plus strategy puts a profit margin on top of your prices, which should be your go-to strategy during times of regular demand.

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Pricing Article Accounting Information 98

Revenue Hub

APRIL 24, 2024

Efficient hotel pricing strategy is a must-have for today’s hoteliers to increase their overall profitability. Hotel revenue managers should understand various aspects including distribution mix, demand forecast, competition pricing and consumers’ buying trends, etc. to manage pricing more effectively and to increase hotel profit.

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Pricing Book Accounting Marketing 83

Revenue Hub

FEBRUARY 20, 2024

NB: This is an article from Lighthouse (formerly OTA Insight) Subscribe to our weekly newsletter and stay up to date Your property should have a tailored pricing strategy that fits its unique needs, but there are common industry practices that can be honed to compliment your business and improve performance.

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Pricing Article Accounting Training 91

Revenue Hub

JULY 4, 2023

NB: This is an article from WebRezPro But as inflation and high flight prices persist, the revenge travel surge may start to wane. As the cost of living continues to rise, so will travelers’ price sensitivity. Keep reading for ideas… Value-added packages Attract price-sensitive guests by offering added value.

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Revenue Hub

DECEMBER 15, 2023

NB: This is an article from Hotelivate Subscribe to our weekly newsletter and stay up to date Moreover, from their initial target segment of price sensitive customers, the AI model has rapidly evolved to include elaborate food and beverage offerings, unique experiences, and wellness treatments among others. Why does All-Inclusive Work?

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Modern Restaurant Management

OCTOBER 8, 2020

These two states account for over 98 percent of the lettuce produced in the U.S, Any weather-related issues can have a dramatic effect on supply and prices as lettuce transitions from one area to the next. If demand picks up unexpectedly, this could lead to supply shortages, higher pricing and pro-rates throughout the industry.

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Pricing Accounting Magazine Marketing 189

SiteMinder

MAY 12, 2023

What is hotel accounting? Hotel accounting is the process of recording and maintaining the financial records and performance of your hotel business. Good accounting makes the finances of your hotel easy to understand for management and other stakeholders – so they can make informed decisions. room sales).

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Revenue Hub

MAY 23, 2023

With this information, hoteliers can make more informed decisions about pricing, inventory, and marketing strategies. Data analytics tools allow hoteliers to access real-time data on occupancy rates, demand trends, and competitor pricing. This has resulted in more efficient revenue management and increased profitability.

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EATER

SEPTEMBER 20, 2023

In the bread aisle, you see two loaves identically wrapped; both are perfectly edible, but one is a day older and costs half the price. This is a business practice called dynamic pricing, and it may be coming soon to a supermarket near you. The price is changing throughout the [time] horizon.” Which do you choose?

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Revenue Hub

MARCH 29, 2023

With the right approach and the right pricing strategy, rate parity can actually be a great opportunity to enhance your guest experience and generate increased ancillary revenue streams for your hotel. Where hotels are able to offer OTAs discounted prices provided they don’t do it publicly. What is rate parity? Narrow rate parity.

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Revenue Hub

FEBRUARY 15, 2023

Attribute-based pricing is becoming an increasingly popular pricing model in the hotel industry. Subscribe to our weekly newsletter and stay up to date In this post, we are going to discuss what attribute-based pricing is, and how using an efficient rate structure can help you boost your overall revenue and profits.

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Synergy Suite

JUNE 6, 2023

A powerful tool, restaurant accounting software can revolutionize the financial management of your food service establishment. What is Restaurant Accounting Software? Restaurant accounting software is a specialized software solution designed to manage financial and accounting tasks specific to the restaurant industry.

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Accounting POS Systems Budgeting Bookkeeping 52

The Restaurant Times

AUGUST 5, 2022

Restaurant accounting is an integral part of operating modern-day restaurants and ensuring consistent growth in the business. Typical accounting methods have not been able to cope with the fast-changing demands of the restaurant business. Benefits Of Restaurant Accounting. Key Restaurant Accounting Metrics. Labor Costs

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Hotelogix

OCTOBER 3, 2024

Competitive Pricing Strategy Price is one of the most important factors for guests when choosing a hotel. Here’s how you can make sure your pricing is competitive: Rate Parity Keep your prices consistent across all platforms, including your own website. Dynamic Pricing Adjust your pricing based on demand.

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Modern Restaurant Management

AUGUST 2, 2024

As a result, they are making hard decisions to adjust prices and make menu changes. The increasing number of ‘no-shows’ is estimated to cost the hospitality industry £17.59bn per year, not accounting for staff costs and wasted food. LTO Impact A new Placer.ai The financial implications are massive.

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Les Roches

JANUARY 17, 2024

Strategic decisions about menu design, customer de­mographics, and pricing strategies also play critical roles. By unde­rstanding effective pricing strate­gies, restaurants can achieve a sustainable balance betwe­en profitability and memorable customer experience. Bachelor in Hospitality Management.

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Revenue Hub

NOVEMBER 7, 2022

One of the most important elements of an effective revenue management strategy is offering the right prices. Pricing can be based on cost, competition, or demand. It’s also about adapting your rates to market fluctuations so that you offer the right price, to the right guest, at the right time.

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Pricing Definition Article Marketing 77

Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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Les Roches

JANUARY 12, 2024

Pricing strategies are an essential part of commercial activity. Entrepreneurs, marketing strategists, and a whole host of other roles in practically every industry require a thorough knowledge of how to set pricing. It goe­s beyond simply assigning a random price and require­s strategic thinking and careful analysis.

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SiteMinder

OCTOBER 15, 2023

What is hotel dynamic pricing? Dynamic pricing is a pricing strategy for hotels that involves changing room rates daily, or even within the day based on real-time market conditions. Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue.

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Pricing Definition Book Marketing 59

Hospitality Magazine

SEPTEMBER 15, 2024

Affordable pricing : Pay one low rate for all cards, including American Express, with no monthly fees or lock-in contracts. Fast settlements : Get funds nightly, 7 days a week to your Zeller Account, or sweep to any existing business bank account. Learn more An EFTPOS machine that gets you paid faster, for less.

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POS Systems Front of House Accounting Pricing 130

eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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Pricing Book Marketing Events 59

Restaurant Engine

FEBRUARY 8, 2023

This article examines why the best restaurants have these four social media accounts and how you can harness their power for your business. #1: This is why it’s so essential that you have correct information about your hours, address, phone, contact info, description, price range, category, reviews, and photos.

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Accounting Information Blog Events 59

Modern Restaurant Management

APRIL 22, 2024

The first is account takeover (ATO), which allows fraudsters to gain unauthorized access to accounts with stored funds, change the password, sell the account or use the account’s funds themselves. Fraudsters can also create multiple accounts and add funds to them using stolen payment methods.

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Accounting Training Pricing Magazine 203

Modern Restaurant Management

MARCH 15, 2024

Many processors offer different deals, technology, pricing and other unique options. Reasonable Pricing With hundreds of payment processors, if establishing reasonable pricing is a priority, it’s essential to work with a processor that is smooth, reliable and clearly outlines what fees are accounted for.

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Customer Service Pricing Accounting 196

Modern Restaurant Management

MARCH 12, 2024

To reduce menu confusion and minimize price sensitivity, Ori’Zaba’s Scratch Mexican Grill recently rolled-out a rengineered and easier-to-read menu. The Ori’Zaba team told Modern Restaurant Management (MRM) magazine they watched people walk in and have a physical reaction to the three pricing tiers. Double Your Meat!”

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Modern Restaurant Management

APRIL 10, 2024

Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. When prices for staple ingredients like chicken rose dramatically in 2023, restaurant operators were forced to increase their prices. Full-service menu prices climbed 4.5

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Revenue Hub

OCTOBER 17, 2024

NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date The rack rate establishes a clear ceiling price, providing hotels with a strong starting position in negotiations with various client segments, from corporate accounts to event planners.

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The Restaurant Times

NOVEMBER 8, 2021

You need to carefully price your restaurant menu to make it to the top and earn as much as possible. While it’s understandable that you want to make a profit, being overly aggressive with your menu pricing can drive the customer away. It is about the right balance when applying your pricing strategies. .

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Pricing POS Systems Menu Planning Marketing 59

Hotelogix

FEBRUARY 4, 2024

You can update prices, add new items, and manage inventory. 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.

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Revenue Hub

NOVEMBER 14, 2024

This helps create accountability, ensure consistency, and reduce errors. Pricing: What Rates Will You Charge? Pricing is one of the most important tasks of revenue management. If your property is priced too high, you will miss out on bookings. If it is priced too low, you will miss out on revenue.

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Modern Restaurant Management

OCTOBER 2, 2024

Value pricing will eventually become a less effective tactic for restaurant brands with the market becoming oversaturated with discounted options. To do so, they must evaluate how value can be derived outside of price point. Operators must consider how they can strategically ease customers back into full price menus.

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Revenue Hub

JANUARY 15, 2024

Subscribe to our weekly newsletter and stay up to date First: Pricing aspect A hotel package is a combination of a room and at least one other component, like a bed and breakfast package. The critical aspect of the pricing is that every item should be discounted the same amount, i.e., percentage.

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Accounting Pricing Article Property Management 92