Revenue Recognition: Comments Due June 1, 2017 on Implementation Issues Facing the Airlines, Gaming, Hospitality and Timeshare Industries
26 April 2017
Since 2002, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been working together to bring the guidance provided in the United States General Accepted Accounting Principles (GAAP) and the International Financial Reporting Standards (IFRS) in closer alignment. Historically, the U.S. GAAP provided complex transaction and industry specific revenue recognition guidance. For example, U.S. GAAP consisted of various revenue recognition requirements for specific transactions and industries which resulted in differing revenue recognition practices for similar transactions.
24 April 2017
The Cloud was once conversation for techies and a distant future goal for visionary business leaders. How times have changed! Today, internet-based or “Cloud” computing is enabling businesses of all sizes to gain on-demand access to a growing pool of shared computing resources that includes networks, services, storage, VoIP phone systems and even complete omnichannel contact center solutions.
8 March 2017
Who does not enjoy a little friendly, but very competitive, competition? Whether you are a budding hospitality technology entrepreneur or just interested in the startup world, it is thrilling to watch bold entrepreneurs compete. Making its debut in Europe this month, HITEC Amsterdam attendees should start with the action-packed Entrepreneur 20X (E20X) competition on March 28, 2017. Viewers will feel the suspense, and remain on the edge of their seats, as representatives from the competing startups present their technologies.
21 February 2017
With the recent stories of guests getting locked out of hotel rooms – or, in some reports, guests being locked in hotel rooms – it is hard to sort the fact from the fiction. A few weeks ago an Austrian hotel’s computer system was attacked by hackers. After all the dust settled, the truth about the attack was revealed and early reports of guests being held hostage in their hotel rooms was unfounded. The hackers were not interested in holding guests hostage, but were interested in disrupting the hotels business and holding the computer systems hostage. The hackers knew that the property management system is at the heart of the hotel’s operation, and without it the hotel would be crippled and unable to operate.
10 February 2017
As a hospitality student, and a millennial, I frequently hear discussions about how millennials behave. It is indeed intriguing, and somewhat entertaining, to see the labels being placed upon millennials when you are one of the subjects being studied. But from time to time, I just want to say, “that does not sound right!” As my peers and I are going into the workplace soon, I would really like to “right some wrongs,” and answer a few questions about hiring us millennials.
2 February 2017
At various times as an HFTP member, you will meet a fellow industry professional who is not a member. You are talking with them and they tell you about themselves, and you think they are a good fit for HFTP, or maybe HFTP can help them.
30 January 2017
HFTP Connect is looking for professionals involved with the hospitality industry who have writing experience and would like to write original and educational blog posts about their experience at HFTP®’s inaugural HITEC Amsterdam event this March. HITEC® is the world’s largest hospitality technology exposition and conference, and has extended its reach even further with its recent expansion into Europe and Asia. HITEC Amsterdam is the first of three HITEC events planned for 2017, and will be 28–30 March at the RAI Amsterdam Convention Centre in Amsterdam, The Netherlands. Pre-conference events will take place on 28 March followed by the full conference from 29–30 March.
23 January 2017
Congratulations, you recently started a new position as director of finance at a resort in a remote tropical paradise. You decided you were ready for a change of pace from the big city hotel scene and now you are wondering what you got yourself into. You are facing a major learning curve when it comes to the unique items you encounter at this property. Items like mosquito netting, fishing nets, bird houses, and hammocks are all new to you. You have complete confidence in your predecessor and accounting staff, but want to confirm that everything is recorded in the right place.
5 January 2017
The start of the new year is upon us and you may be reading all the articles on setting your New Year’s resolutions. According to website, Statistic Brain, only 8 percent of people are successful in achieving their resolutions. If you are like me, you read that statistic and wonder what is my chance for success?
19 December 2016
When it comes to certifications, it seems that there are so many letters a hospitality accounting, finance or technology professional can add behind their name: CHAE, CHTP, CA, CFE, CGA, CFF, CGMA, CPA, CMA, CHIA, etc. How do you determine which designation provides the greatest benefit? One thing we know for sure is that those who have earned certifications offered by Hospitality Financial and Technology Professionals (HFTP®) receive higher salaries than those without industry certifications. This was evident in the results from the 2016 HFTP Compensation and Benefits Survey conducted by the HFTP Americas Research Center at the University of Houston.
16 December 2016
Dispatches from HFTP Global: Hotel Technology Summit 2016 Written by: Lyle Worthington, CHTP It seems like every time I visit Dubai something changes. Whether it be a prodigious development, a broken record, a new restaurant, mall or even airport opening – it is difficult to keep up with the city’s massive scale and growth. Last year I visited Dubai for the first time, and chaired Naseba’s Hotel Technology Summit at the beautiful Sofitel Dubai The Palm Resort & Spa – it was also HFTP®’s first event in Dubai. I immediately recognized the need, from an educational standpoint, for HFTP in the area. The city hosts technology conferences, but lacks an option for year-round education, networking, social events and problem solving meetings for both the finance and technology industries. HFTP is the only global association that provides its members these annual benefits.
12 December 2016
As leading global hospitality association HFTP® continues to expand internationally, and prepares for several international events in 2017, we want to ensure the safety of our members and attendees who are traveling with us to these events. Before you pack up to attend the inaugural HITEC® Amsterdam, the larger HITEC Toronto or the premier HITEC Dubai next year, brush up on these international travel tips that will ensure a successful voyage. Whether you are a seasoned world traveler or preparing for your first major expedition, below is an essential checklist complete with information about required documents, security and safety, monetary exchange, electronics, entry rules and more to review before traveling abroad.
6 December 2016
We continue to be amazed at the number of private clubs that dump their older club management software for something new without a thought of how they might retain and improve what they already have. Helping clubs choose a replacement system has been the mainstay of our consulting practice for almost 30 years. If there is one thing we have learned through more than 350 replacement projects, it is that replacement is never pretty. Virtually every club department is affected, through data conversion, forms design, features configuration, user training, report generation and the break-in period of 12 months or so as staff (and members) become comfortable with the new software. Not to mention a significant financial investment to get from System A to System B. In the end, is it really worth the effort, disruption and cost? For many clubs the answer is a definitive “yes.” But for many others, the answer is a murky “I think so” or “I am not really sure.” So how do you decide? Written By: Bill Boothe & Jeremy Hoch
1 December 2016
HFTP® was excited to recently film the association’s new membership video. Watch the full “My HFTP” video on HFTP’s YouTube channel, and hear from a group of HFTP members on how they have benefited from their membership. Hearing our members’ stories on why they joined HFTP, what they have learned and connections they have made reminded us how lucky we are to be in this unique industry. We hope when you hear from your fellow members in the video, it will resonate why this is Your HFTP, a community of sharing, collaboration and support of hospitality professionals. Find out what people have to say about HFTP as a whole. Below are quotes, pulled directly from the “My HFTP” membership video, from current and former HFTP Global Board directors as well as members, industry leaders and association influencers revealing what they have drawn from their experience as HFTP members.
17 November 2016
Horses, and ducks and monkeys! Oh, my! We are approaching one of the craziest travel seasons of the year, and you could very well be sitting next to a miniature horse, duck or monkey if you are traveling on an airplane. Do hotels, restaurants and clubs have to extend a warm welcome to any and all types of animals that come onto their premises? Well, this was the topic of discussion during a legal education session at the HFTP® Annual Convention that took place last month at Caesars Palace Hotel & Casino in Las Vegas, Nevada USA. The session was moderated by Richard Belair, SPHR, director of human resources at The Westmoor Club. The session was presented by Sean O’Connor, Esq., attorney and partner at Morgan, Brown & Joy, LLP and Keith Pabian, Esq., attorney and partner at Pabian Law, LLC. The audience had many questions pertaining to this matter including the types of animals covered, services that must be provided, and legal ramifications.
14 November 2016
New Mexico Chapter 5:30 – 7:30 p.m. | REDW offices Accounting Ethics Presentation by Joyce L. Ellis, DBA, MAFM, CPA For further details and RSVP – CLICK HERE Florida Treasure Coast Chapter 5:00 – 8:00 p.m. | McArthur Golf Club Department of Labor – Salary Update by Mitch Stump For further details and RSVP – CLICK HERE
11 November 2016
A file came to my desk, “a handover file,” with the details for the next program I was to handle for The Westin Harbour Castle, Toronto. As a meetings and events manager, it is just part of my day-to-day job – however, when I saw the name of the organization listed on the file, I could not help but smile. I would be responsible for organizing the accommodations at the Westin for the upcoming Hospitality Industry Technology Exposition and Conference (HITEC®) in Toronto, the world’s largest hospitality technology show, for Hospitality Financial and Technology Professionals (HFTP®).
10 November 2016
It was a great honor to attend the China Hospitality Technology Alliance (CHTA) Global Annual Conference held in Lijiang, China, this November. The conference was held in such a beautiful, ancient town, and the opportunity to listen to various views shared by industry experts was impressive and extremely beneficial. The conference itself had several innovative and interesting highlights, in terms of operation and marketing effects. As China’s live-streaming sites have become increasingly popular, internet real-time broadcast was devised. This concept provides a platform to encourage the engagement of on-site participants and online audiences. Through this platform, people can raise questions, take surveys after each speech and even vote for the speakers they like. Every on-site participant has $200 (in virtual money) to reward the presenters at will. This new trial on live-streaming breaks the traditional settings of audiences listen to the speakers present on stage – it adds more dimensions of interaction between on-site and off-site participants.
Steven Stout, CAE, the Definition of a Professional, Leaves HFTP with Contributions That Will Have Lasting Impact
4 November 2016
After 14 years, HFTP director of meetings and special events Steven Stout moves on to executive director position at the Texas Society of Association Executives.
3 November 2016
There are many kind of hotels – from resorts to five star and to budget. However, I was able to attended the National Hotel Marketing Conference held in the Midlands of the U.K. – at a Hilton – known as Hilton St Georges Park. One chain hotel is the same as another right? Definitely wrong in this case. I was wondering why there was a Hilton here – effectively in the proverbial “middle of nowhere.” Now as you may know, England takes its football (or soccer in the U.S.) extremely seriously. The English Premier League (EPL) is covered worldwide, and who has not heard of Manchester United when it comes to football? We did win the World Cup in 1966 you know?
31 October 2016
My father has instilled a value in me that will inspire me for the rest of my life. He told me to “take advantage of every opportunity you get” and to “surround yourself with people smarter than you.” The experience I had attending the 2016 HFTP Annual Convention in Las Vegas, Nevada USA was just that. I learned so much from this wonderful event that will encourage me to strive for the best, and to lead others in their quest to achieve their dreams.
28 October 2016
“Going out with a bang” is an understatement for the HFTP® organization. Our last day of the convention blew me away AGAIN, and it went by way too fast! Friday’s schedule started a little later than Thursday’s itinerary and allowed us to sleep in an extra hour (or two for some of us), which was nice, but I could not wait to get back to Caesars Palace to see everyone again and hear more from our great speakers.
28 October 2016
Thanks to our friends at Facebook, the platform sends you memories from years ago to see if you want to re-post or re-share them to help you remember and celebrate what you have done over the years. This morning, I was notified of a “memory” from two years ago which was a re-post of a “memory” of an HFTP convention five years ago. I sent a photo to a few people that worked on my team in 2009, who joined me last week in Las Vegas, Nevada USA, for HFTP’s Annual Convention, to celebrate the memories of our trip and team building event. I never thought I would be able to talk about and remember events from 10+ years ago in such detail, but technology makes it easy to research and remember.
21 October 2016
A smile has not left my face from the moment our wheels touched the tarmac at the McCarran International Airport here in Las Vegas, Nevada. I am accompanied by five other graduate students from the University of South Florida and in such a short period of time we have been overwhelmed with emotion and respect for HFTP as on organization and the family-styled culture. To be completely honest, I was slightly intimidated about what to expect and how we would fit in as students to this elite organization of highly respected professionals. To say the least, I am in complete awe.
20 October 2016
After a short 4-hour direct flight from Florida and a quick “ride share” to Caesars Palace, I was ready to jump into the sessions early Wednesday morning. The best part about the convention is the amazing educational line up. The worst part about the convention is that you can’t attend all of them at the same time. What I do, is I plan out my schedule on my flight and then change my mind hourly! But it works.
17 October 2016
Before I get into anything else, I just want to wish a safe and speedy recovery to everyone affected by Hurricane Matthew. My thoughts are with all of those who have been impacted. ac16blogicon2On a more positive note, I am excited for our trip to Las Vegas, Nevada USA this week. As we prepare for HFTP’s 2016 Annual Convention, I look forward to meeting many new people and learning more about HFTP® as an organization. This will be my first year attending, so without much prior knowledge on what to expect, I am approaching the event with an open mind.
13 October 2016
As those in Caribbean island countries and Florida, Georgia and the Carolinas in the United States continue to feel the effects and deal with the aftermath of Hurricane Matthew, it is important to revisit emergency and disaster recovery procedures within your organization. Some important items to address in advance of a disaster include: developing a disaster planning team, developing brief instructions for staff on how to deal with each disaster, preparing a detailed evacuation plan, evaluating your current insurance policy and identifying other facilities that can provide for your guests. For more detail, visit the “Preparing for Emergency: Disaster planning and recovery checklist“ for a comprehensive checklist.