HFTP Partners with HotStats on the Global Hospitality Accounting Common Practices Database
The site is a searchable database of detailed operating financial reporting practices
Hospitality Financial and Technology Professionals (HFTP®) has announced a partnership with HotStats to manage the Global Hospitality Accounting Common Practices (GHACP) database. First released in Fall 2014 by HFTP, the new agreement will move the site hosting to HotStats with complimentary access to HFTP members. In addition, HotStats will expand the database by incorporating its chart of accounts, alongside the current editions of the Uniform System of Accounts for the Lodging Industry (USALI) and the Uniform System of Financial Reporting for Clubs (USFRC).
The resource was created with the intention that it would be continuously developed to follow the ever-changing hospitality industry. The new partnership will facilitate this aim with access to up-to-date financial data from HotStats, a profit and loss benchmarking service.
"GHACP database is a global effort to provide an accessible online source of resources and guidance for hospitality industry accounting practices," said HFTP CEO Frank Wolfe, CAE. "Together with HotStats we can ensure that this powerful and invaluable tool continues to be useful to hospitality accounting and financial professionals at all levels."
"Hospitality is a nuanced industry and this is even more pronounced on the finance side," said Pablo Alonso, CEO of HotStats. "The GHACP is one way stakeholders can stay abreast of the intricacies that go into financial reporting and other key matters. HotStats is delighted to partner with HFTP on this important initiative."
The GHACP allows users to learn and compare their financial reporting practices to current hospitality industry standards for both the lodging and club segments of the industry. Detailed operating financial reporting practices included are from the United States, Netherlands, United Kingdom, France, Hong Kong and Shanghai, China; as well as from the USALI, 10th and 11th editions and the USFRC, 7th edition. In particular the resource features example operating schedules for the various systems in addition to a searchable database of items (nominals) and accounts.
HotStats provides a unique profit and loss benchmarking service to hoteliers from across the globe, which enables monthly comparison of hotels' performance against their competitors. It is distinguished by the fact that it provides in excess of 100 performance metric comparisons covering 70 areas of hotel revenue, cost, profit and statistics providing far deeper insight into the hotel operation than any other tool. The HotStats database currently totals over a million hotel rooms worldwide.
Hospitality Financial and Technology Professionals (HFTP®) established in 1952, is an international, nonprofit association, headquartered in Austin, Texas, USA, with offices in Hong Kong, United Kingdom, the Netherlands and Dubai. HFTP is recognized as the spokes group for the finance and technology segments of the hospitality industry with members and stakeholders spanning across the globe. HFTP uniquely understands the industry's pressing issues and assists its stakeholders in finding solutions to their challenges more efficiently than any organization. It does this via its expert networks, research, certification programs, information resources and conferences/events such as HITEC. HFTP also owns the world's only hospitality-specific search engine, PineappleSearch.com. For more information about HFTP, email firstname.lastname@example.org or download the HFTP/HITEC media kit via the HFTP website. Read industry updates on the suite of HFTP hospitality news sites: HITEC Bytes, Club Bytes, Finance Bytes and HFTP News.