( PR4US.com | Press Release | 2021-12-10 15:30:54 )
This project aims to support companies looking to grow and expand.

Fairmas, the developer of a cloud-native hospitality financial business intelligence solution has published a white paper with the focus on the importance of a digital solution in the dynamic financial reporting for hotel owners, operators, investors, and asset managers.

The white paper delivers the latest developments in the hospitality industry in the area of financial reporting, including the current and future challenges in maximizing asset profitability. Scenarios and use cases illustrate the intricacies of the hotel financial business and impact of future changes and demands brought about by growth and expansion.

Contents of the white paper include:

1. Basics of Responsibility Accounting
2. Importance of Budgeting and Forecasting
3. What-if Scenarios and Use Cases
4. Benefits of a Digital Solution
5. Recommendation by Horwath HTL

Fairmas thanks Horwath HTL for their support through their recommendation.

Through this publication, Fairmas reaffirms itself as competent business partner and trusted advisor/consultant to the hotel industry, who goes beyond providing products and services but also share and implement best practices and set industry standards.


White Paper - Introduction

The hotel business has become increasingly complex. This means the need for timely and well-structured financial reports and planning documents. Internal decision makers and those external to a hotel or chain, like lenders, investors and asset managers, require up-to-date, reliable financial information. At the same time, there is a lot more data being generated, both internally and externally.

The challenge is how to structure the data and transform it into information that is useful for managers. The problem is that many hotels, especially independent properties and smaller chains, are unable to present financial performance and forecasting data in a useful format. For many establishments, financial reporting is limited to calculating what is owed to the tax authorities.

For these reasons, hotel financial managers apply Responsibility Accounting, “the name given to that aspect of the managerial process dealing with the reporting of information to facilitate control of operations and evaluation of performance.” (Dominiak & Louderback, Managerial Accounting, 1991.)


To access the complete White paper, please copy this URL to your browser https://bit.ly/3EAbvX0