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Hospitality Financial and Technology
Professionals has begun the development of a global hospitality
accounting system users guide.
“Currently, there is not a global resource like
this,” said Frank Wolfe, CAE, HFTP’s CEO. “We are the only global
association dedicated to hospitality finance and technology and
our Global Board is investing heavily to create a benchmark that
stakeholders can use to compile accounts, compare regional
differences and define the value of a hospitality operation. Our
plan is to document how the industry is actually performing the
process, as opposed to mandating a process.”
The global guide will provide the industry with
a comprehensive glossary of inventory terminology, charts of
accounts and will benchmark common allocation for specific regions
of the world. The project is planned as a three step process:
1. Final year bachelor students at Ecole
Hôtelière De Lausanne (EHL) in Switzerland working on their
Student Business Project are gathering data, surveying hotel
operations and assembling terms of reference.
2. Once the data
is assembled, it will be distributed to regional teams of industry
professionals that are chaired by industry consultants. These
teams will develop sample charts of accounts and common
allocations for their specific areas.
3. The team chairs will
finalize the project by authoring a discussion on similarities or
differences of allocations. The initial guide will be published in
English, with plans to distribute globally in multiple languages.
HFTP is working with members of several organizations
including, EHL, HFTP's Research Institute at the University of
Houston, Hong Kong Polytechnic University and Hospitality
Professionals Association (HOSPA).
HFTP is also collecting
information from several volunteers from around the world who want
to participate.
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