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To create a global resource for the hospitality finance industry,
Hospitality Financial and Technology Professionals (HFTP(R)) has
begun development on 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 Hoteliere 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. Interested companies
and/or financial professionals who are interested in participating or
helping to sponsor the project may contact HFTP at GHASUG@hftp.org.

HFTP, Austin, Texas, USA and Maastricht, The Netherlands, founded
1952, is the global professional association for financial and
technology personnel working in hotels, clubs and hospitality-related
businesses. HFTP provides educational opportunities, research, and
publications to members around the globe including, the premiere
hospitality technology conference HITEC -- founded in 1972. HFTP also
awards the only hospitality specific certifications for accounting
and technology -- the Certified Hospitality Accountant Executive
(CHAE) and the Certified Hospitality Technology Professional (CHTP)
designations. HFTP was founded in the USA as the National Association
of Hotel Accountants.

Contact:
HFTP
Email Contact 

SOURCE: HFTP