How Finance & Accounting Outsourcing (FAO) Services Are Creating Forward Momentum for the Hospitality Industry

For the hospitality industry accounting outsourcing services are proving to be highly beneficial for business growth.

Working with our clients in the hospitality industry, we know that well-organized data leads to insightful analysis. This is particularly important for hotels and restaurants, which process enormous amounts of data—from guest reservations and contact information to room costs, food and beverage income, and operational expenses.

FAO enables decision makers in the hospitality industry to uncover emerging trends from financial data and leverage that information to operate with a proactive mindset and data-driven insight about their customers.

The Many Benefits of Hospitality Accounting Outsourcing

• Focus More Time & Energy Caring for Your Guests
• Streamline Financial Operations
• Uncover Insights Into Opportunities that Can Produce the Most ROI

Operating a finance and accounting function inside your hospitality business can quickly become overwhelming — especially when budget and staff are limited. Click here to learn more.

Current Expected Credit Loss (CECL) for Private Clubs

In 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updated (ASU) 2016-13, which implements a new credit impairment model for financial assets based on current expected credit loss (CECL) with an effective date for nonpublic entities for fiscal years beginning after December 15, 2022.

The new guidance no longer focuses on incurred losses but takes a more forward-looking approach.

Although financial institutions will feel the most significant impact of this new guidance, CECL does apply to private clubs. In this article, we explore the specific impacts of CECL on the private club industry, the benefits of proper CECL modeling, and the potential next steps for private club management.

Click here to learn more about CECL and its impact on the hospitality industry.

How to Use Tech and AI to Enhance Private Club Membership Appeal for Prospective Members

Private clubs are enhancing their appeal to both current and prospective members by using AI and other emerging technologies. In this article, we’ll begin with the low-hanging fruit and proceed to the more adventurous items as we go.

Practical Ways to Use AI & Tech to Enhance the Appeal of Your Private Club

For Prospective Members

• Produce a high-tech tour of your facility. From drone flyover tours of the golf course to virtual tours of facilities that leverage Google 360, clubs are showcasing their properties with more panache than ever. By moving away from the static images toward more dynamic and modern visuals, clubs hope to engage the next generation of members and event hosts.

For Current Members

• Deliver a more personalized experience. Because data analytics can work with AI to analyze member behaviors and uncover trending preferences, your club can then consider adding new activities and events that cater to these preferences.
• Consider adopting “smart” facilities management. Smart lighting, temperature control, and energy management systems all contribute to cultivating a more comfortable and enjoyable environment.

From Pebble Beach to Augusta National, members can experience playing on legendary tracks from the comfort of your club. Learn how some clubs opt to make interactive simulation experiences available at events or as a regular amenity.

Helping Hospitality Businesses Focus on Their Guests

The hospitality industry is a specialized one with unique needs. Private clubs, restaurants, hotels and resorts succeed by running an efficient operation and staying on top of complex accounting responsibilities, all while providing guests with a delightful, stress-free environment. To remain strong, organizations like yours need the support of professionals who understand the challenges you face and the competitive business landscape in which you operate.

PBMares knows your industry and its unique hurdles. We help hospitality-focused organizations find appropriate solutions and achieve the financial goals that lead to long-term success. We are members of many leading associations in the industry where we speak on and publish original, industry-leading guidance to help hospitality business owners stay ahead of their competition. By getting to know our hospitality clients and valuing the partnership, you receive a hands-on, personalized approach.

If this sounds like the kind of business advisory, tax and accounting experience you’re looking for, read on to find out how we can help your private club, hotel or restaurant.

Meet the Team Lead: R. Todd Swisher, CPA