Buck Paolino’s Post

🌟 Are you tired of feeling unfulfilled and unhappy in your job? 😔 Don't worry! There's a way to turn things around and live a more enjoyable and fulfilling life! 🌈✨ Here are two simple ways to gain more positive traction and energy in your job, inspired by Dale Carnegie's "How to Enjoy Your Life": 📘💼 1️⃣ Develop Your People Skills: 💪🤝 Your ability to connect with and influence others is crucial to your success in life and work. So why not focus on active listening, empathy, and effective communication? When you develop these skills, you'll be able to build strong relationships, resolve conflicts, and inspire others to take action! 🎯💬 2️⃣ Take Action: 🚀 The most critical lesson from the book is to take action. To enjoy your life and your job to the fullest, you need to take ownership of your circumstances and make changes where necessary. Don't wait for someone else to make your life better; take the initiative and make it happen! With a positive attitude and strong people skills, you'll be well-equipped to take the necessary steps toward a more fulfilling life. 🌟🙌 These two simple steps of ownership can create a more fulfilled, lasting, and joyful job and workplace. And who doesn't want that? 😉✨ It all starts with YOU! Remember, you have the power to transform your life! 🌟 Believe in yourself and take action today! 💪💫 #PositiveVibes #TakeAction #DreamJob 💼✨ Agree? Let me know your thoughts in the comments! 👇😊 --- Characters: 1220

🍸📑 Master the art of coding invoices like a pro!💼🔍 Today, I'll unveil my secret to effortlessly coding invoices, ensuring accurate expenses on your key reports. It's akin to crafting the perfect martini - flawless execution with the right ingredients.🔍💪 Here's your recipe for coding success: 1️⃣ Begin with the basics: Just like a classic martini, a solid foundation is essential. Ensure the invoice is reviewed meticulously for accuracy and all necessary information is present. 🔎 Does the activity on the invoice align with your purchase? 2️⃣ Utilize the ideal "cocktail shaker": Similar to a skilled mixologist, expertly blending flavors in a cocktail shaker, use your chart of accounts to discover the ideal account code for your expense. This is where the magic happens! Add your personal touch to achieve code perfection. 📚🌟 Familiarize your team with your hotel's chart of accounts and determine the appropriate GL account for coding the invoice. 3️⃣ Finish with a flourish: Just as a martini is garnished with an olive or lemon twist, meticulously record the expense in your accounting system using the correct account code and any other pertinent details. This is your opportunity to add a personal touch and ensure a flawless outcome. 💻 Now, meticulously enter the expense into your accounting system. Pay attention to crucial details like the accounting period, invoice dates, and due dates. Each element serves a unique purpose in recording. By following these steps, you'll confidently code invoices, just like crafting that perfect martini. So cheers to impeccable coding and happy invoicing!🎉🍸 Don't miss out on the free bonus in the comments. Feel free to share!💼🔗 #hoteliers #hotels #hospitalitymanagement

Hotel friends, why in the world does our accountant ask for accruals at the end of the month? "Shouldn't we just follow the cash?" I had a hotel owner ask our team this question during onboarding. They were new to the onboarding and had always followed his cash in his previous endeavors. Which, is honestly, a great way to track the finances for a small business. But, hotels are a different animal and require a strong understanding of the full financial picture to truly see your numbers. And, here my friends, is a simple example of why you should be using accrual accounting at your hotel. With accrual accounting, you can match revenue with expenses, giving you a clear view of your financial performance over a certain period. This is crucial, especially in the hospitality industry, where expenses and revenue can occur at different times. For example, let's say you run a hotel, and a guest stays for four nights, paying $100 per night. If you were using cash basis accounting, you would only record $400 of revenue when the guest checks out and pays the bill. But with accrual accounting, you would record the revenue for each night the guest stayed, even if they haven't paid for it yet. This way, you can accurately track the revenue earned for the time period and match it with the expenses incurred during that same period. Let's connect and feel free to share if you found this example helpful! #hotels #hoteliers #hotelmanagement #hotelier

SO WHAT SHOULD YOU REALLY KNOW ABOUT HOTEL FINANCIALS? I'm so excited to share our hot take on that in our new free guide to Basic Hotel Financials! :) Drop a "Me" in the comments and use it to help your team get on the same page when it comes to hotel financial statements! You will get our: - Road to the Financials Cheat Sheet - A look at how data flows through your systems to produce the financial statements - Financial Statement Cheat Sheets - A look at key items on a standard hotel Income Statement and Balance Sheet - Hotel Formula Cheat Sheet - A look at the most important hotel formulas. - Hotel Market Segment Cheat Sheet - A look at how to use market segments. And learn how to master the basics first, so you don't get lost in the weeds of things that aren't important to the operations of your hotels. Free Hotel Financial Guide: https://lnkd.in/gqXsGz4q #hoteliers #hotelmanagement #hotels #hotelier

Hoteliers, are you making this MISTAKE? All Hotel General Managers should have access to the detailed Income Statement. They help create the budget. They should know where they stand each month. Then they'll be empowered to take corrective action when needed. You may like the idea of that but still not be sure how to get there. I think the first step is getting them access to your accounting system. And provide them with training so they know what they're looking at. Then they can view their daily report and expenses throughout the month. See how they're doing against budget, and investigate any possible reclasses needed. This has always been true, but especially now! When GMs understand their financials and are being looped in on review meetings, everyone wins! Do you agree? #hoteliers #hotels #hotelmanagement

5 Things We Forget When Checking Our Hotel Financials 1. Revenue Breakdown: Analyze the revenue generated from the room department separately from the food & beverage department. This will help you understand the contribution of each department to overall profitability. 2. ADR - Yes It's Still Important! Average Daily Rate (ADR): Keep track of the ADR, which is the average revenue earned per occupied room. This metric helps you assess the effectiveness of your pricing strategies and identify opportunities for improvement. 3. Cost of Goods Sold (COGS) F&B: Monitor the cost of goods sold specifically for the food & beverage department. This includes expenses related to purchasing food, beverages, and other inventory items. Keeping this cost under control is crucial for maintaining profitability. 4. Scrutinize Food & Beverage Revenue: Examine the revenue generated from the food and beverage departments, such as restaurants, bars, and banquet services. Identify areas for growth or potential cost-saving measures. Are there employee comps that need to be taken into account? 5. Control Food & Beverage Costs: Analyze the cost of ingredients, supplies, and labor associated with the food and beverage departments. Keep costs in check by managing inventory, negotiating with suppliers, and optimizing menu offerings. Is there food prep waste that could be utilized? Remember, analyzing financial statements helps hotel managers make informed decisions to drive profitability, control costs, and ensure efficient operations. At Hotel Solutions, LLC we review items like this based on the financial data of each hotel to give our clients a starting point for their own in-depth reviews. If you'd like to learn more about our monthly services like this shoot me a DM and would be happy to chat. Hit Like Below! #hotelmanagement #hotelier #hoteliers #hotels

Free Download The Basics of Hotel Financials In Yor Free Hotel Guide You Get: - How activity gets to your financial statements - What key features you should take note of on your hotel's Income Statement (P&L) and Balance Sheet - Review a few of the most crucial hotel formulas (analytics) you should be tracking - How to utilize your market segments to help everyone from sales to the front desk Bonus: Important Reminders! Bonus: Weekly video series designed to make you more money! Free Hotel Financial Guide: https://lnkd.in/gqXsGz4q

Hotel Friends!! 📋 Did you know... Hotel expenses are like chameleons – they change colors constantly. From housekeeping to energy bills, costs vary based on occupancy, season, and guest demands. This intricacy demands an accountant who's in tune with the pulse of the hotel industry. Why settle for a standard bookkeeper when you can have a hotel finance guru? They'll navigate the twists and turns of variable expenses and manage accounts payable intricacies with finesse. Someone who actually knows the complexities of a hotel chart of accounts and can provide suggestions to gl coding to make sure it matches industry standards and the budget. Ready to upgrade your expense management game? Follow Hotel Solutions, LLC for more tips. 💡💼 #HotelBookkeeping #hotelmangement #hotelsandmotels

Elevating Hotel Financial Management: Should I Outsource? In the dynamic realm of hotel management, the question often arises: to outsource or to keep accounting in-house? Let's embark on a journey of exploration and uncover why outsourcing emerges as the ultimate choice, bringing a wave of benefits that can reshape your hotel's financial landscape. 🏨💼 **1. Specialized Expertise Unleashed** 📊 Imagine tapping into a pool of seasoned professionals who live and breathe hotel accounting. Outsourcing to experts who understand the nuances of your industry grants you a strategic advantage. This can be great as you have a glimpse into what other hotels throughout the country are doing to solve the issues you are facing right now. **2. Cost-Efficiency Redefined** 💰 Picture this: You're freed from the overhead of recruiting, training, and retaining an in-house accounting team. Outsourcing streamlines costs while delivering high-quality financial services. No need to invest in constant software updates or worry about potential disruptions due to employee turnover. Efficiency is the name of the game. **3. Uninterrupted Focus on Core Excellence** 🌟 When you choose to outsource your hotel accounting, you're reclaiming invaluable time and resources. Redirect your team's energy towards crafting exceptional guest experiences, enhancing operations, and igniting innovation. Leave the number-crunching to the experts, while you shine where it truly matters. **4. Scalability Beyond Boundaries** 🚀 As your hotel grows and expands, so do your accounting needs. Outsourcing adapts effortlessly to your evolution. Whether you're adding new properties or entering new markets, the right outsourcing partner evolves with you, ensuring financial stability even in times of change. **5. Insights That Drive Success** 📈 Outsourcing isn't just about crunching numbers; it's about crafting a roadmap for financial triumph. Industry-savvy outsiders bring fresh perspectives, illuminating opportunities for revenue enhancement, cost optimization, and data-driven decision-making. So, it's time to embrace the transformative potential of outsourcing hotel accounting. 🌐📚 Outsourcing isn't merely a choice; it's an investment in elevating your hotel's financial performance. Ready to explore this pathway to excellence? Follow **Hotel Solutions, LLC** for insights, inspiration, and a journey toward financial mastery. 💼💡 Don't forget to DM me when you have any outsourcing questions! Happy to Chat! #hoteliers #hotelmanagement #boutiquehotels #hotelsandmotels P.S. Remember, by outsourcing, you're not just gaining a service – you're gaining a strategic partner in your pursuit of hospitality greatness! 🌟

What do I do with prepaids? As a hotel owner or manager, you want to be able to look at your income statement and get an accurate picture of all the income and expenses for each month, right? Of course! It’s how you keep track of your hotel’s performance and make smart decisions that will increase your profits. But there’s one category of expense that might be throwing you for a loop… Prepaids. Should you code every tiny invoice to prepaid? When should you move a prepaid to the income statement? How should the team be keeping track of it all and how do you know things aren’t hiding on the Balance Sheet? Don’t worry! I have a couple of simple, trusty guidelines to help you and your team navigate prepaids so that they don’t distort the income statement and so you can continue to make solid business decisions based on accurate financials. Check out the video in the comments! #hoteliers #hotelmanagement #hotels