THE JOURNAL OF HOSPITALITY FINANCIAL AND TECHNOLOGY PROFESSIONALS Volume 21, Number 3 April/May 2006 Inside: Financial Challenges to Condo-hotels; Off-the-shelf Software for Financial Reporting; Computer-based Training; Key Managerial Accounting Skills; Kiosk Markets; Feature Profile — Cihan Cobanoglu, Ph.D., CHTP WWW.hftp.org • WWW.HITEC.org C o n t e n t s THE JOURNAL OF hospitality FINANCIAL AND TECHNOLOGY PROFESSIONALS Volume 21, Number 3 A P R I L / M A Y • 2 0 0 6 FEATURES 13 GOING CONDO? HFTP®, HITEC® and ONHTEC® are registered service marks of Hospitality Arlene Ramirez, MBA, reviews the challenges involved for a financial professional when work- Financial and Technology Professionals. ing at a condo-hotel property. ProLinks and GUESTROOM 2010 are service marks of Hospitality Financial and NLIMITED ESOurcES FOR THE IMITED SERVICE USINESS Technology Professionals. 16 U R L - B Franklin John P. Sikich, CPA, CHAE and Arlene Ramirez, MBA give tips on how to use eco- nomical, off-the-shelf software for financial reporting and tracking. Submissions and Inquiries Individuals interested in submitting an article 20 DOES ON-ScrEEN LEARNING EQUAL ON-TArgET RESULTS? for publication should contact the editor. The Celeste Mozeik and Brian L. Miller, Ed.D., provide a survey report on the use of computer- Bottomline is a peer review journal. All ma- terials submitted for publication are reviewed based training in the hospitality industry. by members of the editorial review board or recognized experts in the field. 23 KEY MANAGERIAL AccOUNTING SKILLS Ray Schmidgall, Ph.D., CPA, CHAE and James Damitio report on the importance of 24 mana- The Bottomline (ISSN 0279-1889), the jour- nal of Hospitality Financial and Technology gerial skills, as rated by hotel financial executives. Professionals, Inc., is published bimonthly with two special editions by HFTP®. Copy- 26 KIOSK MArkETS right © by Hospitality Financial and Technol- Michael Kasavana, Ph.D., NCE, CHTP, discusses how RFID-based kiosk markets may offer an ogy Professionals. All rights are reserved. alternative that minimizes labor cost while optimizing product offerings and increased sales All opinions expressed herein represent the views of the authors. The Bottomline and HFTP disclaim any responsibility for views 30 FEATurE PROFILE: CIHAN COBANOGLU, PH.D., CHTP — A SELF-FULFILLING PROPHECY expressed or statements made in any articles published. HFTP disclaims any liability with respect to the use of or reliance on any such information. The information contained in this publication is in no way to be construed as a recommendation by HFTP or any industry standard, or as a recommendation DEPARTMENTS of any kind to be adopted or binding upon any member of the hospitality industry. 5 BETWEEN THE LINES Written consent must be obtained from HFTP Take Advantage of Your Tech Tools — Reduce your workload by realizing the full potential of before reprinting articles. Subscription fee of $30 for HFTP members is included in your technology devices. the membership fee. HFTP is headquartered at 11709 Boulder Lane, Suite 110, Austin, 6 Q&A FROM THE HFTP RESEArcH INSTITUTE Texas 78726. Periodicals Postage Paid at Industry Resources and More — Capital vs. operating leases, resources for financial standards Austin, Texas. POSTMASTER: Send ad- dress changes to The Bottomline, 11709 and benchmarking statistics reports Boulder Lane, Suite 110, Austin, Texas 78726, (512) 249-5333. 8 HFTP CALENDAR OF EVENTS 10 PRESENTING MORE WITH POWERPOINT — DESIGNING A PROMOTIONAL SLIDE The ninth in a series, Michael Kasavana, Ph.D., CHTP, gives tips on designing a slide for a special event night. The Bottomline 3 THE BOTTOMLINE STAFF Frank I. Wolfe, CAE Executive Vice President/CEO [email protected] Eliza R. Selig Editor/Director of Communications [email protected] Laura Huffman Advertising Sales/Marketing Account Manager [email protected] 2005–2006 HFTP OFFICERS President Ralph R. Miller, CA, CBV, CHA, CHAE Inntegrated Hospitality Management, Ltd. North Vancouver, B.C. Vice President Agnes DeFranco, Ed.D., CHAE University of Houston Houston, Texas Treasurer Anna McFarland, CPA, CFE, CHAE, CHTP Anna McFarland & Associates Kaufman, Texas Secretary Jules Sieburgh, CHTP Atlantis Paradise Island Resort Paradise Island, Bahamas HFTP 2006 Club and Hotel Immediate Past President Frank A. Agnello, Jr., CMA, CHAE The Wyndgate Country Club Controllers Conference Rochester Hills, Mich. 2005–2006 COMMUNICATIONS EDITORIAL ADVISORY COUNCIL June 20 – 21, 2006 Chair Franklin John P. Sikich, CPA, CHAE Hilton Minneapolis Hotel Franklin John Patrick Sikich, CPA Board Liaison Philip G. Newman, CPA Minneapolis, Minnesota PKF Witt Mares Co-located with HITEC Council Amitava Chatterjee, CHTP IBM Business Consulting Services Travel and Transportation Hosp and Leisure Ab M. Echenberg, CHAE, CHTP HFTP’s Club and Hotel Controllers Conference feature AME Consulting educational sessions that focus on club- and hotel-specific Mehmet Erdem, Ph.D, CHTP University of New Orleans topics that can help launch your career or your property Cindy Estis Green to stellar heights. On top of the opportunity to become HSMAI Foundation Ted Horner up-to-date on hot industry topics, the conferences E Horner & Associates Pty Ltd Dipankar Mukherjee, CHAE, CMC will put you in touch with individuals that have similar Hospitality Inns LTD professional interests. Establish new connections. Peter O’Connor, Ph.D. IMHI Cornell ESSEC Strengthen existing relationships. Walk away with a Arlene Ramirez, MBA new perspective, inspiration, good ideas, a sense of Benchmark Hospitality Kevin F. Reilly, CPA, JD camaraderie and an edge on the industry. PKF Witt Mares Jo Anna M. Schillaci, CHTP Boca West Club Inc Raymond S. Schmidgall, Ph.D., CPA, CHAE Michigan State University Online registration is available Joseph Seminerio, MBA, CHAE, CHTP at www.HFTP.org. Baltusrol Golf Club Robert B. Sponaugle, CHAE, CHTP American Liberty Hospitality, Inc. Register Questions? Call HFTP at Paul A. Willie, CFM, CHAE,CHTP,CHA,CMA Now! (800) 646-4387 or 001 (512) 249-5333. Niagara College 11709 Boulder Lane, Suite 110 • Austin, TX 78726–1832 001 (512) 249-5333 • (800) 646-4387 • Fax 001 (512) 249-1533 www.hftp.org • www.hitec.org 4 April/May 2006 BETWEEN THE LINES a letter from the president TAKE ADVANTAGE OF YOUR tECH tOOLS Reduce your workload by realizing the full potential of your technology devices y travel schedule this past winter resources — including tutorial DVDs, and early spring has been ex- guidebooks and training provided by the Mtensive. In addition to my work vendor. travels throughout the Pacific Northwest HITEC 2006, June 19–22 in Minneap- and Rocky Mountain areas, I have been olis, Minn., is HFTP’s top tool for learn- representing HFTP at a number of hospi- ing about how to best use the latest in tality industry events worldwide, including hospitality technology from experienced in London, Berlin, New Orleans and San experts. Starting Monday, June 19, the Francisco. While this has been an oppor- education program starts off with a day tunity of a lifetime, my goal to keep my of “What to Look For When Purchasing” responsibilities in balance became slightly sessions. Offered are sessions on revenue difficult to follow. To remain in-touch, and property management systems, tele- with each of my bases in Calgary and phones, point-of-sale, in-room technology Vancouver, while on-the-go, I turn to my and energy management systems. These tech tools to keep me in contact with my will give you an understanding of what personal, family and business contacts you will find in the exhibit hall in the fol- and, well yes, the Canuck’s ever-chang- lowing days. ing position in the northwest divisional For club professionals, HFTP and the Ralph Miller, CA, CBV, CHA, CHAE playoff race. Along with my suits, ties and Club Managers Association of America business cards, I travel with my laptop (CMAA) host the Club Technology Boot and cell phone (text and e-mail compliant) Camp on that same Monday. The seminar, — the modern business person’s toolkit. led by club industry experts Debra Kris- Having the ability to It’s one thing to carry the tools, it’s an- topson and William Sullivan, CHTP, will other to use them. Why add 10 pounds to encourage a dialogue on today’s current check-in at work and be your carryon, just for your laptop, when technology issues and real-life solutions. you can visit your hotel’s business center Especially exciting is the debut of available to solve problems to surf online? The reason is so that you GUESTROOM 2010, a guest room pro- during your downtime on can use specially installed software that totype featuring the latest and near-future allows you to log-on to your company’s technologies for the modern hotel room. a business trip reduces virtual private network and run the regular The pavilion will be a tactile display of day-end performance reports — even a variety of technology — from RFID to stress during and after when you are over 1,000 miles away from in-room entertainment. In other words, a your trip, and decreases the office. Having the ability to check-in peek at the future business traveler’s tech at work and be available to solve prob- tools for balancing personal and business catch-up tasks. lems during your downtime reduces stress interests while on the road. during and after your trip, and decreases These past six months as HFTP presi- catch-up tasks. dent have been extremely rewarding. I The important idea here, is to take the have had the opportunity to meet industry time to realize the full potential of your professionals from all over the world and tech tools and use them. I have used busi- discuss HFTP’s potential on an interna- ness travel as an example, but this is also tional level.