Hotel Management Techniques - Views from Banks and Accountants

Under the economic slowdown which is a result of the trade war and the global economy, the tourism sector in our country has been affected by the number of tourists in some markets decreased. Or some markets adjust travel groups. For example, from the Chinese market, from traveling as a large group tour, with the tour leader changing to a more independent self-travel, also known as F.I.T (Free Individual Traveler). Causing us to see the number of Chinese tourists falling. In addition to the economic overview mentioned above, There are still factors of the baht appreciation. Making Thailand as a tourist destination when compared to other tourist cities in the surrounding area, so we seem to have higher prices due to the changing currency.


And if the hotel business will be able to overcome these situations What factors will be considered from the bank's viewpoint through the Senior Director Real estate and Hotel Business by Khun Kongkaew Boonprasit and Khun Rachid Chairat, an accountant who own famous platforms like AccRevo.
How they will give advice to hotel operators? Let's see one by one.

For banks, the key factors for successful business operations are

1. Concise investment planning for newly started projects

  • Concise planning begins with the accuracy of the land to be used in the project. All documents are correct and complete. There are no laws prohibiting the creation and operation of hotels. It does not encroach on land as announced by the Ministry of National Resources and Environment etc.
  • Sources of funds used for the project, for banks, we believe that the bank's contribution to a particular project is that we are partnering with business customers. When we invest with our customers, we must help each other take full care of the project from the beginning of the investment until the service is open and throughout the business hours.
  • Bank loan analysis, it is another step that the bank gives importance to consideration through various criteria. To ensure that the project can be carried out according to the customer goal. For example, considering using the 5C principle, which consists of Character, Capacity, Capital, Collateral, Condition, each of which are important factors for credit consideration. And customers should pay attention to prepare each factor to be complete in order to strengthen the project.

2. During construction, during this period, it is important to get the construction project to be correct according to the plan and within the planned time frame. In order to control the expenses from escalating. And when the construction was completed, they were able to apply for a hotel business license correctly. Including other related licenses as well the construction project was completed but unable to request a license which means that the project cannot run the business under the law.

3. Operating period, at this stage, the bank will focus on the hotel marketing and sales plans of how the plan will be implemented. Will be able to develop and build a stable business growth based on the common goals between the bank and customers or not? In addition, during this service opening phase, another important indicator that reflects the quality of the business is Receiving and payment management, which in the end is "liquidity" of the business through cash flow numbers that will enable the business to proceed smoothly and securely.

From the above 3 points of view, the bank has products and services that can support those interested in investing in the hotel business at all stages of the project development until when it is open for service. And we have a great platform to help you manage your liquidity and convenient and economical inbound and outbound management systems.

This time, looking at the perspective of the accountants of the popular platform AccRevo, what are the factors that will make the hotel business grow steadily?

Khun Rachid Chairat, gave the opinion that "The accounting system is a system that even though many people think it is difficult, but these are important things for tightening the business and reducing management risks. " Which, if the entrepreneur has a good accounting system whether used through the platform or through other tools, the benefits of having a good accounting system will reduce the problem of managing information or documents help save time and document costs. And is also preparing to enter electronic transactions. The data can be analyzed for business planning and most importantly, establishing credibility with dealing with financial institutions and for a substantial tax deduction with documents stored systematically.

Finally, Khun Rachid also gives advice on creating a "Single Account" that
in addition to systematic accounting, the entrepreneurs should do business in a "single account". Or the preparation of accounts and financial statements in accordance with the condition of only one set of businesses. Will make the business more reliable resulting in more efficient business management. It is considered that such entrepreneurs are part of supporting the SME business to grow steadily and strongly in the future.

All of the above is not difficult for entrepreneurs in any way. It may just take time to lay out the structure of various matters more carefully. But when having an investment structure Management structure Clear financial management project Business operation can go forward fully, do not worry in any way, and most importantly, SCB is ready to travel with all entrepreneurs to be partners, investors and good advisors along the route.