As we enter into a new year clouded by an uncertain economic outlook, hospitality businesses need to begin thinking about accounts payable (AP) in a new way. By employing smart AP tactics, hoteliers can get better control over their cash and ultimately improve their bottom lines.
Hotels and hospitality properties face unique challenges. Not only has volume fluctuated wildly due to the pandemic and its ongoing recovery, but additional fluctuations may persist as the world appears poised to enter into a recession. Making matters worse, hospitality properties are also struggling with labor shortages and rising inflation, making it that much more difficult to stay profitable.
The good news is that by reevaluating the way they manage accounts payable, hotels and hospitality properties can maximize their cash flow and make smart moves to protect their margins. Let’s take a look at tactics hotels can use to get more control over their financial situations and implement payment strategies that help them accomplish their goals.