{"id":27042,"date":"2024-12-31T06:06:44","date_gmt":"2024-12-31T11:06:44","guid":{"rendered":"https:\/\/www.sage.com\/en-us\/blog\/?p=27042"},"modified":"2024-12-31T06:10:03","modified_gmt":"2024-12-31T11:10:03","slug":"the-role-of-hospitality-cfos-in-digital-transformation","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-us\/blog\/the-role-of-hospitality-cfos-in-digital-transformation\/","title":{"rendered":"The role of hospitality CFOs in digital transformation"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/category\/trends-insights\/\" class=\"entry-header__link\">Trends &amp; Insights<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tThe role of hospitality CFOs in digital transformation\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \">Published <time class=\"entry-date published\" datetime=\"2024-12-31T06:06:44-05:00\">December 31, 2024<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"The role of hospitality CFOs in digital transformation\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-us\/blog\/the-role-of-hospitality-cfos-in-digital-transformation\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n\t<\/header>\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-us\/blog\/author\/bill-fuesz\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/08\/BillFueszHeadshot-350x350.jpg\" class=\"entry-author__image\" alt=\"Bill Fuesz\" \/>\t\t\t\t<span class=\"entry-author__name\">Bill Fuesz<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">I can\u2019t overstate the importance of digital transformation in the hospitality industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In an increasingly digital world, guests expect seamless and personalized experiences, and not meeting these expectations can result in lost business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Digital transformation allows hospitality businesses to stay competitive by providing faster, more reliable, and more customized services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This commitment to technological advancement not only attracts new customers but also fosters loyalty among existing ones.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From a financial perspective, the efficiencies gained through automation, data analytics, and cloud computing contribute to significant cost savings.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Streamlined operations reduce overhead expenses, while better demand forecasting minimizes waste and improves resource allocation. When combined, these efficiencies translate into improved profit margins.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Likewise, enhanced guest experiences, facilitated by digital tools, can lead to higher customer satisfaction, which is directly linked to increased revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Satisfied guests are more likely to return and recommend the service to others, driving repeat business and positive word-of-mouth marketing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In a competitive market, these advantages are crucial for staying ahead of the curve and ensuring long-term profitability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let\u2019s dig deeper into how CFOs can drive digital transformation. &nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-here-s-what-we-ll-cover\">Here&#8217;s what we&#8217;ll cover<\/h3>\n\n\n<?xml encoding=\"utf-8\" ?><div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><ul><li><a href=\"#h-the-cfo-role\" data-level=\"2\">The CFO role<\/a><\/li><li><a href=\"#h-enhancing-operational-efficiency\" data-level=\"2\">Enhancing operational efficiency<\/a><\/li><li><a href=\"#h-improving-the-guest-experience\" data-level=\"2\">Improving the guest experience<\/a><\/li><li><a href=\"#h-cloud-accounting-platforms-simplifying-digital-transformation\" data-level=\"2\">Cloud accounting platforms: simplifying digital transformation<\/a><\/li><li><a href=\"#h-cloud-based-or-cloud-native\" data-level=\"2\">Cloud-based or cloud-native?<\/a><\/li><li><a href=\"#h-the-value-of-digital-transformation-in-hospitality\" data-level=\"2\">The value of digital transformation in hospitality<\/a><\/li><li><a href=\"#h-final-thoughts\" data-level=\"2\">Final thoughts<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-cfo-role\">The CFO role<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">CFOs play a pivotal role in the strategic planning and execution of digital transformation initiatives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Their responsibilities encompass financial oversight, risk management, and resource allocation\u2014all critical elements for successful digital transformation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As stewards of financial health and strategic vision, CFOs must align technological advancements with corporate goals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They need to ensure that digital investments provide a significant return and that transformations are both financially and operationally sustainable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-key-responsibilities\">Key responsibilities<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-financial-planning-and-budgeting\">Financial planning and budgeting<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Allocating funds for technological innovation ensures that digital initiatives are workable and sustainable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CFOs must meticulously plan budgets to include both initial investments and ongoing maintenance costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They also need to balance these investments with other financial obligations to ensure fiscal health.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Specifically, allocating a part of the budget for unforeseen technological upgrades and keeping a reserve fund for emergency tech support can mitigate future risks.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-risk-management\">Risk management<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Identifying and mitigating risks associated with digital transformation helps safeguard the organization&#8217;s financial health.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This includes cybersecurity risks, data privacy concerns, and potential technological obsolescence. CFOs must work closely with IT departments to develop comprehensive risk management strategies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For instance, adopting multi-factor authentication and conducting regular cybersecurity audits can diminish the threat of data breaches.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-performance-metrics\">Performance metrics<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Setting up key performance indicators (KPIs) to measure the impact of digital strategies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These metrics should encompass financial performance, operational efficiency, and customer satisfaction to offer a holistic view of the transformation&#8217;s success.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regular monitoring and adjustment based on these metrics are essential to ensure continuous improvement.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Specific KPIs could include digital adoption rates, ROI on technology investments, and Net Promoter Scores (NPS) for customer satisfaction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-enhancing-operational-efficiency\">Enhancing operational efficiency<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Operational efficiency in the hospitality industry directly affects profitability and sustainability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By using advanced technologies, CFOs can streamline processes, reduce costs, and improve resource management.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Efficiency gains can lead to better service delivery, reduced operational bottlenecks, and significant cost savings.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-strategies-for-improvement\">Strategies for improvement<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-automating-routine-tasks\">Automating routine tasks<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Automating repetitive tasks such as bookings, check-ins, and inventory management can reduce human error and free up staff for more high-value activities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This not only improves accuracy but also allows staff to focus on enhancing guest experiences.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Technologies like robotic process automation (RPA) can handle routine data entry, while artificial intelligence (AI) can power chatbots for customer service inquiries.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-data-analytics\">Data analytics<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Using data analytics for forecasting and demand planning helps optimize resource allocation and reduces wastage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By analyzing historical data, CFOs can make more informed decisions about staffing, inventory, and other critical resources.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Implementing predictive analytics can further refine these decisions, helping to anticipate demand surges and adjust resources accordingly.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-cloud-computing\">Cloud computing<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Cloud-based solutions offer scalable and flexible infrastructure, which can be particularly beneficial for managing operations across multiple locations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These solutions also facilitate easier data access and collaboration, enhancing overall operational coordination.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Adoption of enterprise resource planning (ERP) systems hosted on the cloud can integrate various business processes and provide real-time data access.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-improving-the-guest-experience\">Improving the guest experience<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In an industry where guest satisfaction is paramount, digital technologies can profoundly enhance the guest experience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CFOs can use digital tools to create personalized, seamless, and efficient services that exceed guest expectations. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Technology can transform every touchpoint of the guest journey, from booking to checkout, ensuring a more enjoyable and memorable stay.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-innovative-approaches\">Innovative approaches<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-personalization\">Personalization<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Using customer data to offer personalized recommendations and services creates a more tailored and memorable experience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By understanding guest preferences and habits, hotels can provide customized offers and amenities that resonate more deeply with guests.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, machine learning algorithms can analyze past behaviors to suggest room upgrades or special packages.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-mobile-solutions\">Mobile solutions<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Implementing mobile check-ins, digital room keys, and concierge apps streamline the guest journey from arrival to departure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These tools offer convenience and flexibility, allowing guests to control their experience through their mobile devices.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Integrating these solutions with a central customer relationship management (CRM) system ensures that all guest interactions are seamless and consistent.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-feedback-systems\">Feedback systems<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Real-time feedback mechanisms allow for immediate responses to guest concerns, improving satisfaction and loyalty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By addressing issues promptly, hotels can show their commitment to customer service and build stronger relationships with their guests.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Implementing smart kiosks and mobile apps for feedback collection can provide instantaneous reviews and quicker resolutions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cloud-accounting-platforms-simplifying-digital-transformation\">Cloud accounting platforms: simplifying digital transformation<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the key components of digital transformation in the hospitality industry is the adoption of accounting platforms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These platforms offer many benefits that can simplify the transition to digital systems and drive efficiency.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By moving financial operations to the cloud, hotels and other hospitality businesses can streamline their accounting processes, enhance data accuracy, and ensure real-time financial management.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cloud accounting platforms, such as <a href=\"https:\/\/www.sage.com\/en-us\/sage-business-cloud\/intacct\/industry\/hospitality\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sage Intacct<\/a>, provide significant advantages over traditional accounting methods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They offer scalability, allowing businesses to grow without the constraints of traditional IT infrastructure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This flexibility is particularly beneficial for the hospitality industry, where seasonal fluctuations and market trends can rapidly change.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Additionally, these platforms integrate seamlessly with other digital tools and systems, such as customer relationship management (CRM) and enterprise resource planning (ERP) systems, offering a comprehensive view of both financial and operational data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Real-time data access is one of the most crucial features of cloud accounting platforms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Financial managers can make informed decisions swiftly, backed by up-to-date insights.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The automation of routine tasks like invoicing, payroll, and expense tracking reduces manual errors and frees up valuable time for strategic planning.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, robust security measures ensure that sensitive financial information is protected, adhering to compliance standards and reducing the risk of data breaches.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Adopting cloud accounting platforms also helps collaboration among team members, regardless of their location.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Effortless access to financial data enables smoother coordination between departments, leading to improved financial oversight and quicker response times to any issues that may arise.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cloud accounting platforms are an essential element in the digital transformation journey of the hospitality industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They streamline processes, improve accuracy, and provide real-time data access, ultimately contributing to enhanced operational efficiency and better financial management.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By using these platforms, CFOs and financial managers can drive their organizations towards a more sustainable and profitable future in an increasingly competitive market.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-cloud-based-or-cloud-native\">Cloud-based or cloud-native?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Cloud-based software refers to traditional applications that have been adapted to run in the cloud.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This often involves \u201clifting and shifting\u201d existing applications from on-premises to the cloud with minimal changes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As a result, these applications may not fully use cloud capabilities, leading to limited scalability and flexibility.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, cloud-native software is specifically designed and built to run in a cloud environment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These applications use modern architectural principles such as microservices, containers, and orchestration tools.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This design allows cloud-native software to be highly scalable and flexible, taking full advantage of cloud features like auto-scaling and load balancing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In essence, cloud-native software is built to maximize the benefits of cloud computing from the ground up, while cloud-based software is adapted to fit into the cloud environment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This fundamental difference affects their performance, scalability, and flexibility, and should be considered as part of a digital transformation strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-value-of-digital-transformation-in-hospitality\">The value of digital transformation in hospitality<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Statistics highlight the transformative impact of digital technologies on the hospitality industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to a report by McKinsey, businesses that have embraced digital transformation can increase profits by up to 60%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another study by Deloitte found that 76% of hospitality companies that invested in digital technology saw a significant improvement in customer experience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Furthermore, research by Hospitality Technology&#8217;s Lodging Technology Study revealed that 54% of hoteliers prioritized digital customer engagement technologies, resulting in a 15% increase in direct bookings and a 20% rise in guest satisfaction scores.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cloud solutions have particularly shown substantial benefits; a report by Accenture showed that 58% of hotels using cloud technology experienced a reduction in operational costs by as much as 24%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In addition, data analytics and automation boosted operational efficiency in 72% of cases, with a 30% reduction in administrative tasks and errors, according to PwC.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These compelling statistics underscore the value that digital transformation brings to the hospitality industry, driving both profitability and superior guest experiences.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-final-thoughts\">Final thoughts<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The digital transformation of the hospitality industry presents both challenges and immense opportunities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By taking a proactive role, CFOs can drive initiatives that not only enhance operational efficiency but also elevate the guest experience.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As technology continues to evolve, those who embrace digital change will undoubtedly lead the way in setting new standards for excellence in hospitality. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">CFOs must therefore be both visionaries and pragmatists, ensuring that technological advancements translate into tangible benefits for their organizations and their guests.<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner on-scroll-highlight__target\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to our Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get our latest business 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col-lg-4\">\n\t\t\t\t<h3 class=\"more-topics__title h2\">Browse more topics from this article<\/h3>\n\t\t\t<\/div>\n\t\t\t<div class=\"col col-12 col-lg-8\">\n\t\t\t\t<ul class=\"post-tags__list\">\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/business-intelligence\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness intelligence\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/business-strategy\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tBusiness strategy\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/cfo\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tCFO\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t<li class=\"post-tags__item\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-us\/blog\/hub\/food-beverage\/\" class=\"post-tags__link button button--secondary\">\n\t\t\t\t\t\t\t\tFood &amp; beverage\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/section>\n\n<div class=\"alignfull wp-block-sage-related-posts\">\n\t<section class=\"related-posts card-grid has-dark-background-color\">\n\t<div class=\"container\">\n\t\t\t\t\t<div class=\"row\">\n\t\t\t\t<div class=\"col\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--featured h1\">Explore more wisdom<\/h2>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"row related-posts__featured\">\n\t\t\t\t<div class=\"col card-grid__item\">\n\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-0 post-27370 post type-post status-publish format-standard has-post-thumbnail hentry category-people-leadership category-strategy-legal-operations category-trends-insights tag-accounting-101 tag-boss-your-business tag-business-intelligence tag-growing-a-business tag-hr-payroll tag-performance tag-workplace-of-the-future business_type-small-business business_type-growing-business card-post--is-clickable\"\n>\n\t<div class=\"card-post__media-wrapper\">\n\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1440\" height=\"810\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/09\/BrandShootSF_Oct2021_ProfSvcs_C7476-1440x810.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/09\/BrandShootSF_Oct2021_ProfSvcs_C7476-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/09\/BrandShootSF_Oct2021_ProfSvcs_C7476-768x432.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2024\/09\/BrandShootSF_Oct2021_ProfSvcs_C7476-1440x810.jpg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\t<\/div>\n\n\t<div class=\"card-post__content\">\n\t\t\t\t\t<div class=\"card-post__label\">Recommended<\/div>\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-07-20T04:33:05-04:00\">July 20, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">15 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h3\">\n\t\t\t\t\t\t\t<a\n\t\t\t\t\tclass=\"card-post__title-link\"\n\t\t\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/how-many-work-hours-in-a-year\/\"\n\t\t\t\t>\n\t\t\t\n\t\t\tHow many work hours in a year?\n\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/p>\n\n\t\t\n\t\t\t\t\t<p class=\"card-post__description\">\n\t\t\t\tWhether you\u2019re managing projects or payroll, budgeting or planning, you need to know how many working hours there are in a year, or month.\t\t\t<\/p>\n\t\t\n\t\t\t<\/div>\n\n\t<\/article>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\n\t\t\t\t\t<div class=\"row related-posts__non-featured\">\n\t\t\t\t<div class=\"col col-12\">\n\t\t\t\t\t<h2 class=\"related-posts__heading related-posts__heading--more h4\">More on this Topic<\/h2>\n\t\t\t\t<\/div>\n\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-1 post-30823 post type-post status-publish format-standard has-post-thumbnail hentry category-money-matters category-strategy-legal-operations tag-accounting-101 tag-boss-your-business tag-business-intelligence tag-cash-flow tag-small-business tag-starting-a-business tag-staying-competitive business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/how-to-track-business-expenses\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1190223207-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-24T09:08:55-04:00\">June 24, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">13 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tHow to keep track of business expenses\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-2 post-30598 post type-post status-publish format-standard has-post-thumbnail hentry category-strategy-legal-operations category-trends-insights tag-boss-your-business tag-business-intelligence tag-business-strategy tag-sage-news tag-security-fraud tag-small-business tag-starting-a-business business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-expense-report-fraud\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-684x384.jpeg\" class=\"card-post__image\" alt=\"A person giving a presentation to colleagues.\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-684x384.jpeg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-768x432.jpeg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/08\/BrandShootLDN_Jul2022_TechSoftware_0620-1440x810.jpeg 1440w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-24T05:46:09-04:00\">June 24, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">8 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tExpense fraud: How to detect and prevent it in your organization\u00a0\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-3 post-29062 post type-post status-publish format-standard has-post-thumbnail hentry category-strategy-legal-operations tag-boss-your-business tag-business-intelligence tag-growing-a-business tag-inventory-management tag-productivity tag-staying-competitive tag-supply-chain-management business_type-small-business business_type-growing-business\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-an-order-management-system-oms\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1417607997-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1417607997-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1417607997-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-1417607997-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-10T10:25:03-04:00\">June 10, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">19 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tWhat is an order management system?\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t<div class=\"col col-6 col-lg-3 card-grid__item\">\n\t\t\t\t\t\t<article\n\t\tclass=\"card-post related-post related-post-4 post-28210 post type-post status-publish format-standard has-post-thumbnail hentry category-growth-customers category-strategy-legal-operations tag-boss-your-business tag-business-intelligence tag-business-strategy tag-distribution tag-growing-a-business tag-inventory-management tag-productivity tag-supply-chain-management business_type-small-business business_type-growing-business industry-distribution industry-wholesale-distribution\"\n>\n\t\t\t<a\n\t\t\tclass=\"card-post__link\"\n\t\t\thref=\"https:\/\/www.sage.com\/en-us\/blog\/what-is-order-processing\/\"\n\t\t\t\t\t>\n\t\t\t<figure class=\"card-post__media\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"684\" height=\"384\" src=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-841574854-684x384.jpg\" class=\"card-post__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-841574854-684x384.jpg 684w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-841574854-768x512.jpg 768w, https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2023\/09\/GettyImages-841574854-1215x810.jpg 1215w\" sizes=\"auto, (min-width: 48em) 250px, (min-width: 30em) 100vw, 100vw\" \/>\t\t\t\n\t\t\t\n\t\t\t\t\t<\/figure>\n\n\t\t\n\t\t\t\t\t<div class=\"card-post__meta\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2026-06-02T11:22:21-04:00\">June 2, 2026<\/time><\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"card-post__meta-text\"><span class=\"reading-time\">1 min read<\/span><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\n\t\t<p class=\"card-post__title h5\">\n\t\t\tOrder processing explained: Steps, systems and best practices\t\t<\/p>\n\n\t\t\t<\/a>\n\t\n\t\n\t\t\n\t\n\t<\/article>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn how hospitality CFOs leverage cloud computing and financial expertise to drive innovation and enhance efficiency.<\/p>\n","protected":false},"author":1427,"featured_media":9129,"menu_order":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"sage_hide_published_date":false,"sage_hide_read_time":false,"sage_hide_share_buttons":false,"_pwl_sage_podcast_buzzsprout_src":"","footnotes":""},"categories":[46,48,49],"tags":[4,170,427,269],"business_type":[41],"lilypad":[],"context":[],"industry":[452],"persona":[],"imagine_tag":[466,468,444,446],"coauthors":[609],"class_list":["post-27042","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-growth-customers","category-technology-innovation","category-trends-insights","tag-business-intelligence","tag-business-strategy","tag-cfo","tag-food-beverage","business_type-growing-business","industry-hospitality"],"sage_meta":{"region":"en-us","author_name":"Bill Fuesz","featured_image":"https:\/\/www.sage.com\/en-us\/blog\/wp-content\/uploads\/sites\/2\/2022\/04\/GettyImages-1297061487.jpg","imagine_tags":{"466":"Food &amp; Beverage","468":"Grow your business","444":"Intacct Medium Business","446":"Intacct Small Business"}},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice US","distributor_original_site_url":"https:\/\/www.sage.com\/en-us\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/27042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/users\/1427"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/comments?post=27042"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/posts\/27042\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media\/9129"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/media?parent=27042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/categories?post=27042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/tags?post=27042"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/business_type?post=27042"},{"taxonomy":"lilypad","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/lilypad?post=27042"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/context?post=27042"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/industry?post=27042"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/persona?post=27042"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/imagine_tag?post=27042"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-us\/blog\/api\/wp\/v2\/coauthors?post=27042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}