Some hospitality businesses are already using Artificial Intelligence or AI. Not all are using it effectively or to its full potential. AI has exploded into our lives and is here to stay, thanks to services such as ChatGPT. All businesses, including hospitality, will be embracing AI to stay ahead of their competitors and retain and grow customers or members.
With generative AI tools taking the world by storm businesses are set to reap many efficiency benefits. It is unlikely to completely replace roles, but streamline processes with quality control of outputs. Data security and trust are the biggest challenges and a comprehensive management plan is key
Key points Social recruitment involves strategically using your online and offline channels to attract more applicants for each role and have a better chance of attracting and retaining top talent. Candidates are more informed than ever due to the amount of information available online. Building a strong presence online requires ongoing commitment across your organisation, […]
The pandemic supercharged flexibility in the workplace, so what now? People expect more flexibility from workplaces today, and companies that don’t have a formalised flexible workplace policy could miss out on attracting and retaining top talent. Companies should consider the flexible work solutions they can implement to address their people’s needs.
Key points A Self-Managed Super Fund (SMSF) offers Australians greater control and flexibility over their retirement investments, including property and shares. SMSFs are best suited for individuals who are financially engaged, goal-oriented, and willing to take on trustee responsibilities. While SMSFs can be cost-effective and empowering, they require dedication and a clear understanding of long-term […]
Key points Choosing between an individual or corporate trustee is a foundational decision when setting up a self-managed superannuation fund (SMSF). Corporate trustees offer streamlined administration and continuity, especially in succession planning and compliance. Individual trustees may be simpler and cheaper to establish but can pose challenges in managing changes to membership or legal obligations. […]
Merger and acquisition (M&A) values in Australia were up 13% in the six months to June 2023 to AU$64.8bn, compared to the same period in 2022, while global deal values dropped 35%. Energy, mining and utilities (EMU) was the top sector in the first half of 2023, accounting for 78% of deal values and 20% of deal volumes.
Key points Compliance assurance: Regular management reporting helps medical businesses meet strict state and federal regulations, including those under the Private Health Facilities Act and Regulation. Performance visibility: These reports provide clear insights into financial health, operational efficiency, and progress against KPIs, enabling better decision-making and accountability. Strategic improvement: Quarterly reporting allows medical practices to […]
Key points AI-powered automation is streamlining hotel accounting by handling repetitive tasks and enabling faster financial decision-making. Mobile accounting apps are enhancing flexibility by allowing finance teams to manage data and workflows remotely. Automated invoicing and data extraction tools simplify back-office operations across multiple venues, improving efficiency and accuracy. To date, most digital innovation in hospitality businesses, including hotels, pubs […]
In June 2023, legislation containing new thin capitalisation rules from 1 July 2023 was introduced into Parliament. Broadly, thin capitalisation applies to entities part of multinational groups that incur debt deductions (e.g. interest) of more than $2 million for an income year (on a group basis).
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