This is a auto-generated Article of all your definitions within the glossary.
Glossary
This is a auto-generated Article of all your definitions within the glossary.
-
30/60/90 Report
A myPerspective report listing the outstanding balances aged 30, 60, and 90 days.
-
ADR
Average Daily Rate. The measure of the average paid for rooms sold in a given time period. The metric covers only revenue-generating guestrooms.
-
API
A set of functions and procedures allowing the creation of applications that access the features or data of an operating system, application, or other services.
-
AR Aging
The outstanding balances of clients and the length of time the invoices have been outstanding.
-
ARI
Average Rate Index. ARI is calculated by comparing the Average Daily Rate (ADR) across a range of your competitor hotels. The formula is: ARI = Your ADR / Competitors average ADR.
-
ARR
Average Room Rate. The average room rate, or average daily rate. The terms ARR and ADR are interchangeable. Average room rate measures the average amount paid per night for a room type.
-
audited data
Data that has undergone review and assessment to ensure its quality and validity
-
Benchmarking
Comparing the hotel’s performance metrics to the competitors’.
-
BOB
Business on Books. Reservations and overnight stays already booked.
-
Budget
A budget is a quantified expectation for what a hotel wants to achieve. Its characteristics are: The budget is a detailed representation of the future results, financial position, and cash flows that management wants the business to achieve during a certain period of time.
-
bulk scan
A hard copy document that is scanned with a matching bulk scan cover sheet provided by myDigitalOffice.
-
business date
The date reports are run for. For example, if today is June 13 then the night audit conducted this morning generated reports for a business date of June 12.
-
Business Intelligence
Combines business analytics, data mining, data visualization, data tools and infrastructure, and best practices to help organizations make more data-driven decisions. For example, myPerspective, myRevenue, and Datavision.
-
C&E
Conference and Event
-
Chart of Accounts
A list of account codes and their descriptions
-
Cloud-Based
Data that is stored, managed and processed on a network of remote servers hosted on the internet, rather than on local servers or personal computers.
-
COA
Chart of Accounts
-
Compliance Dashboard
Tool that reports on the report submission and signing compliance of properties.
-
Comp Rooms
A guest room for which no charge is made.
-
Compset
Competitive Set. A group of hotels that compete with a property for business and is selected with the purpose of benchmarking performance against the competition.
-
Controller
The Hotel Controller's primary responsibility is the management and oversight of onboard storeroom inventory and accurate reporting of inventory data. The Hotel Controller audits all invoices and requisitions of incoming and outgoing products to and from main storeroom.
-
CPAR
Cost Per Available Room
-
CPOR
Cost Per Occupied Room
-
CRS
Central Reservation System
-
CS Team
Customer Success Team
-
designated property contact
Person designated by your Hotel Management Group as the primary contact for myDigitalOffice to work with. Most often this is the General Manager at a property.
-
F&B
Food and Beverage
-
Forecast
The goal of forecasting is to predict how many rooms will sell, and for what rates, in future weeks and months. Forecasting helps hoteliers anticipate staffing needs, plan marketing spending, and know when to yield rates up and down.
-
Fosse
A Property Management System used by Marriott
-
General Ledger
The main accounting record of a company or organization.
-
General Manager
The person ultimately responsible for a hotel's performance.
-
GL
General Ledger
-
GM
General Manager. The person ultimately responsible for a hotel's performance.
-
GOP
Gross Operating Profit. The Hotels profits after subtracting all of their operating expenses. It illustrates the level of the operational profitability of a hotel.
-
GOPPAR
Gross Operating Profit Per Available Room. GOPPAR is calculated by dividing the gross operating profit (GOP) by the number of available rooms in the hotel.
-
GSS
Guest Service Score (for example, Medalia) or Guest Satisfaction
-
Guest Count
The number of people staying in the hotel on a specific night.
-
Guest Satisfaction
A measurement that determines how happy and satisfied guests are with the property products and services. For example, Medallia.
-
HMG
Hotel Management Group
-
HMG Contact Sheet
An Excel file for recording user details for anyone requiring access to the myDigitalOffice solutions for a HMG. This may include permissions for some solutions.
-
Hotel Code
Your hotel code is a series of letters and/or numbers used as a unique identifier for your property. This is usually your brand code. It will be the first part of your myDigitalOffice email address (for example, if your property email address is abcde@mydigitaloffice.ca then your hotel code is abcde). If you do not know your Hotel Code contact myDigitalOffice.
-
Hotel Group
A group of hotels that share the same brand.
-
Hotel Information Sheet
Excel document for recording the hotel information required by myDigitalOffice for onboarding.
-
ignore section
Category in the myPerspective 1.0 Trial Balance Breakdown. Items in this category are not included in the Trial Balance Breakdown. This can be due to a duplicate item or the item being excluded by an Accounting Team.
-
Journal Entry
A journal entry is used to record a business transaction in the accounting records of a business. A journal entry is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiary ledger that is then summarized and rolled forward into the general ledger. The general ledger is then used to create financial statements for the business.
-
KPI
Key Performance Indicator. A performance measure used to evaluate the success of an organisation or a particular project.
-
L1
Level 1
-
L2
Level 2
-
line item
An entry that appears on a separate line in a bookkeeping ledger or a fiscal budget.
-
Main Role
Job title or position held by a user.
-
Management Group
Manages portfolios that include different brands.
-
Market Segment
Hotel room or market segmentation is a way of grouping hotel guests into several segments based on a set of shared characteristics. The purpose lies in catering to each guest's needs better and maximising revenue through personalised experiences.
-
MDO
myDigitalOffice
-
MDO email address
The email address provided to your property by myDigitalOffice. The email address will be your hotel code followed by @mydigitaloffice.ca. For example, abcde@mydigitaloffice.ca.
-
Medallia
A system that provides GSS data.
-
MPI
Market Penetration Index. Occupancy results versus the average occupancy of competitors.
-
MTD
Month-to-date
-
myDigitalOffice solutions
The myDigitalOffice products which includes, myPerspective, myDocs, myPlan, myData, and myRevenue. See https://mydigitaloffice.com/products/ for more information.
-
myP
myPerspective. A cloud-based hotel performance management platform that enables hospitality professionals to access their hotels’ data from one place and in real-time.
-
myPerspective
A cloud-based hotel performance management platform that enables hospitality professionals to access their hotels’ data from one place and in real-time.
-
myPlan
Allows hoteliers to import and store historical budgets and actuals for more accurate planning. This solution standardizes the budgeting and forecasting process across your management portfolio allowing for week-over-week forecasting.
-
myRevenue
Turns your siloed sales, marketing, and pricing data into the insights you need to make better commercial decisions.
-
Night Audit
The process of summarising and ensuring the accuracy of all the financial activities that have occurred at a property on a particular day. Performing a night audit helps prepare for the next day's check-ins, check-outs, and any payment collections or outstanding balances.
-
NOI
Net Operating Income. The amount of money left after all expenses have been paid out.
-
No Show
When a guest does not turn up on their day of check in they are deemed a no show. No shows is used industry wide for this scenario which leads to hotels following their communicated cancellation policy.
-
Occupancy
Occupancy in a hotel is calculated by the number of occupied rooms divided by the number of available rooms that physically exist in a hotel.
-
Occupancy Rate
Occupancy rates refers to the percentage of the hotel that is occupied over a defined period of time. This is usually a day, week, month or year. The occupancy rate is calculated by dividing the number of actual stayed nights by the total number of available nights at the accommodation.
-
OnQ
A Property Management System used by Hilton.
-
OOO
Out of Order. Out of Order (OOO). Typically used when a room is being renovated, undergoing repairs, or cannot be used.
-
Opera
A Property Management System.
-
OTB
On The Books. Reservations and overnight stays already booked.
-
PAR
Per Available Room
-
Pick-up
Bookings that have been made since the last report. The Daily Pick-up or Daily Pace Report tells you how many bookings have been made since yesterday.
-
P&L
A hotel profit and loss (PnL) statement provides an analysis of a hotel's revenue, cost, and profit performance. It helps understand how much bottom-line margin the property is making.
-
PMS
Property Management System
-
PNA
Paperless Night Audit
-
POR
Per Occupied Room
-
Portfolio
A collection of hospitality property assets owned or managed by a Hotel Management Group, person, or company.
-
POS
Point of Sale. A computer used for sales transactions, reports, and inventory control. For example Micros Simphony, Digital Dining, Squirrel.
-
Property Report List
A list of the reports that need to be set up or submitted for your property. The report list is emailed by myDigitalOffice but also available in the ULP.
-
QMS
A tool that displays the file upload status of properties.
-
QTD
Quarter-to-date
-
REV
Revenue
-
RevPAR
Revenue Generated Per Available Rooms. RevPAR is calculated by multiplying a hotel's average daily room rate by its occupancy rate. RevPAR is also calculated by dividing total room revenue by the total number of rooms available in the period being measured.
-
RGI
Revenue Generating Index. A means of measuring a hotels performance and occupancy rate against that of market competitors. Generally speaking, it ensures a property is receiving a good share of the market revenue in relation to competitors. RGI = property RevPAR ÷ competitors RevPar.
-
RMS
Revenue Management System. Revenue management system refers to a tool used by hotels to yield their revenue. This tool can be either using rules or using algorithms. In the past a revenue management system, has used rules to determine price changes to increase revenue. The modern version is to use algorithms to analyse large amount of data and inform of price changes which increases revenue.
-
Room Nights
Room nights is the number of room nights booked or stayed in a defined period of time.
-
Room Segment
Hotel room or market segmentation is a way of grouping hotel guests into several segments based on a set of shared characteristics. The purpose lies in catering to each guest's needs better and maximising revenue through personalised experiences.
-
RPA
A piece of code that automates a specific function.
-
SFTP
Secure File Transfer Protocol, is a secure file transfer protocol that uses secure shell encryption to provide a high level of security for sending and receiving file transfers. SFTP is similar to FTPS in that it uses AES and other algorithms to secure data as it travels between different systems.
-
SFTP credentials
SFTP credentials are emailed by myDigitalOffice and include the SFTP User Name, Folder Path, Password, Server Name, and Port.
-
Shoulder Nights
The nights on either side of a peak day.
-
signature reports
The reports which must be signed electronically using DocuSign (provided by myDigitalOffice). The reports that make up the signature pack for each property are determined by the Hotel Management Group.
-
Signature sheet
Separate pages that can be included in a signature pack. Instead of placing a signature on the report or document, signers would sign the Signature Sheet after each report, at the end of the signature pack, or in both locations.
-
SM
System Manager. Tool for managing user accounts, user access, and signatures for myDocs.
-
SSO
Single Sign On. An authentication method that enables users to securely authenticate with multiple applications and websites by using just one set of credentials.
-
Statistics
The practice or science of collecting and analyzing numerical data in large quantities, especially for the purpose of inferring proportions in a whole from those in a representative sample.
-
STR
Smith Travel Research. STR report (weekly & monthly) is a benchmarking tool. The report allows the subject hotel to compare its performance against the competitive set (comp set). Based on the report, hoteliers can conclude if the current market strategy is successful and make adjustments, if necessary, for the future.
-
Submission Schedule
How often or when a report must be submitted. For example, daily, weekly, monthly, or yearly. As needed means that the report needs to be submitted if, and when it is available.
-
System Manager
Tool for managing user accounts, user access, and signatures for myDocs.
-
T&A
Time & Attendance
-
Total RevPAR
Total Operating Revenue Per Available Room
-
Trial Balance
A statement of all debits and credits in a double-entry account book, with any disagreement indicating an error.
-
TS
Ticket Support
-
TS Manager
Ticket Support Manager
-
TTM
Trailing Twelve Months. The past 12 consecutive months of a company's performance data used for reporting financial figures.
-
ULP
Univeral Loading Portal, where reports are submitted to myDigitalOffice.
-
URL
Uniform Resource Locator
-
Widget
A component of an interface, that enables a user to perform a function or access a service.
-
YTD
Year-to-date