MFF provides an integrated, IFRS compliant solution
MICROS-Fidelio Financials powered by SunSystems (MFF) has been developed specifically for the hospitality sector and leverages the combined strengths of SunSystems’ world class financial management software with MICROS’ leading front-of-house solutions. With MFF, global hoteliers can benefit from a fully integrated, platform independent, flexible and scalable front- and back-of-house solution, offering that all-important global reach. MFF also provides intuitive, low risk, rapid and cost effective implementation combined with multi-lingual and multi-currency capabilities.
MFF enables management to consolidate complex, enterprise wide financial and business management information in a single unified view. Indeed, performance indicators such as occupancy rates, total average room rates, outlet revenues, gross operating profit per room available (GOPPAR) or room revenues per available room (RevPAR) can be generated automatically, on demand or proactively at user defined frequencies enabling faster, more accurate analysis and response to emerging trends. This improved level of business understanding will ensure that global hoteliers remain competitive and stay ahead of rivals in the increasingly challenging hospitality sector.
In addition the ability to integrate finance solutions with other line of business applications has become paramount as hoteliers are under increased pressure to comply with new reporting regulations such as the International Financial Reporting Standards (IFRS). SunSystems believes that the majority of organizations are ill prepared for the impact of these new regulations with many not fully understanding what is expected.
Andrew Turton, global solutions director for hospitality at SunSystems commented: “The overall benefits of IFRS are indisputable – in terms of greater transparency, enterprise wide consistency in reporting and hence improvements in the ease of analysis and interpretation of key business and financial data – conversion to IFRS represents a significant technical, strategic and operational change for global hoteliers and management should not underestimate the time it will take to implement the new working practices and changes to accounting and business systems. It is therefore imperative that companies commence planning now if they are to ensure not only compliance with the standards expected but also the ability to collect and present their data effectively and in accordance with the new reporting schedules.“
IFRS is more than just number crunching. Effective transition requires not only finance director but also board level and line manager involvement. These new standards will have far reaching impacts on many areas of business operation. The impact on accounting systems will also be far reaching, for example from the redesign of the chart of accounts to support new reporting formats to the reclassification of transactions to conform to new cash flow reporting requirements.
Turton believes that the choice of software is crucial to the successful adoption of IFRS compliant processes in the hospitality sector: “The clock is ticking and we are actively urging organizations to evaluate their systems now and identify any gaps in functionality. As one of the world’s leading providers of technological solutions, we firmly subscribe to the belief that the quality and depth of financial and business information required by these new standards necessitates an accounting and business management solution that can offer flexible and dynamic analysis capabilities.
“ The solution chosen must consolidate business critical data from across the enterprise and seamlessly integrate with other line of business applications, while allowing in-depth analysis, the ability to drill in and around at a transactional level and the timely production of reports that can be shared, analyzed and easily interpreted by both internal and external stakeholders. We believe that our MFF offering is highly compelling since it offers hoteliers all these benefits and is further supported by the widely recognized expertise and specialist experience of both MICROS-Fidelio and SunSystems in delivering and supporting solutions to the sector on a global basis.”