P&L: Profit & Loss statement/Income Statement Definition: Comprehensive report based on revenue and expense data from hotel operating statements. The report consists of hotel revenue and...
Accounts Payable (AP) Definition: The total sum of all invoices owed by the hotel to its vendors for credit purchases made by the...
Accounts Receivable (AR) Definition: Money owed to the hotel because of sales made on credit. Shown on the Balance Sheet as an “asset”....
AV: Audio Visual Definition: Projectors and other equipment used to create visuals and sound in presentations. Equipment needs are listed in the Banquet...
B2B: Business to Business Definition: Also known as eCommerce, is the exchange of products/services between businesses. Example: Your hotel purchases products online from HD...
B2C: Business to Consumer Definition: Businesses that sell products/services directly to consumers. Has played a large role in the rapid development of the commercial...
Choice Billing Online Portal – Onyx Definition: Designed to streamline the overall billing process and make it easier for hotels to track and process travel agent...
ChoiceBuys Definition: A web-based purchasing system complete with detailed product descriptions, photos and itemized pricing of supplies that franchise owners need...
Choice Revenue Management (ChoiceRM) Definition: Choice Hotels’ comprehensive consultation program designed to help franchisees increase revenues through strategy recommendations from experienced and highly trained...
CHRM: Certified Hotel Revenue Manager Definition: A certification from the American Hotel and Lodging Educational Institute (AHLEI) that recognizes those skilled in revenue management, including...