Knowledge Base
151 articles in total, organised into 3 groups and 9 categories. Choose the group that matches your work, then open the list of articles in each category.
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Group 01
Plan, invest and raise funding
From assessing land and structuring capital to controlling cash during construction · 4 categories, 45 articles
- Feasibility & ReturnsEvaluate projects, read IRR and test assumptions before making an investment decision12 articles
- Capital Structure & BankingSequence funding sources, prepare loan applications and manage Covenants17 articles
- Construction Cost & Cash FlowControl the construction budget, S-curve and Peak Funding8 articles
- Group Companies & TreasuryMulti-entity structures, liquidity and intercompany transactions8 articles
Group 02
Accounting, tax and transfer
Record the numbers correctly, plan tax and close projects properly · 3 categories, 60 articles
Group 03
Business management and corporate finance
The CFO's perspective and extended businesses such as hotels · 2 categories, 46 articles
Plan, invest and raise funding
From assessing land and structuring capital to controlling cash during construction
Feasibility & ReturnsEvaluate projects, read IRR and test assumptions before making an investment decision12 articles
- Feasibility Study for property projects: structure and assumptionsThe 5-dimension framework for a Feasibility Study: market, cost and revenue assumptions, and Go/No-Go criteria before buying landLand & Feasibility
- Project IRR vs Equity IRR with a worked exampleThe difference between project-level and equity-level IRR, how to calculate them from cash flow, and the effect of leverage in both directionsLand & Feasibility, Funding & Presale
- How to read NPV, MOIC, payback and cash-on-cashMeaning, formulas, limitations and how to read the main return metrics for property projects, including Profit on Cost and RLVLand & Feasibility
- Sensitivity and stress test: selling price, cost and sales speedTest selling price, cost and sales speed using real figures from the model, and learn how to distinguish a sensitivity scenario from a stress testLand & Feasibility, Funding & Presale
- Investment-grade financial model: data requirements checklistThe 10 categories of data needed to raise a hotel and branded residences project financial model to investment-grade standardLand & Feasibility, Funding & Presale
- SARARN SUK case study: recalculating returns from the modelA hypothetical case study of a 247-unit condominium: recalculating IRR, NPV and MOIC from cash flow and reviewing the investment conclusionsLand & Feasibility, Funding & Presale
- Condotel feasibility example: 64 unitsA condotel feasibility example based on a budget by category, monthly cash flow, Peak Funding and points to watch when reading the resultsLand & Feasibility, Funding & Presale
- JV and sharing of returnsHow investment and profit are split between the developer and the landowner, and an LP/GP waterfall structure with a worked exampleLand & Feasibility, Funding & Presale
- Land bank and phased development: paying for the rope before climbing the mountainComparing a single-phase build with a phased one in terms of profit, IRR, Peak Funding and the right to stop the projectLand & Feasibility, Funding & Presale
- Land held for development: calculate carrying cost before saying the price has risenThe cost of holding land, land and building tax on vacant land, and the price you must sell at for continued holding to be worthwhileLand & Feasibility, Exit & Hold
- Highest and best use: what should this plot of land be used for?Using the 4 tests and Residual Land Value to compare villas, condominiums, hotels and a land saleLand & Feasibility
- Branded residence: is the premium worth the royalty?Analysing the brand premium as an incremental NPV after royalty, specifications, tax and the owner's long-term obligationsLand & Feasibility, Funding & Presale
Capital Structure & BankingSequence funding sources, prepare loan applications and manage Covenants17 articles
- Funding stack from equity to exitEach layer of funding carries a different risk, comes in at a different time and exits by a different route, plus the effect of leverage on Equity IRRFunding & Presale
- Presale is equity: payment terms and Peak EquityCompares three payment-term structures against Peak Funding, funding gap and Equity IRR, with cautions on customer instalment paymentsFunding & Presale
- The actual order in which funding sources are usedWhy the most expensive equity must come first, and why Presale is not free money, with a Presale-first exampleFunding & Presale
- Selling well but still having to borrow more: matching periodic receipts and paymentsWhy selling 80% brings in only part of the cash, with a table matching periodic receipts and payments, and sources and uses from an exampleFunding & Presale, Construction
- How banks read a project: the credit package from the credit perspectiveHow credit looks for sources of repayment, credit attention points, documents and a sample term sheetFunding & Presale
- Hidden costs of Presale: commission, marketing and discountsSelling costs that affect profit and cash, a layer-by-layer example of their impact, and how to time commission paymentsFunding & Presale
- Project loan: LTC, LTV, drawdown, grace period, sculpted repaymentThe main terms of a project loan, with examples of drawdown, release price and sculpted repaymentFunding & Presale, Construction
- Pricing and take-up versus IRRTests selling price and sales speed against IRR, Peak Funding and profit, with the break-even point of a price discount from an exampleFunding & Presale
- DSCR, Covenant and headroomCalculate DSCR from CFADS, measure headroom in the right direction, set up an internal early-warning system, and request a waiver before a breachFunding & Presale, Construction
- Timeline for applying for a construction loan in ThailandSeven steps from preparing documents to drawing down construction progress payments, a document checklist, and the correct mortgage registration feeFunding & Presale, Construction
- Inbound capital: bringing money into Thailand to invest in a businessChannels for bringing money in, documents, the latest FX rules, tax on repatriation, and common mistakesFunding & Presale
- Refinancing and debt restructuring before a loan becomes an NPLDistinguishing refinance, waiver and restructuring, calculating whether each is worthwhile, and the tools available before the 90-day lineConstruction, Exit & Hold
- Raising THB 500 million: bank, bond or private equityCompares loans, bonds and private equity by cost, cash burden and what you must concede, with numerical examplesFunding & Presale
- Bank relationships: when the relationship manager changesBuild credibility with banks through an update pack, Covenant headroom, and a primary and secondary bank structureFunding & Presale
- Term sheet: the clauses that matter more than the share priceReading liquidation preference, anti-dilution, drag-along and other key rights, with an example of what founders actually receiveFunding & Presale
- DSCR below the threshold: set up a workout plan within 30 daysWhat to check when DSCR fails, the first 30-day plan, and turning the options into numbers before meeting the bankConstruction, Transfer & Closing
- Selling land or restructuring debt: calculate the net proceeds before decidingCompares an immediate land sale with debt restructuring, including the tax burden, break-even price and the effect of probabilitiesConstruction, Exit & Hold
Construction Cost & Cash FlowControl the construction budget, S-curve and Peak Funding8 articles
- Why the average S-curve leaves you short of cash: Peak FundingBreak the construction budget into a monthly S-curve, compare the average with actual payments, and find Peak Funding from a worked exampleFunding & Presale, Construction
- Standard project cost budget: project cost taxonomySeparate the costs of a project held for sale into inventory, period expenses, PP&E and the reserve budget, under TAS 2, TAS 23 and TFRS 15Land & Feasibility, Construction
- Construction cost benchmarks and setting contingencyReference cost ranges by work category, how to set contingency, and how to avoid double-counting OH&P when preparing a consolidated budgetLand & Feasibility, Construction
- S-curve and disbursement plan for mid-rise constructionA 24-month construction drawdown plan, a plan for a 3-building mid-rise project, and converting work progress into cash flowConstruction
- Project cost log: controlling costs monthlyHow to record costs one row per document, so they feed through to accounting, tax, retention, budget vs actual and month-end closingConstruction
- Variation orders, forecast at completion and cost overrunsControl additions and omissions, calculate EAC, and read the effects on contingency, the cash budget and inventory valueConstruction
- How to build a monthly funding gap analysisSteps for building a monthly cash table, the key formulas, checkpoints, and the options when a funding gap appearsFunding & Presale, Construction
- Retention and contractor progress paymentsPractical guidance on deducting and releasing retention, tax, back-to-back bank guarantees, the register and draft contract clausesConstruction
Group Companies & TreasuryMulti-entity structures, liquidity and intercompany transactions8 articles
- Group structure for developers: holding, SPV and operating companiesWhat each layer of company should do, when risk separation is lost, and how Thai tax affects the group structure
- Treasury Policy for Property DevelopmentA practical treasury policy framework for developers, from bank accounts and liquidity to borrowing and reporting
- Liquidity Reserve: how to set and calculate itCalculate the reserve for each tier, count only the funding sources that can really be used, and stress test with an example developer group of 3 projects
- Protecting customer money and separating project accountsDesign customer receipt accounts, escrow and a waterfall so that booking deposits and down payments are not used for the wrong purposeFunding & Presale, Construction, Transfer & Closing
- Intercompany: loans between group companies, interest and documentationIssues under Section 65 bis (4), transfer pricing, SBT, WHT, agreements and control of loans within a developer group
- Delegation of authority at group levelA single approval authority matrix for payments, borrowing, guarantees, intercompany transactions and reserved matters
- Group reporting and consolidated financial statementsProject-, company- and group-level reports, closing steps, items to eliminate, and an example of intercompany profit in project costs
- A group-wide chart of accounts with a single logicPrinciples for designing the chart of accounts and dimensions so that every company and project reports consistently
Accounting, tax and transfer
Record the numbers correctly, plan tax and close projects properly
Project Accounting & TFRSWIP, cost per unit, revenue recognition and reading a developer's financial statements30 articles
- Where to start when reading a developer's financial statementsReading the three statements, the condo cash cycle, eight numbers every project owner should know, and the order of evidence each reviewer relies onStage 2 Funding & Presale, Stage 3 Construction, Stage 4 Transfer & Closing
- Phantom profit in the real estate businessFive causes of overstated profit in the financial statements and cash flowing out as tax in the transfer year, with numerical examplesStage 3 Construction, Stage 4 Transfer & Closing
- Abnormal WIPClassifying WIP, commission and selling expenses, with warning signs and checkpoints for project costsStage 1 Land & Feasibility, Stage 3 Construction
- WIP in housing estate projects: effects on the financial statements and planning principlesHow WIP affects the financial statements across three project stages, and six principles for setting up WIP correctlyStage 3 Construction, Stage 4 Transfer & Closing
- Customer advances and how the money is usedReading customer advances as a contract liability, their effect on how funds are used, and separating the risks of the SPA and leaseholdStage 2 Funding & Presale, Stage 4 Transfer & Closing
- Knock-on effects of incomplete WIP recordingWhen project costs are recorded as expenses: seven dimensions of impact on equity, tax, loans and the financial statements, with ways to fix themStage 3 Construction, Stage 4 Transfer & Closing
- Related-party transactions and cash leakageCheckpoints for director accounts, intercompany transactions and tax, and controls when bookkeeping is outsourced, including fund transfersStage 2 Funding & Presale, Stage 3 Construction
- WIP account structure for condominium projects, with checklistSix groups of project cost accounts, correct references to the standards, and a WIP capitalisation checklistStage 3 Construction
- Warning signs in revenue, costs and taxRisky account names, fraud patterns, taxes that can escalate into legal cases, and tax burdens across the condo project cycleStage 1 Land & Feasibility, Stage 2 Funding & Presale, Stage 3 Construction, Stage 4 Transfer & Closing, Stage 5 Exit & Hold
- The cost cycle of condominium projects under TFRSA six-phase framework from land purchase to ownership transfer, showing which costs to capitalise or expense, with examplesStage 1 Land & Feasibility, Stage 2 Funding & Presale, Stage 3 Construction, Stage 4 Transfer & Closing
- Checklist for owners and internal auditorsA five-pillar control system, checklists from weekly to annual, a red-flag register and 20 monthly questionsStage 2 Funding & Presale, Stage 3 Construction, Stage 4 Transfer & Closing
- Calculating cost per unit by net saleable area (NSA) to close the project accountsSeven steps from collecting WIP to recording on transfer day, tax and closing WIP, using the NSA method and specific identificationStage 4 Transfer & Closing
- Recording Presale-stage costs: capitalise or expenseSeparating commission, show units and marketing materials into assets or expenses, with a decision treeStage 2 Funding & Presale
- Accounting for commission to obtain contractsRecording brokerage fees as a contract cost asset under TFRS 15, amortisation, and the difference between salary and commissionStage 2 Funding & Presale, Stage 4 Transfer & Closing
- Accounting for VAT refunds from the Revenue DepartmentThe accounting cycle from input VAT to receiving the refund, partial approvals, and limits on input VAT in real estate sales businessesStage 3 Construction
- Costs come first, revenue comes later: timing gap and funding gapWhy a profitable business can run short of cash: five sources of timing gap, examples from four businesses, ways to respond, and indicatorsStage 1 Land & Feasibility, Stage 2 Funding & Presale, Stage 3 Construction
- Land, WIP and unsold units: TAS 2 for developersClassifying, accumulating and allocating costs and testing NRV for real estate inventory, with a 200-unit project exampleStage 1 Land & Feasibility, Stage 3 Construction, Stage 4 Transfer & Closing
- Deferred tax: reading TAS 12 from the balance sheetSeparating permanent from temporary differences, calculating DTA and DTL by tax base, with examples for machinery, hotels and ETRStage 4 Transfer & Closing, Stage 5 Exit & Hold
- Hotels held by the developer: cost, depreciation and impairment under TAS 16Costs that can be capitalised, the component approach, renovation and impairment testing, with a full-service hotel exampleStage 3 Construction, Stage 5 Exit & Hold
- Interest during construction: when to capitalise under TAS 23 and when to stopCalculating IDC for specific and general borrowings, including commencement, suspension and cessation, and the effect on the financial statementsStage 2 Funding & Presale, Stage 3 Construction
- Investment property: choosing cost or fair value under TAS 40Comparing the effects of the two models, asset transfers between classifications, tax issues, and an example of a rental buildingStage 5 Exit & Hold
- When condo revenue is recognised: TFRS 15 and the transfer of controlThe 5-step model for Presale cases, and issues of variable consideration, financing components, principal versus agent, and contract costsStage 2 Funding & Presale, Stage 4 Transfer & Closing
- Leases and leasehold: TFRS 16 and what developers must separate for accounting and taxROU asset, lease liability, the effect on Covenants, and leasehold analysis that separates accounting principles from taxStage 1 Land & Feasibility, Stage 2 Funding & Presale, Stage 5 Exit & Hold
- Should a developer use full TFRS or TFRS for NPAEs: differences that affect the financial statements and fundraisingComparing PAEs and NPAEs on revenue, leases, financial instruments, deferred tax and fundraising preparationStage 2 Funding & Presale, Stage 5 Exit & Hold
- What is the property held for: separating investment property from PP&E in a projectA decision tree for choosing between TAS 2, TAS 16 and TAS 40, with sample classifications of items in a real projectLand & Feasibility, Exit & Hold
- Deferred tax in condo projects: brokerage fees, down payments and interest during construction (IDC)Analyses temporary differences in condo projects, corrects the direction of the DTL on brokerage fees, and separates SBT from TAS 12Funding & Presale, Construction, Transfer & Closing
- Branded residences and rental pool: structure, accounting, tax and lawPool models, return calculation, recognition under TFRS 15 and the Thai legal points a developer must checkLand & Feasibility, Funding & Presale, Exit & Hold
- Practical guide to accounting for land acquired for project developmentFour types of payment made before transfer, land after transfer, costs that can be capitalised, how the land enters the development company, and differences between accounting and taxLand & Feasibility
- Practical guide to accounting for in-house labour costs in project developmentThree questions to decide between WIP and expense, when to start and stop WIP, work groups, and the legal hurdles for foreign employeesConstruction
- Commission: in-house staff vs external agentsTFRS 15 guidance on separating incremental costs that must be recognised as an asset from costs expensed immediatelyFunding & Presale, Transfer & Closing
Real Estate TaxSBT, VAT, WHT, CIT and cash planning for tax payments22 articles
- Tax mechanics and revenue recognition on the ownership transfer dayThe sequence of SBT, WHT, revenue, COGS, profit per unit and CIT on condo transfer day, with a per-unit exampleTransfer & Closing
- Tax reconciliation and PND 51Reconcile accounting profit with taxable profit, add back non-deductible expenses, use accumulated losses and test the 25% estimate thresholdConstruction, Transfer & Closing
- Transfer tax checklist per unitA checklist of taxes, fees, cash and accounting items to review before registering the transfer of each unit, with a worked calculationTransfer & Closing
- Tax traps: cash vs. revenueWhen the down payment comes in first but CIT follows the transfer day, with a per-unit example and 4 safeguardsFunding & Presale, Transfer & Closing
- Corporate income tax traps in projectsWhen the year-end accounts look good but there is no cash to pay CIT: the effects of surcharges, asset seizure, loans and customers, and the ways outTransfer & Closing, Exit & Hold
- Tax reserve accountThe set-aside formula, account structure, reconciliation and bookkeeping for a developer's taxesFunding & Presale, Construction, Transfer & Closing
- Specific Business Tax (SBT) of 3.3% on real estate salesWho is liable, the tax base, rate, payment timing, down payments and the 5-year exemption, with examplesLand & Feasibility, Transfer & Closing
- Tax risk control system for real estate businessesA five-stage tax control framework from setting up the SPV to closing the project, with risk levelsLand & Feasibility, Funding & Presale, Construction, Transfer & Closing, Exit & Hold
- Approach to calculating CIT from WIP to COGSCalculate profit and CIT over several years, use accumulated losses across 5 accounting periods and read the ETR throughout the projectConstruction, Transfer & Closing
- Pre-Opening VAT RefundSeparating the input VAT of a VAT-registered business from real estate sales, with the steps and risk pointsConstruction
- Year-end closing in years with ownership transfers6 steps from transfer day to COGS, profit, accumulated losses and CIT, plus the PND 51 and PND 50 calendarTransfer & Closing
- Cash impact on transfer day and at year-end closingThe case of a fully paid unit: cash flow statement, financial position, SBT, WHT and CIT preparationFunding & Presale, Transfer & Closing
- Concepts and assumptions for preparing the PND 51 estimateAn estimate framework built from the transfer plan, revenue, costs, adjustments, accumulated losses and WHT creditTransfer & Closing
- Tax practice: selling a condominium with furnitureSBT of 3.3% and VAT of 7%, contract structure, tax point, transfer day procedure and controls when selling a condominium unit with furnitureFunding & Presale, Transfer & Closing
- Surprise year-end tax: where it goes wrongWhy year-end corporate income tax is higher than expected, from taxable profit and PND 51 through to tax credits
- Input VAT where the business sells under both SBT and VATSeparating input VAT pools, the averaging rule under Section 82/6 and Notification No. 29 for condo developers with both VAT and SBT revenueFunding & Presale, Construction, Transfer & Closing
- Real estate sales commission: 4 casesTax, accounting, documents and review of commission paid to Thai juristic persons, individuals, foreign agencies and employeesFunding & Presale, Transfer & Closing
- BOI: check that privileges match the business before putting them in the modelChecking the business activity, real estate and hotels, privilege ceilings, separate accounts and cost allocation for companies holding a BOI certificateLand & Feasibility
- Paying commission abroadPND 54, PP 36, gross-up, treaty conditions, CAC recording, remittance and controlsFunding & Presale, Transfer & Closing
- Post-BOI Tax Cliff: preparing for the year the tax privileges expireEffects on CIT, cash, dividends and Covenants when BOI privileges expire, with a 36-month advance planExit & Hold
- Buying land for THB 100 million: calculating transfer-day costs correctlyItemising the transfer fee, SBT, stamp duty, WHT and mortgage registration fee on a land purchase, with the effect of a contract that makes the buyer bear the costsLand & Feasibility
- Selling land: SBT, net proceeds and holding structureComparing the net proceeds of a land sale by an individual and by a company, how long to hold, and the scope of lawful planningLand & Feasibility, Exit & Hold
Transfer & Project LawPreparing for ownership transfer, leasehold and contract risks8 articles
- Steps a condo developer must complete before transferring ownership of condominium unitsThe sequence of legal and documentation work before transferring condominium units, including the 3.3% SBT that developers should set aside in reserveStage 3 Construction, Stage 4 Transfer & Closing
- Preparation before transfer and registration of leasehold rights in condominium projectsPreparing the accounting, tax, legal and cash workstreams before a freehold transfer or leasehold registrationStage 4 Transfer & Closing
- Alternatives to leasehold for foreign investorsComparing usufruct, superficies, escrow and SPVs, with the limits under Thai lawStage 2 Funding & Presale, Stage 5 Exit & Hold
- Condo transfer fees and taxes at the land officeSBT, WHT, transfer fee, mortgage registration fee and a transfer-day cash example for project developersStage 4 Transfer & Closing
- When a project stops after down payments are received: buyer rights and risk protectionGeneral principles on buyer rights, ranking of creditors, escrow and what to check before payingStage 2 Funding & Presale, Stage 3 Construction
- When a project is delayed: the effect of expiring tax loss carry-forwardThe effect of delayed transfers on the 5-year tax loss, the financial statements, CIT and the cash gap, with an exampleStage 3 Construction, Stage 4 Transfer & Closing
- Selling a condo like a pro: taxes and costs for individual sellersTransfer fee, SBT, stamp duty, WHT and a cost example when an individual sells a condoStage 5 Exit & Hold
- Condominium and leasehold for foreign buyers: approaches that work in practice49% freehold quota, 30-year leasehold, usufruct and risk-reduction measures before transferStage 2 Funding & Presale, Stage 4 Transfer & Closing
Business management and corporate finance
The CFO perspective and related businesses such as hotels
CFO & Business SystemsThe role of finance leaders, business systems and governance31 articles
- Selling well but no cash: why profit is not the same as cashProfit in the accounts and cash in the bank diverge because of receivables, inventory, investment and loan principal. Includes an example and the actions owners should take
- Company money mixed with family money: how to separate the pockets and surviveSeparate company money from family money, see true profit, reduce tax risk and set rules that everyone in the family agrees on
- Customer concentration: how badly would the company be hurt if a major customer left?Measure the risk from a major customer in terms of profit and cash, with ways to limit the impact while diversifying the customer base
- Sales down 30%: how many months can you last? Runway and stress testHow to calculate runway from usable cash and net cash burn, with a stress test and action triggers
- Succession: a plan to hand over the business before the day it is neededPlan succession by separating management, shareholders and money on the day of handover, with calculations for inheritance tax and share purchases
- Dead stock: cash frozen in the warehouseUse inventory ageing and NRV to decide how to clear slow-moving stock, with the accounting and tax evidence required
- Preparing early to sell the business: work to start before looking for a buyerA 12–36 month plan to prepare a business for sale, the issues buyers examine, and the calculation from headline price to the cash actually receivedExit & Hold
- Next-gen finance: preparing heirs to read the numbers and make decisionsA path for training heirs through real work, the financial skills to assess, and a step-by-step ladder for transferring authority
- Pricing: cost-plus vs value-basedWhy cost-based pricing erodes profit, and how to set prices from provable value
- Reading financial statements through three questions: profit, cash and riskHow owners can read the statements as three stories, compare two years, and know what to ask the accountant
- Valuing a company with EV/EBITDA: from EBITDA to share priceHow to adjust normalised EBITDA, deduct debt and debt-like items to reach equity value, and when other methods should be used for real estateExit & Hold
- Fast close: closing the books fast enough to support decisionsFind the critical path of the closing process, cut waiting time and speed up monthly statements without lowering quality
- Costs rise but prices cannot: how to protect marginConvert costs into THB per unit, calculate the volume you can afford to lose, and use cost pass-through tools
- How many numbers must a business owner knowA small set of numbers that answers whether we are growing, whether we can raise funds and where the problems are, with a one-page report example
- Passing an audit does not mean good managementWhat the auditor's opinion does and does not tell you, and what additional information owners need to review
- Overseas investment: PE, WHT and DTA that owners need to knowA tax framework before investing overseas, from PE and withholding tax through to bringing money back to Thailand correctly
- Five questions to test a company's CFO functionFive questions on financial planning, survival, debt, equity and exit, to see whether the company already has a CFO function
- IPO or sale to private equity: cash versus paper valueCompares an IPO with private equity in terms of cash, control and SET/mai criteria, with examples of the effect on ownersExit & Hold
- Internal control in SMEs: trust people, but have a systemA minimum control system for small companies, reducing the time taken to detect losses, and how to control when the team is small
- Working capital and cash conversion cycle: money sunk in the businessHow to calculate NWC and CCC, treat negative working capital separately, and find cash that can be released from receivables, inventory and payables
- The owner signs everything: start delegating authority from real dataCount the approvals actually made to give the owner time back, choose limits, and shift from signing first to reviewing afterwards
- Margin erosion: who is stealing profit bit by bitBreak down the causes of falling margin with a margin bridge covering costs, discounts and product mix, with ways to prevent it
- Board pack: organising documents so directors can make decisionsA board pack structure that starts from the decision, separates variances and states proposals clearly
- Signs of a seriously ill business: read the early warnings before the cash runs outSix signals to watch before cash runs out, with a four-quarter example and how to decide when signals overlap
- Audit adjustments and management letters: read them and fix the root causeRead the types of deficiency, prioritise fixes and test the effect of adjusting entries on Covenants
- Growth trap: why the more you grow, the less cash you haveGrowth needs working cash before profit comes in. How to find the growth rate your own funds can support, and the options when cash is short
- Being sued: fight the case or settle, from a financial perspectiveThe first steps after receiving a summons, comparing the options with numbers, and the finance work to do alongside your lawyer
- Recession playbook: set triggers before the day they are neededDesign a four-level recession plan with triggers, decision-makers and the effect on runway
- CAPEX post-audit: did the investment deliver what was approved?Review investment results after the fact, breaking down the NPV that went missing by investment amount, timing and benefits
- What is a fractional CFO: when to use one and when not toA neutral explanation of the role, suitability, limitations and the matters to agree before starting work
- Frequent forecast errors: measure bias and MAPE before adjusting the numbersMeasure forecast accuracy, separate bias from volatility, and build credibility with banks and directors
Hospitality FinanceHotel KPIs, USALI and bank account structure15 articles
- ADR: average daily rateDefinition, formula, pricing strategy, ADR Index and mistakes hotel executives should avoid
- Occupancy %: the basic KPI that shows hotel demandHow to calculate occupancy under the USALI definition, the trade-off with ADR and how to track it in hotel management
- RevPAR: a guide for hotel executivesThe RevPAR formula, RGI, bridge analysis, channel mix and Net RevPAR, with worked examples
- TRevPAR: total revenue per available roomRead TRevPAR alongside RevPAR to see a hotel's business model and its opportunities to grow revenue
- GOI vs GOP: the two hotel marginsSeparating GOI from GOP, the P&L structure, how they are used in the HMA and a diagnostic framework for when profit declines
- USALI: from the 11th to the 12th editionThe structure of USALI, the status of the 11th edition and the changes in the 12th edition, effective from 2026
- International standards for the hospitality businessStandards framework for hotels, restaurants and wellness in investment-grade resort projects
- Accounting for room revenue via OTAs under TFRS 15Recording merchant/agency models, VAT reverse charge, WHT and channel cost analysis
- Treasury policy framework for hotelsA treasury policy template for hotels covering accounts, cash, FF&E loans, the HMA and controls
- A 7-account bank structure for hotelsSeparating accounts by purpose, with the waterfall and its effect on a hotel's free cash flow
- Bank account structure for Thai SMEsHow to separate accounts by purpose and get started according to business size, for Thai SMEs
- Working Capital at 4% of revenue: a rule of thumbThe origin of the 4% working capital assumption for hotels, with a days-based calculation
- High revenue but low profit: where did the GOP go?Use flow-through and a line-by-line variance table to find where a hotel's additional revenue leaks away before reaching GOP
- HMA: what hotel owners must readReading the Hotel Management Agreement from the owner's side: every layer of fees, the Owner's Priority, the performance test and the cost of termination
- RevPAR Index: auditing the operator against market figuresBreaking RGI down into MPI and ARI, checking the choice of comp set and testing the effect of the performance test thresholds in the HMA