as time goes by
PKF (Pannell Kerr Forster) was the first organisation offering specialised consulting and benchmarking services for the hospitality industry.
P stands for William Henry Pannell. In 1869, he founded his own CPA firm in London, W. H. Pannell & Co. K stands for Errol Kerr. Together with his partner William Harris, he founded the New York CPA firm Harris, Allan & Co in 1911 which was later renamed into Harris, Kerr & Co. The first office was located in the Ritz-Carlton Hotel on Madison Avenue. F stands for William J. Forster who, in 1923, founded the company W. J. Forster & Co in New York. In 1933, it merged with Harris, Kerr & Co to Harris, Kerr, Forster & Co.
In the 1920s, William J. Forster developed the first edition of what is now known as the Uniform System of Accounts for the Lodging Industry (USALI), thereby substantially influencing the hospitality industry. This department-oriented accounting system is still being used by all major hotel companies worldwide and also increasingly by independent hotels. As the undisputed industry standard, it provides the basis for almost all operating statements and forecasts in the hospitality industry.
The following summary gives a brief overview of the history of PKF:
1869 founding of W. H. Pannell & Co. in London
1911 founding of Harris, Allan & Co (later Harris, Kerr & Co) in New York
1923 founding of W. J. Forster & Co in New York
1926 first edition of Uniform System of Accounts for Hotels is published
1927 start of hotel consulting services in New York, later also in other North American cities
1933 merger of Harris, Kerr & Co with W. J. Forster & Co
1948 opening of the first foreign branch in Belize
1968 merger of Harris, Kerr, Forster & Co. (New York)
1974 opening of hotel consulting office in London
1976 opening of hotel consulting office in Munich
1980 member firms world-wide change their name to Pannell Kerr Forster
2000 Pannell Kerr Forster changes its name to PKF
2003 opening of hotel consulting office in Shanghai
2004 opening of PKF hotelexperts in Vienna
2005 opening of hotel consulting office in Dubai
2012 opening of PKF hotelexperts in Istanbul
2012 opening of PKF hotelexperts in Kiev
2012 opening of PKF hotelexperts in Buenos Aires
2014 opening of PKF hotelexperts in London
2018 opening of PKF hotelexperts in Shanghai
2017 opening of PKF hotelexperts in Cape Town
2017 opening of PKF hotelexperts in New York
2018 launch of PKF tourismexperts, focused on tourism & leisure consulting
2018 acquisition of PKF The Consulting House in Dubai and renaming as PKF hotelexperts
2019 launch of PKF livingexperts, focused on serviced living consulting
2019 opening of PKF hotelexperts New York
With more than 200 member firms in 400 locations in over 100 countries, and a total revenue of more than US$ 2 billion, PKF is one of the largest networks of accounting and consulting firms.