Enhancing Hospitality Management Through Data
Anyone who knows me knows I am a data nerd!
From the moment I took my first accounting class in college, I knew I was in love!! I love numbers, spreadsheets, formulas, and most of all, REVENUE.
Coming out of my former life, I was impressed with the software we used in the hotel world. It gave a data wonk like me hours of enjoyment. Armed with reports, I was able to make solid, data driven decisions with the type of reports these systems were able to compile. I am happy to report, we are moving our clients to such a system between now and 1-1-21!
If you have seen my budgets, you have a sneak peak at where we are headed. All properties will be on or moved to this hospitality based software beginning January 2021. This may not sound exciting to you, but I am like a kid at Christmas.
Our new software will give us the data we need to continually make solid financial decisions. The screenshot below is just the header of one of the new reports. Without having to pull multiple reports from different systems, we will see at a glance the nights sold, occupancy, ADR, REVPAR total revenue and revenue per occupied site-including ancillary and misc income such as extra person fees, pet fees, and booking fees.
Same on the expense side. Now our reporting gives us daily snapshots into how we are comparing against budget as a PER OCCUPIED SITE cost as well as overall revenue. Cost control is a strong focus and reporting on CPOS is a fantastic tool to control costs. Owners can now login and not only see expenses, but an image of each vendor payment made on the AP side. Owners will also have control over the approval process should they desire to have that level of control.
If you are a new property, you will be on the software from day one. If you are a current property, you will be live 1-1. Let us know if you have questions or comments. We will keep you in the loop as we move you forward!
We want to thank all of your for allowing us to partner with you in the ever expanding world of Outdoor Hospitality.