By Helena Murphy on April 6, 2016 at 9:00 AM
Many hotels struggle with the decision to invest in new technology for their hotel. Cloud PMS, cloud POS systems, and other new hotel technology sounds intriguing but the decision to invest in new technology also carries uncertainty and anxiety. There are many benefits to introducing a front desk or property management system, one of which is it's reporting capability. There are a number of reasons why investing in reporting will pay off in the short-term, as well as in the long term.
This month will be dedicated to covering the basics of reporting and how it can help you get the best return on investment as possible.
Running a hotel is a full-time job which can occasionally leave you scratching your head as to why your profit levels aren't as healthy as you'd like. You’ve been working hard. Your hotel has a good website, you’ve been getting guests in the door. You’ve read up on SEO but somehow you’re still not reaching your hotels objective.
This is where analyzing your reports can make a huge difference to your hotel’s bottom line. It’s important to understand not just what is currently performing, but what could be done to improve your future performance. This is where your reporting suite earns its keep.
Data can seem scary when you’re not sure what you’re looking for. This is why a PMS can help identify what’s working. It can help you create a marketing strategy by telling you where your guests are from, what do they spend extra cash on. It can then allow you to set goals and targets so that you’re not overspending.
Depending on which PMS provider you have reports can range anywhere from standard and consolidated financial statements to food and beverage management, front-of-house management, inventory management, sales and marketing management, and staffing and employment. Reporting typically utilizes actual figures that are tied to budgets and forecasting.
Frontdesk Anywhere provides next-generation, native cloud hotel technology including PMS, POS, Reporting and more. The first step to moving to new technology is to contact solution providers and schedule a demonstration. Schedule a demo today.