Carmen Software vs. HotelIQ vs. M3: Which is a Better Fit?

Carmen Software

Accounting

Import/Export
Check Writer
Cash Management
Accounts Payable
General Ledger

Forecasting & Budgeting

Construction Cost Tracking
Forecasting
Budgeting

Reporting

1096
1099
Report Writer
Financial Reporting
Document Imaging
Daily Reporting

Compliance & Tax

Use Tax
User Security
Document Imaging

Data Management & Integration

Document Imaging
PMS Mapping

HotelIQ Forecasting

Budget Creation & Planning

Department-level budget templates
Multi-year budget planning
Centralized budget input workflows
Approval workflows & audit trails

Financial Forecasting

Rolling forecasts
Daily, monthly, and annual forecasting
Forecast scenarios (best/worst case)
PMS data integration for forward-looking projections

Variance & Scenario Analysis

Forecast vs. actual comparisons
Historical trend analysis
What-if scenario modeling
Real-time alerts for budget variances

Multi-Property Consolidation

Group-level budget aggregation
Brand vs property-level visibility
Standardized templates across properties

Performance Dashboards & Reporting

Custom financial dashboards
Real-time KPI tracking (GOP, NOI, TRevPAR)
Exportable and shareable reports
Scheduled automated reports

Collaboration & Workflow Tools

Role-based user permissions
Commenting & change history
Task assignments for budget contributors
Cross-departmental collaboration features

Key Integrations

PMS, POS, and accounting system data sync
BI platforms
Real-time revenue & expense feeds
Integration with Excel and Google Sheets

Audit & Compliance Tracking

Budget versioning and locking
Approval trail visibility
Compliance checklists

M3 (Accounting)

Accounting

Import/Export
Check Writer
Cash Management
Accounts Payable
General Ledger

Forecasting & Budgeting

Construction Cost Tracking
Forecasting
Budgeting

Reporting

1096
1099
Report Writer
Financial Reporting
Document Imaging
Daily Reporting

Compliance & Tax

Use Tax
User Security
Document Imaging

Data Management & Integration

Document Imaging
PMS Mapping

What Customers Are Saying

Most Recent Review

Carmen Software doesn’t have any clients that have vouched for the product

HotelIQ doesn’t have any clients that have vouched for the product

very quick response when I reach out with questions

General Manager

Most Positive Review

TIMELY RESPONSE

Manager

Most Critical

Love the AP Module

Accounting Manager from Schaumburg (United States of America)

References

Shilpa Vaidya
Controller Schahet Hotels, LLC.

Mardi Morris
Chief Financial Officer

James Fair
Co-Founder