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Top Tools to Manage Your Hotel's Budget & Finances

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Adam Hollander in Operations

Last updated June 22, 2023

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Hotels need to manage their budget and finances in order to ensure that they are able to remain profitable and competitive in the market. Proper budgeting and financial management allows hotels to plan for future expenses, identify areas of potential savings, and allocate resources in the most efficient manner. Additionally, it helps hotels to identify areas of potential growth and investment, as well as to monitor their performance and make necessary adjustments.

Hotel operations software can help hotels manage their budget and finances by providing a comprehensive overview of their financial performance. This includes tracking income and expenses, analyzing financial trends, and forecasting future financial performance. The software can also help hotels manage their budget by providing detailed reports on their financial performance, allowing them to make informed decisions about their budget and finances. Additionally, the software can help hotels identify areas of potential cost savings and identify areas of potential revenue growth.

 

 

1. Accounting & Finance

Tools to manage your hotel's accounting, budgeting and financial planning

Hotel accounting software helps hotels manage their budget and finances by providing a comprehensive view of their financial data. It allows hotels to track their income and expenses, create financial reports, and analyze their financial performance. It also helps hotels manage their accounts receivable and accounts payable, as well as their payroll and taxes. Additionally, hotel accounting software can help hotels manage their inventory, track their customer loyalty programs, and manage their customer relationships.

⚙️ Key Workflows to Manage Your Budget & Finances:

  • Schedule labor based on automated forecasting
  • Forecast based on hotel specific KPIs
  • Automated invoice processing
  • Customizable automated reporting

? Inspiration & Success Stories:

? Hoteliers Recommend:

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THE PITCH
RATINGS BEST FOR
100 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
M3 ranks #1 in the Reporting & Accounting Software category on Hotel Tech Report and won the title 'Best Reporting & Accounting Software of 2022'. 84% of 144 hoteliers from 4 countries highly recommend M3 to their peers.
Product logo
M3 (Accounting) Hotel Accounting Software
THE PITCH
RATINGS
100 HT Score
M3 ranks #1 in the Reporting & Accounting Software category on Hotel Tech Report and won the title 'Best Reporting & Accounting Software of 2022'. 84% of 144 hoteliers from 4 countries highly recommend M3 to their peers.
Learn More
Image
THE PITCH
RATINGS BEST FOR
96 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
Next generation cloud based hospitality accounting software.
Product logo
PVNG (by Aptech) Hotel Accounting Software
THE PITCH
RATINGS
96 HT Score
Next generation cloud based hospitality accounting software.
Learn More
Image
THE PITCH
RATINGS BEST FOR
95 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
Inn-Flow is the fastest growing platform in the hotel industry, because it’s a complete back-office management system and it’s saving owners time and money in all departments.
Product logo
Inn-Flow Hotel Accounting Software
THE PITCH
RATINGS
95 HT Score
Inn-Flow is the fastest growing platform in the hotel industry, because it’s a complete back-office management system and it’s saving owners time and money in all departments.
Learn More

 

 

 

 

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2. Business Intelligence Software

Say goodbye to spreadsheets and leverage modern BI tools to visualize your data and uncover hidden insights

Business intelligence software can help hotels manage budget and finances by providing real-time insights into financial performance. This includes tracking and analyzing key financial metrics such as revenue, expenses, profits, and cash flow. It can also provide detailed reports on budgeting and forecasting, allowing hotel managers to make informed decisions about how to allocate resources and manage costs. Additionally, business intelligence software can help identify areas of potential cost savings and identify areas of potential revenue growth.

⚙️ Key Workflows to Manage Your Budget & Finances:

  • Monitor portfolio wide KPIs at a glance
  • Setup customizable alerts to spot opportunities sooner
  • Real time pickup and revenue reporting available across RM, e-commerce, distribution and sales to align strategies

? Inspiration & Success Stories:

? Hoteliers Recommend:

Image
THE PITCH
RATINGS BEST FOR
100 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
The Overview consolidates and tracks key commercial metrics. With the Overview, hotelier's can now execute and optimize their commercial strategy - in one singular view. The Overview makes it easier for hoteliers to react, adjust and regain forward momentum in today’s fast-paced market.
Product logo
Lighthouse (Rate Insight) Rate Shopping & Market Intelligence
THE PITCH
RATINGS
100 HT Score
The Overview consolidates and tracks key commercial metrics. With the Overview, hotelier's can now execute and optimize their commercial strategy - in one singular view. The Overview makes it easier for hoteliers to react, adjust and regain forward momentum in today’s fast-paced market.
Learn More
Image
THE PITCH
RATINGS BEST FOR
96 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
ProfitSword ranks #2 in the Business Intelligence category on Hotel Tech Report and was amongst the 'Best Hotel Business Intelligence Software of 2022'. 94% of 273 hoteliers from 5 countries highly recommend ProfitSword to their peers.
Product logo
ProfitSword by Actabl Business Intelligence
THE PITCH
RATINGS
96 HT Score
ProfitSword ranks #2 in the Business Intelligence category on Hotel Tech Report and was amongst the 'Best Hotel Business Intelligence Software of 2022'. 94% of 273 hoteliers from 5 countries highly recommend ProfitSword to their peers.
Learn More
Image
THE PITCH
RATINGS BEST FOR
90 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
M3 Operations Management provides easy-to-use back office accounting technology, including dashboards displaying business intelligence, financial data, and KPIs across all of your properties. You’ll spend more time serving guests and motivating employees, and less time compiling data, centralizing processing, and creating reports.
Product logo
M3 (Insight) Business Intelligence
THE PITCH
RATINGS
90 HT Score
M3 Operations Management provides easy-to-use back office accounting technology, including dashboards displaying business intelligence, financial data, and KPIs across all of your properties. You’ll spend more time serving guests and motivating employees, and less time compiling data, centralizing processing, and creating reports.
Learn More

 

 

 

 

3. Scheduling & Labor Management

Lower your labor costs with labor standards, benchmarking, monitoring and more

Labor management software helps hotels manage budget and finances by providing detailed reports on labor costs, labor productivity, and labor utilization. This information can be used to identify areas of cost savings and to ensure that labor costs are in line with budgeted amounts. The software can also be used to track employee hours and overtime, helping to ensure that labor costs are kept in check. Additionally, the software can be used to monitor employee performance and to identify areas of improvement.

⚙️ Key Workflows to Manage Your Budget & Finances:

  • Workforce scheduling to reduce scheduling conflicts and ensure that all departments are staffed appropriately
  • Time and attendance tracking to promote accountability and help managers identify areas for improvement
  • Labor cost and productivity reporting to help managers identify inefficiencies and take steps to address them

? Inspiration & Success Stories:

? Hoteliers Recommend:

Image
THE PITCH
RATINGS BEST FOR
100 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
Using Hotel Effectiveness you can reduce turnover, while getting all rooms available to sell, even in tight labor markets where team members are limited. Hotel Effectiveness® delivers smart labor solutions that counter the unprecedented labor shortage and skyrocketing wage rates.
Product logo
Hotel Effectiveness PerfectLabor™ by Actabl Scheduling & Labor Management
THE PITCH
RATINGS
100 HT Score
Using Hotel Effectiveness you can reduce turnover, while getting all rooms available to sell, even in tight labor markets where team members are limited. Hotel Effectiveness® delivers smart labor solutions that counter the unprecedented labor shortage and skyrocketing wage rates.
Learn More
Image
THE PITCH
RATINGS BEST FOR
100 HT Score
Hotel Tech Score is a composite ranking comprising of key signals such as: user satisfaction, review quantity, review recency, and vendor submitted information to help buyers better understand their products.
Learn More
M3 Labor Management enables you to monitor daily labor costs with features like attendance tracking utilizing biometrics, and exclusive labor management reporting. You can design custom reports to manage hours and overtime. Oversee daily payroll transactions in real-time through PC and wall-mounted touch screens.
Product logo
M3 (Labor Management) Scheduling & Labor Management
THE PITCH
RATINGS
100 HT Score
M3 Labor Management enables you to monitor daily labor costs with features like attendance tracking utilizing biometrics, and exclusive labor management reporting. You can design custom reports to manage hours and overtime. Oversee daily payroll transactions in real-time through PC and wall-mounted touch screens.
Learn More

Hotels that manage their budget and finances more effectively will be able to better anticipate and respond to changes in the market, allowing them to remain competitive and profitable. They will be able to identify areas where they can save money and invest in areas that will generate more revenue. They will also be able to better manage their cash flow, allowing them to take advantage of opportunities when they arise. Additionally, they will be able to better manage their debt, allowing them to remain solvent and avoid bankruptcy. Finally, they will be able to better manage their taxes, allowing them to maximize their profits.