The more you know about your business, the easier it is to make informed decisions. If you've been working with pen and paper for years, you know how time-consuming it can be to calculate earnings, make projections, or do tax preparation.
Thankfully, one of the best qualities of a revenue management system is the reporting module. Within this high-powered system, you should have access to reports that can be created automatically, at customized intervals, or on demand. When integrated directly into your accounting software, reports can provide you detailed perspective on what's working for you (or not).
The less time you have to spend with a calculator, the more time and money you have to spend on running your business. Some of the most helpful reports your PMS should provide are Daily Reports, Weekly or Monthly Financial Reports and Custom Reports. Find out how to these reports can help save you money:
Your system will automatically generate reports such as each day’s scheduled arrivals and departures, any balances on accounts, or alerts and reminders from your calendar such as bills due, equipment maintenance, or personal appointments.
These reports have a slightly “taller” view of the business such as ongoing taxes owed, revenue received, or occupancy reports and trends. Your PMS should allow you to set the frequency that these reports are generated to help keep you and your professional team on track.
Every business is different, so each will have unique needs for reports. Your reservation software solution (and their supportive customer service) should allow you to set up a report that you want just once, and then automatically generate that report based on the frequency you need it. It can even be sent to you or your team members automatically.
For more information on RMS's 200+ reporting functions, speak with our team today!