You deserve to know what you need to grow your hotels, fast, and easy, to maximize your bottom line.
In the video above I'm giving you 4 practical tips to make sure that you have everything you need to grow your hotel portfolio with your monthly hotel accounting team. If you would like to start gaining confidence in your hotel's monthly profit & loss and financial statements while saving your operations team time and energy.
Hotel Growth and Accounting
Growing your hotels from 1-2, 3-9, 10+, can be a major undertaking. It’s not just finding, building, developing, and bringing on hotel staff, but you also need to have a great hotel accounting team to make sure that hotel is running profitably as quickly as possible.
Your hotel financials tell the story of how your growing portfolio is performing and here are 4 Tips to put your hotel growth on the path to success.
1. You Need a Monthly Hotel Accounting Expert.
This is someone who knows hotel industry accounting and hotel bookkeeping. They understand the steps needed to get great monthly financials set up for your hotel and how to replicate systems and processes across properties. To help with this having hotel specific software such as Hotel Investor Apps and M3 Analytics can assist with making sure you are tracking the right financial activity for your hotels.
2. Your Hotel Operations Team Needs Set Processes
To scale and grow your hotel you need set processes. Having tight and duplicatable hotel operations assist your hotels books as well. It allows General Managers and teams to move from property to property and they know exactly what needs to be done to get cash to the bank, the PMS (Property Management System) reports, and can keep your hotel accounting software up to date so cash positions and aging reports are on point.
3. You Need an Idea of When to Bring on a Hotel Controller/ Hotel CFO
Depending on your hotel portfolio, there are different times in which you truly need a hotel controller. The size and scope of your hotels has a important aspect on this decision. Hotel ownership and management team may be able to oversee 5 hotels with the help of an outsourced hotel bookkeeper/ accountant that can handle the monthly items in generating the monthly financial statements. This leads to point number 4: Your hotel controller/ CFO Responsibilities
4. Your Hotel Controller/ CFO Responsibilities
As you grow there are only two areas of responsibilities that your hotel controller/ CFO should be handling, especially when you have an outsourced accounting partner. Your accounting partner handles the daily, weekly, and monthly tasks to create your financial statements. The controller and CFO are then focused on reviewing the financials with the hotel teams and reviewing and finding more hotels. The growth, mergers, and acquisitions of these new hotels should be their main focus.
This video has a deeper dive over each of these points with examples and ideas in how to assist with putting this into practice.
Have a great day and click here if you’d like to learn more about how we at Hotel Solutions can assist you with your hotels monthly financial process: www.hotelsolutons.info/chat
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