Financial Performance Quick Wins Mini-Guide for Hospitality
October 3, 2023 | Insights
Industry in Focus with John Chinery, Sage Intacct Commercial Lead
Our Financial Performance Quick Wins Mini-Guide with Sage Intacct
The decision to implement new software is made with long-term transformation in mind. But that's not to say that you won't feel immediate benefits, either. On the contrary, the best software will deliver day-one value and tangible, positive change. This is especially true for finance technology like Sage Intacct, which drives continuous, rapid, and wide-reaching decisions.
To give you an idea of what it’s like to get started in Sage Intacct, we’ve detailed five functions that help hoteliers realise value straight away. Any questions? Just get n touch and request a demo.
- Purchasing approvals
- Supplier invoicing
- Month-end close
- Departmental budgeting
- Key performance calculations
Regarding the purchase order process, hoteliers know that accuracy is critical. However, working with tight margins and fluctuating guest demand – often across multiple sites – leaves little room for error or delay.
But with Sage Intacct, hoteliers can accelerate the purchase order and approvals processes while achieving greater accuracy. Tailored and streamlined approval workflows automate much of the buying process, including purchase requisitions, purchase orders and sign-offs. Integration with inventory also helps eliminate manual data entry and purchase duplications – a real worry for those managing several sites.
Managing the billing process is no easy feat in hospitality. Using suppliers of all shapes and sizes – from local produce to cybersecurity to landscaping – means that complexity is inevitable. And complexity means painstaking, often slow, processes.
With Sage Intacct, hoteliers can automate the accounts payable process and save huge amounts of time. Our estimate puts time savings at 40 hours per month for the average British boutique hotel, driven by a combination of secure workflows and centralisation.
For example, all core invoicing tasks can be undertaken within Sage Intacct, including managing multiple entities. With centralised visibility and no need to toggle between systems to ensure decisions are correct, hoteliers unlock time to focus directly on guest needs. You might get paid faster, too!
Imagine being able to complete your month-end close 80% faster. Well, this is the everyday experience for Sage Intacct hospitality users. Workflows, tailored templates, and real-time data capabilities significantly reduce manual data input, calculations and Excel manipulation.
The streamlining opportunities are enormous, from automating revenue recognition postings to auto-allocating values and consolidating hundreds of records in minutes. And because Sage Intacct is built around hospitality best practices and boasts an intuitive interface, every hotel can benefit irrespective of size, property portfolio, management structure or internal skills.
Sometimes, planning can feel more like administration rather than the strategic advantage that it should be. However, juggling staff (working a wide range of hours) and various facilities calls for excellent planning and budgeting software capable of powering decisions that'll give your hotel a financial edge.
Sage Intacct teams a hotel's modern capabilities – planning, budgeting, forecasting, scenario modelling, reporting and data visualisation – with an intuitive management dashboard and plenty of pre-built templates. This means you can spend less time working out your financial truth and more time being strategic.
And as a bonus, we've calculated that SME hotels can save thousands on employee expenses annually with Sage Intacct.
Key performance calculations
Performance outlook can change quickly in hospitality, and keeping track of occupancy levels, seasonal trends, room rates and revenue per guest is critical to financial integrity. Integrated dashboards that centrally track real-time performance, present clear KPI visuals and provide automated, tightly customised reports can make all the difference.
And that's excellent news for Sage Intacct users. Sage Intacct unifies all data sources and uses dimensional, predictive analytics so hoteliers can analyse on-demand financial metrics – and know exactly where to find revenue opportunities.
There's so much to explore in Sage Intacct, and these five capabilities are just the beginning. To see for yourself, why not book a demo tailored to your hotel’s financial processes and priorities?
Visit FIVE STAR FINANCIAL PERFORMANCE FOR HOTELS for more information now.