Software Throughout Company Portfolio of Hotels
Washington, DC, – August 20, 2008 – PM Hospitality, a leading hotel ownership and management company, has chosen ProfitSword, LLC, an innovator in web-based intelligence tools for the hospitality industry, to provide business intelligence services to all nine PM Hospitality hotels. PM has installed the ProfitSage Business Intelligence Suite for all hotels and the corporate office.
Beginning in September 2007, PM Hospitality began using ProfitSword’s ProfitSage Financial Suite as its business intelligence tool. The web-based ProfitSage software consists of six modules that interface with the PMS, back office accounting, point of sale, sales-automation and payroll systems in order to warehouse critical operational data. The information is then used within the different modules to produce income journals, detailed forecasts, line-by-line budgets and hundreds of customized reports. ProfitSage also imports Smith Travel reporting to provide comprehensive comparisons to the competitive set and provide roll-up reports for the entire portfolio.
“The ProfitSage software has been instrumental in assisting PM Hospitality with managing our assets more efficiently and effectively. Having real-time data at our fingertips is essential to making critical operating decisions,” says Greg Miller, President of PMHS. “Having full-portfolio and single-property data available for analysis by corporate staff, ownership groups, and property managers helps to create a higher level of accountability at all levels throughout the organization. ProfitSage also creates multiple efficiencies throughout the operation by automating data flow, reducing labor and increasing productivity and profitability.”
ProfitSage provides modules for daily income journals, forecasting, budgeting, accounts payable, purchasing and business planning. Each module interfaces with the others, and since the entire system is web-based, users can view information in real time. This empowers managers with information to make solid decisions that will positively impact the profitability of the hotel. And because the program is custom designed around a company’s chart of accounts – or general ledger, owners, corporate and regional managers can use it to generate consistent, standardized reports across a variety of brands, property types, and service levels.
“The hotels and the corporate office have hundreds of customized, informative reports and graphs at their fingertips,” says Tili Findley, President of ProfitSword. “Likewise, data is presented in standard industry formats and consistent with general accounting principles so that reports are consistent across hotel brands. This has been increasingly important at the corporate and ownership levels that are involved in multi-brand management.”
PM Hospitality began installing ProfitSage in September and completed the implementation in October. Miller recognized an immediate positive impact at the properties. “Now that we have immediate access to our data in real time, we can make smarter decisions that directly affect the profitability of our assets which translates into a better return on the investment for our ownership groups. ProfitSword was able to create a report specifically for our needs that automatically downloads our daily stats from each hotel to a Blackberry device before I get to the office! The team at ProfitSword affectionately calls it the ‘Greg Miller’ report, but it helps our operations team to focus daily on challenges at each hotel.”
“We strongly believe our investments in this type of technology will help us achieve our goals, not only for the next year, but for many years to come,” says Miller. “As fast as things change these days, it is important to give the hotel managers a tool that can provide information instantly so they can get back to managing our people and not the process.”
Greg Miller, President
|Also See:||Hersha Hospitality Management Teams with Profitsword to Provide Business Intelligence Software to its Portfolio / May 2008|
|Larkspur Hotels & Restaurants Installs ProfitSage Business Intelligence Software from ProfitSword / May 2008|
|ProfitSage Business Intelligence Software Fuels Productivity and Profitability at New Castle Hotels & Resorts / June 2006|
|Heavlin Management Company Chooses ProfitSword to Provide High-tech Business Intelligence Solution / May 2005|
|Premier Hotel Management Group Chooses ProfitSword to Provide Business Intelligence Software to its Portfolio / May 2005|
|InnSight Hotel Group Chooses ProfitSword to Provide High-Tech Business Reporting Solution / February 2005|
|ProfitSword, LLC Introduces New Web-based Business Intelligence Software Suite for Hospitality / July 2003|