News for the Hospitality Executive
Doubletree Guest Suites Addresses its Revenues and Expenses
with priZem’s Business Performance Tools Solution
June 21, 2010 - priZem Hospitality Solutions, a provider of budget/forecast preparation, labor productivity and daily operations reporting, announces that the Doubletree Guest Suites has implemented its three-in-one Business Performance Tools (BPT) application.
Paul West, President of priZem Hospitality Solutions explains, “Doubletree Guest Suites has taken a preemptive approach to monitoring the revenues and expenses of its business by implementing our BPT product. BPT helps them now to address the effects of the economic climate on a daily basis while also expanding its previous reporting process. Having completed its 2010 budget utilizing priZem’s BPT budgeting module, they also now have a baseline for an ongoing business forecasts to continue throughout the year. Additionally they will utilize the daily labor and daily revenue modules with more relevant data that compares actual information to forecast, budget and prior year data. Needless to say, instituting more significant key performance indicator ratios upon which to measure labor, they can now analyze data in a manner that far exceeds its previous process.”
priZem’s Business Performance Tools is an application that is valuable tool to any operation that strives to handle its expenses more efficiently to capitalize on realized revenues. BPT allows any business to run effectively by placing multiple data points of daily income journal data and daily labor data into one database to provide single point reporting. Revenue data is linked to labor expenses to provide key performance indication data and income journal data is used as a baseline to prepare a business wide budgets and/or forecasts.
Cindy Soto, Controller says, “The single database repository streamlines our daily tasks and allows for faster reporting over all while preparing a budget or a forecast using a database to increase or decrease any account by a desired percentage is a tremendous improvement. Moreover, having the entire function hosted by priZem meant that there was not necessary hardware implementation for the property. Finally, we will get everyone on our team to think more seriously about handling their expenses – and what better time to do that than now!”
“In times like this when revenues seem to have shrunk, a product like BPT can handle expenses more efficiently so as to hold profits steady where possible, continues Paul West. Although a frugal and careful approach to spending should be the method of operation during good times as well, it is certainly even more important when things are tougher. This is simply the smartest tactic to achieve success today.”
Business Performance Tools was developed in order to streamline the many tedious tasks of gathering daily data so that it can be used for timely reporting. The three in one approach to handling budget and forecasting of daily labor, income and expenses from one application allows for more detail financial reporting in the end. By keeping on top of business every day, problem points can be handled before it is too late.
priZem Hospitality Solutions is a provider of hospitality financial solutions that cost effectively reduce the budget/forecast cycle; facilitate the daily labor/revenue preparation and reporting process; increase overall operational data accuracy and allow for faster corporate or property report distribution. priZem financial and technology solutions services also are available to help solve client strategic, operational and data challenges to ensure that overall business technological and financial needs are met.
Doubletree Guest Suites
515 Fellowship Road North, Mount Laurel, New Jersey, United States 08054-3404
Doubletree Guest Suites in Mt. Laurel New Jersey is convenient to Cherry
Hill, Marlton, Moorestown, Philadelphia, The Philadelphia International
Airport, and many local attractions and points of interest. It offers two
room suites featuring either one king size or two double beds with full
size pullout sofa bed in separate living room. Suites features a private
balcony, two cable, televisions with a selection of on-demand movies and
video games, MP3 ready clock radio, microwave oven, Wolfgang Puck coffee
maker, refrigerator, two telephones, programmable safe, remote printing,
and high speed internet access connectivity. Bathrooms feature Neutrogena
amenities, vanity area, hair dryer and curved shower rods. The bedroom
is well appointed with Doubletree Sweet Dreams signature bedding with down
filled duvet, generous down pillows and plush pillow top mattress for an
unforgettable night's sleep.
|Also See:||Choosing the Right Technology to Impact the Bottom Line! / Paul West / May 2010|
|Maximizing Labor Productivity / April 2010|
|Financial Mindset for 2010! / Paul West / June 2009|