budgeting
IDeaS RevPlan Total Revenue Forecasting Module to Be Piloted by Loews Hotels & Co
IDeaS | April 6, 2022
Hotel brand embarks on a journey beyond rooms revenue management toward total profit optimization with IDeaS MINNEAPOLIS—April 6, 2022—IDeaS, a SAS company, the world’s leading provider of hospitality revenue management software and services, announced today Loews Hotels & Co will pilot the total revenue forecasting module in IDeaS RevPlan, a cloud-based tool that streamlines forecasting and budgeting processes for rooms, food and beverage, and other income. Loews has already successfully leveraged RevPlan’s automated financial forecasting capabilities for guest rooms, gaining significant time savings across its portfolio. The...
Introducing MAX™, An Interactive Hotel Revenue Performance Platform
Revenue Matters, LLC. | October 13, 2020
Free trial subscription during Q4 2020 and 2021 discounts for first 25 properties Revenue Matters introduces MAX™, a proprietary, interactive hotel revenue performance platform designed exclusively for the hospitality industry. Now, hoteliers, owners, and asset managers can have access to this robust analytics tool to help with strategic planning, trend analysis, price positioning, occupancy and rate strategy, budgeting, forecasting, and more. Spend less time running reports and more time on analysis. MAX consolidates information from multiple sources and displays it in a user-friendly format to help you make smart decisions. Get a c...
Budgeting Season Is Here: Oy Vey! But It Doesn’t Have to Be
HotStats | October 9, 2020
By now, most hoteliers are in the throes of budget season. Only this year’s version is unlike any before. COVID-19 has made it so. Hearing from hoteliers and other industry stakeholders, this year’s budget planning is not only cumbersome, but many, including one owner I spoke to, told me they have no idea where to even start. To borrow a line from hands down one of the greatest films of the 20th century, The Big Lebowski, “This is our concern, dude.” Luckily, for all of us, The Dude is not preparing budgets. Still, it may be anyone’s guess as to what 2021will bring as the virus shows no signs of ceasing, the potential of a s...
Contactless Technology Partners Share Exclusive Insights in New eBook About Budgeting During a Crisis
OpenKey | September 24, 2020
Dallas, TX - September 24, 2020 - StayNTouch, TrustYou, and OpenKey release today a new eBook for hoteliers, “Budgeting During a Crisis: What is Mission Critical for the Guest Experience?”. In view of the COVID-19 pandemic, the three contactless technology providers partnered together with the end goal of guiding hospitality professionals through a budget season like none other. The combination of a global health crisis with major economic repercussions and several worldwide travel lockdowns makes it difficult for hoteliers to plan their 2021 budget and foresee the next steps that the industry will follow. The eBook tackles the exact hote...
Hospitality Financial Leadership: Why Does It Take So Bloody Long to Do the Annual Hotel Budget?
David Lund | September 8, 2020
By David Lund Bloody is a great word. It’s English and I’m Canadian so that’s close enough and I’m adopting it for this piece. The word is so descriptive, and it immediately conjures up images of battle and of great suffering. Much the same as the annual carnage we refer to as budget season in the hotel business. It’s the epic contest between line managers and executives, hotel leadership teams and the brand and hotels and their owners. In some hotels it can take six months to get the budget done, revised umpteen times and eventually – hopefully – approved. It’s nothing for the battle to last for three months in a typica...
Enjoy the Journey as Well as the Destination
Robert Rauch | September 2, 2020
By Robert Rauch Our 10-step Method to 2021 Business Planning Every year during late August and early September, we embark on business planning for the following year. This year has been highly unusual to say the least. So, despite the low revenues, difficult operating environment, stress and anxiety and disastrous cash flow, try to breathe and enjoy the journey. It will make the transition to the other side more enjoyable and likely more successful. Here are 10 items to put on your “to-do” list that will get you there and keep you focused! 1) Complete your research. Business plans for 2021 must be clear, concise and simple a...
Hospitality Financial Leadership – Should I Develop a Detailed Budget and Monthly Forecast?
David Lund | April 20, 2020
By David Lund The simple and only answer is yes, you should. Without these tools you are flying in the dark and sooner rather than later you are going to run into a mountain. In my opinion if you are running your hotel business without this and you think that is okay then you are simply irresponsible. If you are thinking it is too complicated or only for the big kids, well, you are wrong again and this recap will be an eye opener for you. This piece is about a client of mine and how we worked to develop these tools, and how they are helping him manage his business as proactively as possible during this crisis. As he recently called it, ...
Real Hospitality Group Adopts Full Suite of ProfitSword Business Intelligence and Data Management Solutions
ProfitSword, LLC | January 28, 2020
Rapidly expanding hotel management company implements ProfitSage, ProfitPlan, ProfitPace and ProfitWizard to maximize business strategy efficiency and ability to achieve even greater organizational growth. OCEAN CITY, Md. (January 28, 2020) – ProfitSword, hospitality’s premier developer of business intelligence and data integration software, has been selected by Real Hospitality Group in order to obtain a real-time and fully comprehensive overview of its financial performance across the breadth of its organization. Recognized as one of the fastest growing hotel management companies in the U.S. and renowned for its corporate responsibil...
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