Finance & Accounting for Hospitality
Bespoke accounting suite
Accurate and timely financial information is critical to the success of every hotel. Very often a hotel accounts team have a detailed understanding of the day to day performance of the property but lack the vital tools and techniques to be able to advise on emerging trends in the hotel’s performance.
In some cases, the accounts function may be outsourced to a local accounting firm in an effort to reduce costs. While the outsourced accounting firm will provide information that meets statutory accounting requirements it may not be hotel industry specific and may lack the Key Performance Indicators (KPIs) that are needed in order to control the performance of the hotel.
PREM Hospitality have devised a suite of hotel accounting and performance reporting tools that can enable the hotel’s finance department to support the hotel owner or hotel manager, as they deal with the dynamic trading environment they are faced with on a daily basis.
Once implemented properly these tools and techniques will provide a range of reliable performance reports
- Monthly and annual management accounts incorporating all industry standard KPIs on a departmental basis.
- Monthly and annual forecasts of your hotel’s revenues, costs and profitability.
- Comparisons of actual performance against budgeted and actual prior year performance on a monthly and annual basis.
- Comparisons of forecasted performance against budgeted and prior year performance on monthly and annual basis.
These services will provide an enhanced understanding and control of the business, allowing the hotel manager to identify and rectify areas of underperformance quickly.
The output from these tools will also assist in communicating the performance of the business, both internally and externally.
The implementation does not require a large investment in software. This reporting solution is scalable from a limited service guest house to a large multi-outlet resort property and will produce information to the highest industry standards.