There’s a myriad of ways to improve your hotel’s long-term profitability. It all starts with understanding the key financial metrics that profitability it. Our team of experts will assess every aspect of your hotel’s performance to find the most effective tactics for increasing your bottom line.
Enhance Revenue
The most logical way to increase profitability that everyone can agree on is to generate more revenue. It’s just that this might prove challenging as it depends on a range of factors.
This is where having a team of experienced accountants working for you can be highly valuable. On top of the accounting expertise, we have in-depth knowledge of the hospitality industry. Our team knows how industry leaders perform and what makes them so profitable. We’ll apply this knowledge to help you create an amazing hotel accounting system.
Minimize Expenses
Some hotels have lots of unnecessary expenses. Operational costs will often increase more than they should if management isn’t keeping an eye on them. If that’s the case with your hotel, you might be losing money that you can better use elsewhere. Besides, keeping expenses under control is a great way to improve profitability.
In light of this, can you identify any unnecessary costs in your hotel? MyHotelAccountants can do it for you. Our team will reveal all the processes that don’t require as much money as you’re presently spending. Starting with labor and operations and up to infrastructure, we’ll assess your costs to figure out how much you can save. This can add up to significant amounts of money over the long haul that you’d be better off keep in your hotel’s accounts.
Improve Efficiency
When was the last time you revised your processes? In our experience, hotels are not operating as inefficiently as the principals would like. They might be too minor for the management to notice but wasteful nevertheless. In addition to money, you could be wasting labor and material resources.
MyHotelAccountants has a long tradition of working with hotels. Our clients appreciate our determination to keep up-to-date with industry standard practices, including those targeted at eliminating waste. After a careful assessment of your operations, we’ll uncover the inefficiencies, assuming they are present, and give our recommendations. Our team can help you free up more resources that you can better invest in a more profitable future.
Reduce Error
Keeping track of all the relevant financial and performance metrics is not exactly simple. It’ll only become more challenging with the growth of your hotel. Furthermore, there’s a lot of room for error in a hotel’s accounting and reporting processes. Since accurate data collection is vital for understanding and improving your financial standing, even the more minor errors can be costly.
We pride ourselves in our meticulous approach to carrying out all of our services. Leveraging modern technologies and processes, we vouchsafe data accuracy. Our team will give you a clear overview of your hotel’s financial performance and suggest how best to proceed. On top of error reduction, you’ll also be able to put the provided data to good use.
Obtain Useful Business Insights
A top benefit of working with MyHotelAccountants is our insider knowledge of the hospitality industry. We know what separates high-performing and struggling hotels. In dispatching all of our services, we use this knowledge to show you what you can do to improve profitability and growth.
We believe that accountants should be able to provide more than essential hotel accounting methods. That’s why we at MyHotelAccountants utilize critical indicators like RevPAR, ADR, STR, and more to impart business advice. With our help, you’ll learn how the world’s top hoteliers dominate their respective markets and how you can do the same.
Manage Cash Flow
Many hoteliers mistakenly believe that cash flow management is all about keeping track of incoming and outgoing money. In reality, it’s a lot more complicated. Your cash flow depends on a wide variety of factors that each play a role in your profitability. Effective cash flow management should aggregate these factors to uncover areas of growth.
One of our primary goals is to help you maximize your hotel’s cash flow. Liquidity is critical to growth, and that’s what our services hope to help your hotel with. We’ll scrutinize all aspects of your cash flow and show you how to manage it with maximum efficiency. Increased profitability is one of many positive consequences to come out of this.
Boost Marketing ROIs
All hoteliers invest in marketing but not all of them also maximize the return. It could be as simple as the fact that they’re not tracking the right metrics. They may be putting too much focus on indicators that are good for bragging but have little tangible value.
We’re not claiming to be the most celebrated marketing gurus on TV or social media but we can do better than that. We can help you to get more out of your marketing dollars. Our team will leverage the power of data to show you how to make your campaigns more impactful. We’ll show you the metrics that actually contribute to your profitability and how to track them. In doing so, we’ll help you generate more revenue and profit at lower costs.
Overcome Financing Obstacles
Even the most successful hotels make use of external financing. At times businesses know better than to risk their own money, especially when it’s a lot of money. But in return, lenders are cautious about whom to accept. If you’re found lacking regarding the understanding of your hotel’s finances and management, lenders are likely to reject you.
To counter that, some of our services are to assist hotels in obtaining external financing. We’ll help you to prove to the lender that you’re a safe bet. After getting your finances in order, we’ll prepare the application on your behalf and with your input. We know how to create convincing loan proposals that showcase your ability to put the money to use and therefore to pay off the loan. In summary, we can take the burden of applying for financing off your plate so you can concentrate on what you can do with it.
