When it comes to reporting to hotel ownership, gone are the days when monthly profit and loss statements and quarterly forecasts meet the need for keeping owners, asset managers and financiers up-to-date on the performance of the hotel. With hotel-specific accounting and business intelligence tools like AccKnowledge® and M3 Link® from M3 Accounting + Analytics, the reporting process, which has become a daily activity (and in some cases, several times a day), is streamlined and easy to accommodate.
Kerry Ranson, president of Expotel Hospitality Services, Inc. and chair-elect of the IHG Owners Association, knows the situation intimately. When it comes to dealing with new ownership and investment groups in the hospitality playing field, these entities expect a high degree of communication and as much information as a management company can provide to keep an eye on the performance of every property in their portfolio, as Ranson detailed in a recent article published by Hotel Interactive.
“By using M3’s accounting and analytics tools, we are able to provide a level of transparency that this new breed of owners expects,” explained Ranson. “These reports are real-time, private-cloud-based and highly customizable, allowing our ownership groups to see everything from daily performance to guest service scores; it’s all there in one easily digestible report.”
For the past three years, New Orleans-based Expotel Hospitality has relied on M3’s flagship accounting platform, AccKnowledge® and the premier hotel analytics tool, M3 Link® to provide them with the data that they need to run 18 managed hotel properties throughout the United States. Since adopting M3’s proprietary tools, the Expotel team has increased its flow through numbers by 25%, due to their ability to keep their hotels and directors on track and focused on target. Through business intelligence and experienced leadership in hotel operations, the company has more than doubled its portfolio and continues to offer better services while growing.
“In an age where technology is the name of the game, management companies like ours have become virtual information and data centers,” Ranson concluded. “More reports and forecasts are expected of us every day, and through incorporating tools like M3’s proven platforms, we’re able to remain ahead of the game in satisfying the expectations of today’s ownership groups. We believe that M3’s products contribute to Expotel’s performance edge.”
Scott Watson, Executive Vice President of Sales & Marketing for M3 acknowledges Expotel’s success. “Kerry and his team deliver tremendous value to their owners. Knowing that our solutions provide them accurate, real-time data and that the financial information can be communicated in virtually any way an owner wants to see it is precisely how M3’s products are designed to serve our customers,” Watson says. He adds, “Expotel’s numbers are phenomenal and as they continue to use more and more of the inherent functionality in AccKnowledge®, they see greater and greater efficiencies. As of last month, they were up 22.5% over previous year and 6% up over budgeted projections.”
To learn how your management company can acquire the reporting tools to produce fast, accurate reporting snapshots for hotel owners, contact Scott Watson, Executive Vice President, Sales & Marketing, at firstname.lastname@example.org or 770.297.1925, Ext. 571.