Responsible for forecasting and adjusting hotel operations on-the-fly against financial performance, Carter Frank, the Chief Operating Officer at In-Group Hospitality, knows the value of a strong accounting and business intelligence partner. For years, Frank and his team manually compiled and analyzed daily financial data for each property managed by In-Group – most of which were using varying property management systems for each franchise.
“We would operate the business the best that we could by manually compiling data throughout the month, wait for the financial statements to come out, then make needed adjustments as needed,” said Frank. “On top of that, with multiple properties utilizing different systems, we then had to manipulate data from one platform to another in order to compare apples-to-apples across brands.”
With a growing portfolio of properties across the U.S. and a strong development and acquisition pipeline, Frank recognized the need for a scalable accounting solution that also offered enhanced, industry-specific business intelligence capabilities.
In-Group Hospitality’s President and CEO, Graydon Pearson, knew of M3 from industry peers and suggested the solution to Frank’s team. A hotel-specific financial platform and services company, M3 serves more than half of the top management companies in the U.S. Almost immediately after adopting M3 across nearly 20 managed properties, M3’s accounting and business intelligence capabilities drastically changed In-Group’s financial reporting and analysis process.
“From the GMs to the senior leadership team, M3 has transformed In-Group’s operations across the board,” said Pearson. “Now we are able to drill down into invoices and see clearly what makes up each item, then translate this piece into the budgeting and forecast process. Having this type of rich insight at our fingertips allows us to make informed decisions and adjustments in real-time – something we had wanted to do but were never able to execute before M3.”
Designed from the perspective of a hotelier with the objective of driving a powerful and intuitive user experience, M3’s accounting and business intelligence platforms allow In-Group to import data from multiple property management systems directly into M3 without having to manipulate data. In addition, M3 connects seamlessly with In-Group’s payroll and benefits providers, giving the In-Group team a better sense of the bigger financial picture. Having the ability to manage even the smallest pieces of data allows In-Group to realize exponential efficiencies and savings.
With the right key performance indicators (KPIs) in place through M3, In-Group is now able to drive its business forward with intelligent insights and reporting. This robust, actionable data equips team members at every level with the tools they need to successfully manage the company’s entire portfolio – from a single property to an entire franchise. M3 is uniquely positioned to empower In-Group’s team members in the field and in the corporate office while ensuring consistent processes, transparent decision making and profitable insight. Thanks to M3’s business intelligence platform, the company’s leaders are finally able to make informed decisions on a month-to-month basis resulting in a better bottom line.
“We’ve used other accounting and business intelligence platforms in the past, but none as powerful as M3. As our portfolio changes and shifts, so do the KPIs that inform our decision-making. Having the ability to see every property at all times while managing costs gives us a significant advantage over our competition and allows us to be more profitable,” said Pearson. “We have come to know and respect the M3 people and culture, not merely their products. M3 is truly a strategic partner for us.”
This article was sourced from Hospitality Technology