Customers of M3, the hospitality sector’s #1 cloud-based financial and data management platform, will receive more than $1 million in savings by way of reduced fees. All of M3’s customers utilizing its Accounting Core platform will benefit from the direct savings effective August 1.
At the onset of the pandemic, M3 realized the potential impact to the hotel industry and proactively cut non-essential spending as much as possible without sacrificing service and software development. As a result, the expense reductions M3 achieved totaled more than $1 million – all of which will be directly passed to its customers by significantly reducing the average cost per property in its customers’ portfolios over the next five months.
The savings seek to alleviate some of the financial turmoil M3’s customers are experiencing amid COVID-19. Despite M3’s expense reductions, the company continued to develop enhancements that provide increased security and immediate operational benefits that save time and money. To deliver these enhancements at record time, M3 altered its development roadmap at no cost to customers.
“COVID-19 drastically affected the industry’s economic outlook, forcing owners and management to reevaluate strategic plans and bottom lines,” said M3 President Allen Read. “When we saw the potential long-term impact on our customers, M3 immediately enacted cost-savings initiatives, and we are eager to pass those savings along to help boost our customers’ bottom lines.”
In addition to the cost-savings, M3 recently announced technological enhancements across its platform, including updates to many of its Accounting Core modules, using customer suggestions and feedback as a basis for development. These upgrades further support customer savings through gained operational efficiencies. To ensure that all customers have access to M3, the company kept their Help Desk open and available to customers 24 hours a day on the weekdays and 8 a.m. to 6 p.m. EST on Saturday and Sunday.