Accounting as a hotelier is a time and resource intensive process. Finding the right tool or platform to manage it all can make or break your business – and potentially lead to efficiencies and cost-saving that can vault you ahead of your competitors. While there are many tools available in the marketplace, today we’ll focus on M3.
Widely regarded as a top back-office hosted software solution provider for the hospitality industry, the M3 platform offers state-of-the-art, intuitive accounting, business intelligence, and payroll solutions across all brands and independent hotels in the U.S. and Canada. Built by hoteliers, exclusively for hoteliers, the platform allows franchisees access to their financial and operating information in real-time with user-friendly reports. Leveraging the various platform solutions, users are able to reduce overhead and labor to remain competitive in the industry.
But don’t take our word for it; let’s take a look at some real-world examples of the platform in action and highlight the efficiencies and added capabilities afforded to those that have adopted M3.
"What got us here won't get us there."
In 2002, HP Hotels was seeking to shift their focus. The hotel brand was spending time and resources building, updating, and maintaining an expensive computer infrastructure on which their accounting and business intelligence programs would run. Accounting and business intelligence were burdensome processes that were preventing the brand from reaching their growth goals. Rather than continuing to focus on the older, expensive computer infrastructure, the company was interested in taking a proactive approach to manage assets and generate returns for owners.
Enter M3. After listening to recommendations from industry peers, HP Hotels signed onto the M3 platform. The move has since paid dividends, with the brand growing from two hotels in 2002 to more than 35 properties in 2019. What specifically spurred the growth? The M3 Accounting Core and Operations Management software.
After adopting a streamlined staffing model, HP Hotels needed to manage the bulk of their accounting above property, which would eliminate the need for full-service accounting staff at the hotel level. The Accounting Core tool of the M3 platform provided the means for the efficiencies it didn’t think possible, saving both time and resources.
Additionally, by utilizing the Benchmarking tool in Operations Management when considering new properties, HP was able to view a quick snapshot of where the potential hotel compares with like brands in the system. This allowed for quick and easy evaluations to be made, leading to smarter, more educated investments. Additionally, Benchmarking has been incorporated into HP Hotels' budgeting cycle to provide leadership with the intelligence needed to analyze how they are measuring up to the competition, because, according to CDO Kerry Ranson, "What got us here won't get us there."
Functionality: Accounting to manage the bulk of their accounting above property. Benchmarking in Operations Management for more immediate and actionable Business Intelligence reports.
Business impact: Allowed for executing of the streamlined staffing model as well as quick evaluations of new properties, leading to the brand growing from two properties in 2002 to more than 35 in 2019.
This article was sourced from Hotel Tech Report. Click the link to view the full article.