TIMP Hospitality

Switching to M3 provided Timp Hospitality with a solution specifically designed for the hospitality industry—crafted by hoteliers, for hoteliers^TM. Unlike broad, generic systems, M3 is tailored to handle hospitality-specific information empowering customers to address the unique needs of the industry. This specialization extends to M3’s support team, comprised of hospitality experts who understand the challenges of the field. Timp can rely on getting responsive answers quickly, knowing that the guidance they receive is grounded in real-world hospitality experience, making their financial management more effective and relevant.

Since implementing M3’s Accounting Core™ and M3 Insight™ solutions, Timp Hospitality has experienced transformative benefits. M3’s products have streamlined financial operations, offering unparalleled ease in budgeting, forecasting, and business analytics.

Key Benefits:

1 – Enhanced Financial Reporting:

M3 Insight™ has empowered Timp to significantly improve their financial reporting accuracy and speed. Chelsea shared, “Prior to M3, our reporting processes were cumbersome. With the Insight™ product, we now have precise and timely reports that aid in actionable decision-making.”

2 – Streamlined Budgeting and Forecasting:

The budgeting and forecasting capabilities of M3 have been pivotal. For their smaller properties, which might not have had structured budgeting before, the M3 Insight™ software has provided a framework that ensures financial discipline and planning that is deployed consistently across the entire portfolio.

3 – Operational Efficiency:

M3’s intuitive interface and robust support have led to operational efficiencies across Timp’s properties. Chelsea noted, “M3 made it easy for us. The transition was smooth, and their support team was always there to help.”

4 – Consistent Communication and Improvements:

M3 provides consistent updates to its product suite and there are always advancements and improvements within the software. To help maintain awareness, M3 not only sends out email reminders of updates but also offers monthly webinars to help customers stay relevant and aware of the continued ease of use.

5 – Training and Implementation

The training and implementation support provided by M3 has been pivotal for Timp Hospitality, especially with their young leadership team. Despite varying levels of experience, M3’s Accounting Core^TM system proved easy to learn and use. The intuitive design and straightforward interface enabled seamless data transfer from their previous system. M3’s system is not only powerful but also simple and teachable, making it an ideal solution for training and empowering staff across all levels of the organization.

Timp Hospitality has seen marked improvements in several indicators since using M3:

•Accuracy in Financial Data:

Precision in financial data has increased, reducing errors, and improving overall financial health.

•Time Savings:

Significant reductions in the time required for financial reporting and analysis.

•Informed Decision-Making:

Enhanced data analytics have led to more informed strategic decisions, contributing to overall business growth.

Strategic Planning and Forecasting with M3 Insight™

M3’s Insight™ solution has played a crucial role in Timp’s strategic planning. Chelsea cited a specific example: “Using Insight™, we were able to accurately forecast the financial impact of expanding our property portfolio. This functionality allowed Timp to make informed decisions to acquire and develop new properties, knowing we had reliable data backing our moves.”

The implementation of M3 Insight™ has brought significant advantages to Timp Hospitality, particularly for their smaller properties. Chelsea Watters emphasized, “I don’t know if we would budget and forecast if it wasn’t for Insight for those smaller hotels.” The tool’s ease of use and straightforward updating capabilities have made it an indispensable part of their financial planning process.

Enhanced Budgeting and Forecasting

Insight™ has simplified the budgeting and forecasting tasks that once seemed daunting, especially for smaller properties. By providing a user-friendly interface, the system ensures that updates and adjustments can be made quickly and accurately, saving time and reducing errors.

Customization and Valuable Dashboards

Insight™ is extremely customizable, allowing Timp Hospitality to tailor the system to their specific needs while adhering to the USALI (Uniform System of Accounts for the Lodging Industry) recommended templates in their financial reporting. This flexibility ensures that they can maintain industry standards while optimizing their unique financial processes.

One of the standout features of the Insight™ software is its customizable dashboards, which offer a positive visual representation of financial data. These dashboards are not only easy to interpret but also provide crucial information immediately, aiding in swift decision-making. For users who need more time to create custom options, Insight™ offers a library of industry-standard, ready-to-use dashboards. These dashboards can be updated or modified at any time to adapt to changing needs or new areas of focus.