How important are KPIs for your Hospitality Business?

A hotel’s revenue is its lifeblood. These vital statistics are necessary for the business to survive and thrive, and so it’s important for hotel owners to monitor them carefully.

This blog post will explore nine well-known benefits of implementing an accounting dashboard that measures key performance indicators (KPIs). Whether you are a large or small progressive hotel, these KPIs can help drive your decisions on your capital spending as well as some fundamental strategic changes in accommodations, food and beverage services, technology investments, etc.

As you might already know, business intelligence (BI) is the foundation of any successful hotel business. In fact, a Gartner survey shows that 96% of organizations rated BI and analytics a top priority in 2022. Whether you are in the beginning stages or are well established, these analytics will help inform your strategic planning for growth and innovations in your hotel.

Hotel Accounting is the process of recording, classifying and summarizing economic activities. Accounting = Bookkeeping + Management Reporting. Accounting can be done manually or using hotel accounting software that are designed for hospitality industry purposes. 

With the development of new easy to use software and apps, accounting has become easier than ever. They provide a range of accounting tools to meet every need- from tracking Financial Transactions, Business Accounting, Revenue Status Overview, Occupancies, RevPAR and ADRs, competitive analysis with STR and GSS, Budget Comparison and many more responsive widgets to mention.

By enabling merchants with such platform hoteliers can get instant access to key performance indicators which allows them to work smarter by making informed decisions quickly and easily. 

Being a hotel manager or owner, you need to monitor your business closely in order to ensure that it is making a profit. You need to track the revenues, income and expenses of your establishment closely. 

The software enables hoteliers, accountants and managers to keep track of their income and expenses by providing them with an in-depth analysis of the key performance indicators (KPIs) they require. 

The software provides you with crucial KPIs which includes: cash flow, number of check-ins, number of bookings, revenue earned per month/year etc. Monitor these KPIs daily and display reports that show the progress made during a specific period- be it a month or year. 

Here, you can see real-time reports as they happen and view accurate data which helps you to plan your business better. You can control your finances by controlling your performance indicators.

By accessing such software, you get access to manage & monitor hotel data in real-time and focus more on guests while growing your business. The Accounting KPI dashboard provides you with the necessary data that allows you to analyze & interpret it in order to understand how much is being earned or lost per day. 

With the information provided by our platform, you can calculate your exact revenue and loss, occupancy rate and other vital stats. Our interface is user friendly & very easy to use. You can also download invoices that keep you up to date with all the payments you receive and make. This is important as it enables you to know when payments are due so that you can plan your business effectively.

Hotel managers and owners have a great number of responsibilities, from organizing staff to chasing guests for payment. But often, the most pressing need for hotels is financial. And this is where Accounting KPI Dashboard comes in handy—it provides hoteliers with real-time data about their finances and expenses to guide them in setting budget targets and KPIs (key performance indicators).

As an all-encompassing solution that includes expense tracking, account reconciliation, bank reconciliation, balance sheet management and inventory control among other features, Accounting KPI Dashboard will help you make more informed decisions in your business. Let’s have a look at why hoteliers rely on Accounting KPI Dashboard to handle their finances better.

Easy budgeting and forecasting with real-time financial reports

When it comes to budgeting and forecasting, managers need accurate data quickly. Accounting KPI Dashboard allows you to generate customized financial reports as per your business needs, in real-time. You get access to all the information you need instantly, without the need of generating custom reports from multiple sources. This means no more waiting for hours for critical accounting data—you can use our consolidated reporting tool to receive up-to-date information about your business. This helps you set goals for the future and make better decisions about expenses today.

How many times have you wasted time and money by buying products that don’t fit into your budget? Then, how do you decide which products to buy? You use KPI reporting tools like Accounting KPI Dashboard to evaluate the performance of your business, understand how much money you’re spending on each product and predict future sales.

If you want your accounting reporting tool to help you set budget targets and KPIs, we recommend using Accounting KPI Dashboard. The sophisticated financial reports will prove extremely helpful in taking informed decisions about the performance of your business.

Streamlined accounting and cashflow control

It can be difficult to estimate what is right amount of stock to have in a particular category. For example, you might find it tough to budget for buying chairs as you are unable to estimate how many people will visit your restaurant every day. However, Accounting KPI Dashboard can help you solve this problem by bringing the total number of guests into view. You see, our financial reporting tool makes it easy to track your inventory levels, which helps hoteliers know the quantity of each product purchased and the expenditure per product.

In addition, Accounting KPI Dashboard helps hotels keep track of inventory during the sales period and manage their inventories better after sales.