Fintech to strengthen revenue streams in record time in hospitality

Hospitality finance teams know that guest experience is firmly tied to profitable operations.

It's no surprise that incorporating guest experience into financial management planning takes the top spot in leadership agendas.

But doubling up priorities means doubling up on time, right? Not if you use the latest financial management technology like Sage Intacct, specified and hosted by an experienced team.

This guide explains three ways Sage Intacct ties guest experience and financial operations together – saving you time and strengthening revenue streams.

1. Finding REVPAR quick wins

On an average day, week, month, and year, what is your hotel’s Revenue Per Available Room (RevPAR)? But more importantly – are you happy with the numbers?

Even when 100% Occupancy Rates (OR) are out of reach, there’s still ample opportunity to boost RevPAR – and quickly, for that matter.

The solution lies in ensuring that guests take full advantage of your hotel's portfolio: the bar and restaurant, spa, sports facilities, excursions, etcetera. Asking your colleagues to promote services (with a few finance-approved incentives) is an undeniable win-win.

Guests have a fantastic experience where every moment matters, and you see almost-immediate improvements to your financial position. It's all made possible with Sage Intacct tools that:

• Connect financial and non-financial data and systems for the big picture
• Make it easy to find data and mould it as needed, so you can spot opportunities that colleagues can act on
• Define and deliver finance-led engagement strategies in real-time, as and when RevPar or other metrics fluctuate

Think on-demand multi-site financial reporting, enhanced forecasting and automated workflows integrated with CRM, Front of House and Marketing systems.

2. Getting serious about GOPPAR

Can efficiency ever be compatible with brilliant guest experiences?

If approached with pragmatism and informed by excellent data, we believe so, yes!

Sage Intacct allows hospitality finance teams to find operational savings and quickly increase Gross Operating Profit without reducing service quality. In fact, when you use financial data insights creatively, your guests' experiences will be even better.

For example, integrated reports with real-time drill-downs allow finance teams to spotlight underperforming departments and analyse metrics further. Imagine that you notice Average Daily Rate (ADR) dropping. Upon investigation, you find that certain rooms are frequently out for maintenance. Additionally, inefficient heating and lighting infrastructure is squeezing operational margins in an older hotel wing.

So, how can financial management software like Sage Intacct help boost GOPPAR and keep guests extra happy? Here's an idea you might like.

• Install smart devices in rooms that control lighting and temperature
• Guests can curate their perfect in-room environment. Meanwhile, usage and performance data feed into financial management software
• Automated reports alert finance leaders when GOPPAR dips below a certain level and explains potential causes – broken lighting affecting OR, for example
• Additionally, operations teams can see where preventative maintenance may help boost OR and improve longer-term GOPPAR.

3. Unifying department performance

Have you ever been frustrated by financial operation metrics that don't add up?

For example, your restaurant is consistently at capacity, but Profit Per Cover (PPC) needs to be higher. Or, despite your spa's low Cost of Goods (COG), treatment sales have stagnated along with the inventory.

With Sage Intacct, you can quickly gain clarity and take action on underperforming areas. In addition, self-service dashboards allow you to compare performance across all departments side-by-side and connect the dots.

With data automatically distributed to departments or people on set schedules, it's easy to loop every manager into the picture and begin strategising how you'll correct an unfavourable revenue situation. And at the heart of this is the guest experience!

To sell more of what you need (profitable menu items, spa treatments, for example), you need to understand where your opportunity lies and how this aligns with what guests value. With Sage Intacct's integrated data insights, you can better shape upsell offerings that upgrade their experience while increasing revenue in key strategic finance areas.

Are you inspired to see what finance technology can do for your hospitality finance team? Then get in touch with Pinnacle – the leading Sage Intacct solution provider and integration experts.

Visit FIVE STAR FINANCIAL PERFORMANCE FOR HOTELS for more information now.