How can you use a PMS to generate and analyze financial reports and metrics?

1 What is a PMS?

A PMS is a software platform that automates and integrates various aspects of property management, such as reservations, guest services, housekeeping, maintenance, marketing, and accounting. A PMS can store and process data from multiple sources, such as your website, online travel agencies, payment gateways, and third-party apps. A PMS can also produce financial reports and metrics that summarize and analyze your financial performance and operations.

2 What types of financial reports and metrics can a PMS generate?

A PMS can generate various financial reports and metrics according to your needs and preferences. An income statement, for instance, will show your revenue, expenses, and net income over a period of time, helping you evaluate your profitability and identify areas for cost reduction or revenue increase. A balance sheet displays assets, liabilities, and equity at a particular moment in time, aiding in assessing your financial position and solvency. An occupancy report provides the occupancy rate, average daily rate, revenue per available room, and other key performance indicators for a period of time to measure demand and pricing strategies. Additionally, a budget report outlines actual income and expenses compared to projected or planned income and expenses for a given period. Lastly, an audit report details transactions, payments, adjustments, taxes, and other financial information for a period of time to verify records and meet accounting standards.

3 How can you use a PMS to generate financial reports and metrics?

Generating financial reports and metrics with a PMS is easy and convenient. You can access the PMS dashboard from any device and location, and customize your reports according to your criteria and preferences. Additionally, you can schedule your reports to be generated automatically and sent to your email or other recipients. To do this, log in to your PMS dashboard, navigate to the reports section, choose the type of report you want to generate such as an income statement or balance sheet, select the period you want to cover, apply any filters or parameters you want to use, then click on generate or export to view or download your report in your preferred format like PDF, Excel, or CSV.

4 How can you use a PMS to analyze financial reports and metrics?

Analyzing financial reports and metrics with a PMS is also simple and intuitive. Through your PMS dashboard, you can view and compare your data in various visual formats, such as graphs, charts, or tables. You can also drill down into the details and trends behind the numbers. When using your PMS dashboard, you should monitor your key performance indicators, such as revenue, expenses, occupancy, average daily rate, and revenue per available room. This will help you identify patterns, changes, or anomalies that indicate your strengths, weaknesses, opportunities, or threats. Additionally, use your PMS dashboard to compare your actual results with your budgeted or forecasted results and evaluate your performance against your goals and objectives. You can also benchmark your results with competitors or industry standards to see how you rank or differ from others in your market or niche. Lastly, use your PMS dashboard to test and measure the impact of decisions or actions on revenue and occupancy. With this information you can adjust rates, discounts, promotions, upgrades, maintenance, or marketing accordingly.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?