It is essential for every business to have a set of reports, and so does the hotel business. No matter what size your hotel is, either budget hotel, boutique hotel, medium-sized hotel, or even luxury hotel, the reports should be helpful to keep track of the performance, incorporate with the business goals, and help you in making decisions.
The reports are majorly used for internal communication within the hotel organization. Each report will serve a different purpose. It is undeniable that there are some hotels outside there that are still stuck with the traditional method of doing reports that are tedious and time-consuming which will lead to incorrect data and insights.
This is why the Softinn Hotel PMS exists to facilitate the hotel business operations and management. A cloud-based hotel PMS will provide all the reports that you need from daily, weekly and monthly reports from all aspects including operations, accounting, and management. Below I listed 6 must-have reports that you can generate from Softinn Hotel PMS easily.
1) Collection Summary Report
A collection summary report shows you the cash balance that you have in hand as well as the summary of payment transactions that happened during a shift or in a day. So if you would like to know how much cash and payment has collected on that particular date or shift, and how much is the cash opening balance and ending balance, the Collection Summary Report is the answer.
On top of this, you are allowed to “add cash” if you receive petty cash from the finance department at the beginning of your shift, and “withdraw cash” at the end of your shift to pass the cash to the finance department together with the downloaded report. All the “add cash” and “withdraw cash” activities will be kept in the user activity log for tracking and audit purposes.
Other than cash, the user can also able to view the Payment Account that has been set up in PMS. The Collection Summary Report will show you how much the collection received or the total refund from each payment account, for example, debit card, credit card, online banking, etc.
2) Revenue Report & Forecast
This Revenue Report & Forecast shows a list of reservations indicating room and non-room revenues earned by the hotel based on the charge applicable date. So if your Hotel Manager and Hotel Finance department would like to know how much revenue the hotel earned from both room sales and also non-room sales like breakfast, cleaning fees, and airport pickup services. You could view this information from Revenue Report & Forecast.
There will be a bar chart showing revenue earned for a date, as well as the revenue forecast for future dates which will help the hotel management to keep track of the hotel sales performance as well as make plans for the future.
3) Occupancy Report & Forecast
The occupancy rate in hotels is one of the important indicators for hotel revenue management in order to understand how many of the rooms are actually being utilised. Any hotel business should aim for high occupancy rates to maximize hotel revenue.
In Occupancy Report & Forecast, the user will be able to see the occupancy rate, ADR & RevPar. You could also compare the monthly revenue and occupancy rate with the previous month, or with the previous year's performance to know your hotel status, either getting better or otherwise.
4) Booking Source Performance Report
Booking Source Performance report helps you to get the list of reservations that the hotel received from different sources like OTAs, walk-ins, hotel websites, etc. You may run the report by reservation creation date or reservation check-in date. By viewing the report in a bar chart, you can easily identify which sources give you the highest and lowest reservations in a day, month, and year.
This report would be helpful in terms of making decisions on whether is it worth for you to continue selling through that sources or otherwise. And, it will also help you to identify the area of improvement in each source, what action needed to be taken in order to increase the performance of that particular source.
5) Tax Report
The tax report generally will provide the hotel with a gist of the taxes and charges that apply for each reservation. The usual tax collected by hotels is Tourism tax, Sales & Services Tax (SST), Heritage tax as well as Services Charge. It is an important report for the finance department to know how much taxes that hotel has collected from the guest in order to submit a report and remit the taxes collected to the relevant authorities.
At a glance, the tax report will give the hotel finance insights on the tax liability for a given date range.
6) Folio Balance Tracking
To be able to track the number of folios that still have balance, the Folio Balance Tracking report would be helpful for hotel management and the finance department. In this report, the user will be able to see which folio has a balance that the hotel needs to collect or needs to refund back to the guests.
On top of that, they are also the total amount of charges today, the payment received today as well as advance deposit used today. Hence,
- The total for the “Charges Today” column shall be the same as your “Sales Summary Report” as of today
- The total for the “Payment received Today” column shall be tallied to the “Collection Summary Report” as of today
- The “Advance Deposit Used Today” could be reconciled to the “Shift Summary Report“
As a hotel manager that aims to bring more profit to the hotel business, having the knowledge to analyze and interpret data is a must. This would help hoteliers to discover opportunities, make an improvement where needed as well as make decisions. I hope these 6 must-have reports that I have listed in this article will be helpful for you.
Thank you for taking the time to read this. I would like to offer you a free e-book on the Ultimate Guide to Increase Hotel Profit. This e-book includes tips and tricks to increase hotel sales, how to reduce the paid commission to OTAs, and more. Feel free to download this guide.