Labor shortages, greater owner and investor demands, data consistency, and integrity requirements contribute to the need for best-of-suite technology. There are numerous pitfalls of adding multiple tech solution providers and tech overlap is becoming all too prevalent. This dramatically increases the effective cost of ownership of the tools employed. In addition, conflicts arise as to what system is the source of truth. There are ongoing data inaccuracies, and you are left with managing multiple systems, multiple integrations, and multiple headaches. Piecemealing did not work for Dr. Frankenstein, and it will not work for you.
Hoteliers need to find products to meet all their back-office needs and that provide them with the data to run their portfolio of properties accurately. Some niche companies are uniquely positioned in the industry to help consolidate all data ranging from accounting, labor, payroll, PMS, GSS, STR data, provides customers with one source of truth and the ability to better run their hotels.
What Value Should You Be Adding?
In order to choose a hotel tech company to prioritize your hotelier needs, you have to know the value you are trying to bring to your hotel portfolio. By having one source and consolidating all your data into one company, it will be more beneficial. Some main areas of importance include:
Streamlined Accounting Solutions – Helps hoteliers improve efficiency and will help drive financial performance
- Real-time access to company financials
- Ensures accurate and timely reporting
- Automated reports and data entry
- End-to-end automation
Data and Insight Management – Helps hoteliers achieve financial success and manage operations
- Validates data for accuracy
- Reporting all in one location
- Prompt reporting and ability for custom reporting
- Multi-user accounts to share data easily
Effective Labor Management – Helps hoteliers manage time worked and paycheck accuracy
- Identification of overtime hours
- Performance tracking accuracy
- Customized reporting for real-time data
- Payroll preparation
Along with these main necessities, there are other values that hoteliers must consider and utilize when given the opportunity. Some companies may have these features included or have partnerships that specialize in these fields so that customers are getting the best service possible. Some areas of importance for hoteliers are:
Advanced Payroll Systems
Having advanced payroll systems help eliminate frustration and help save time. This eliminates the need to run manual GLs and often eliminates the need to export and import files.
Having e-pay solutions help reduce the hours and materials required for typical processes. With this, you can save time, resources, and money. In addition, e-pay also gives an additional layer of security.
Benchmarking is beneficial to hoteliers to help track monthly profit, analyze reports, and track financial performance against others in the industry. Benchmarking technology will benefit you by highlighting areas of performance that are doing well or require more attention.
Fixed Asset Management
Fixed asset management will help hoteliers further identify cost-saving solutions quickly. Companies who specialize in this work will analyze reports and invoices from your company and compare costs to benchmarked pricing data.
End-of-month streamlining helps hoteliers improve the overall speed and accuracy of final processes. By utilizing a company that specializes in these processes, you will be able to close with confidence while also reducing risk.
Why It Is Important – Take the First Step in Updating Your Hotel Tech Stack Today
Many hotels have updated their guest-facing technology but have neglected their back-office technology. This has left hotel accounting and operations teams with manual processes and managing an array of spreadsheets that lack the ability to offer insights at a glance – to make critical business decisions.
Hoteliers currently adopting new technologies are growing their companies' revenue, increasing their hotels' competitiveness, and are no longer losing countless hours to mundane tasks. Don't get left behind. Take the initiative now – before it's too late!
Built by hoteliers exclusively for hoteliers, M3 is a powerful cloud-based financial platform and services company serving over 7,500 properties across North America's hospitality industry by driving cost savings, revenue enhancement, and business insight. After 24 years in business without increasing prices, M3 touts a 95 percent customer retention rate. Used by over 1,000 management groups and owner-operators and hotels of all sizes, the platform works seamlessly with other key systems and tools in the hospitality industry and offers robust accounting and financial analysis across entire portfolios with optional operations and time management features. M3's professional services team provides on-demand support for hotels of any size by offering a full range of customized accounting solutions to scale with a hotel's needs. Privately held and employee-owned, M3 continues to enhance products and services at no additional charge to its customers. For more information, visit www.m3as.com.