Hotel business is retail business. In order to be successful, you have to fully and completely balance all of your daily revenues and payments. Revenues and settlements are a daily story. Every day, we start anew. Although I might sound like I am repeating, “revenues” and “settlements”, it is important to emphasize this.
When it comes to this fundamental function, many hotels are on autopilot. Most hotels leave this task to their manager for the day. Many hotel owners do not even know these controls are possible or necessary, let alone follow up and ensure that they’re making money.
Here are 7 daily actions you need to take to ensure that you don’t lose the money you have received from customers. Or worse, someone steals it.
- Balance your cash total. Cash is king, and it is the most valuable thing that you own. Cash control is generated by a property management software at the end of each day. Ensure that this is what you actually see in your bank account.
- Balance your cards. Credit cards require a complex three-step balance. Don’t wait until weekly or monthly to check. Make sure you do it every day. This is a serious mistake for any hotel, no matter how small. Do it every day.
- Separate critical tasks.
- Balance your PM and your GL.
- Examine each rebate and adjustment.
- Prepare a report on the room.
- Rates for daily rooms
David Lund
The Hotel Financial Coach
+1 415 696 9593
David Lund
