To stay on top of the hotel business, you need to balance out your daily revenue and settlements. We start every day anew, and each day has its own story when it comes down to revenues and settlements. Although I might sound like I am repeating, “revenues” and “settlements,” it is important to emphasize this.
This fundamental function is often carried out by hotels on autopilot. This is often left to the manager who was hired for the day. Most hotel owners are unaware that such controls exist or can be implemented, much less follow up to make sure they are not losing 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.
This article was inspired by the 2nd-generation hotel owner, who was curious about what was not happening in her parents’ hotels. She called me to get the lowdown on what she should do each day to balance these revenues and settlements. This is a shocking discovery and it’s not something you want to see happen to you.
- Balance your cash total. Cash is the king. It is also the most important thing to control. 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 credit card. Balance your credit cards in three steps. Don’t wait until weekly or monthly to check. Make sure you do it every day. This is a huge mistake, even for small hotels. Do it every day.
- Separate the important duties.
- Balance your PM and your GL.
- Check each rebate or adjustment.
- Prepare a report on the room.
- Check out the room rates for each day
Hotel Financial Coach offers financial leadership coaching and training to hotel managers and teams. Financial leadership skills can be learned and applied quickly to increase career success. I improve team and individual results by a significant margin with a return on investment.
You can arrange a complimentary conversation by calling or writing today.
Contact David at (415 ) 696-9593.
Email: david@hotelfinancialcoach.com
www.hotelfinancialcoach.com
