Hotel Reports are not just for major chain hotels. In order to ensure that their business is operating smoothly and to develop data-driven plans for the future, owners and managers of hostels, B&Bs, and property types of all sizes should also run specific hotel reports.
We’ve compiled a list of the top reports your property needs to run to make sure everything runs smoothly. These reports will give you a bird’s-eye view of your company and assist you in making data-based decisions on all fronts, including revenue management, hotel operations, profitability, and benchmarking. Let’s get started.
The process of running any kind of property, more so property in the hotel industry is not quite a walk in the park. The managers and owners of most medium-sized and small hotel properties usually have the uphill task of coming up with reports regularly and at times even on a daily basis. Given that in 2017, the average hotel occupancy rate in the US was 65.9%, there are myriad reports that a property manager is required to make to have a better grasp on the hotel’s state of affairs, especially in the operations and logistics sector. Some of the aspects that need to be kept under a microscope include reservations, inventories, hotel reservation software, PMS management systems, and revenue, among many other sectors.
As much as coming up with reports could come off as tedious and bothersome, you find that it is the best example of a necessary evil due to the impact that it has on a hotelier’s life of running the hotel in the long run. For your property to run smoothly, especially in the hotel and hospitality sector, there are some key areas that you need to ensure that you have in-depth reports about. Some of these main reports that will propel the performance of a hotel to the stratosphere have been expounded on below.
Hotel Revenue Management Reports
When it comes to hotel revenue management reports, you find that hotel revenue managers handle the main components of what is entailed in revenue management in hotels. They are tasked with ensuring that the hotel’s services and products are aligned with the wants of the customers among many other duties. Their workload is usually heavy and chaotic at times, but there are revenue management reports derived from hotel plus reservation software that they can take to help make their management duties easier.
Both hoteliers and hotel revenue managers should look into reservation reports on a daily basis. By so doing, they can account for all that’s been booked in the hotel every day and narrow down onto the market that the bookings emanated from and the prices that these markets were comfortable with. Some of the reports which are the main components of the reservation report extracted from the hotel in addition to reservation software for the hotel include the likes of a pickup report, an arrival list, a report for the reservations of any particular day and a monthly forecast.
Pricing is one of the major players in a hotel and is a key deciding factor in whether the hotel will receive bookings or will be simply overlooked. Revenue managers and hoteliers can ensure that they take reports from the reservation software for a hotel on price analysis in order to determine the best price adjustments that will enable them to get the best output relative to what the market will be reflecting at a particular time. In addition to this, price analysis reports play a pivotal role in assisting hoteliers to understand their hotel segment and rate forecast as well as booking monitoring frequency and recency.
Hoteliers and hotel revenue managers should see to it that their hotel management reports pulling data from reservation software developed for a hotel include an analysis of some of their competition’s current trends. This covers aspects such as their special offers, prices and also details concerning their general bookings. With this at hand, the hotelier will be in a better position to adjust their hotel’s operations in a manner that will see to it that they are the top in the hotel food chain. In the competition`s review section of your hotel revenue management report, you should be careful not to forget the inclusion of the rate of the shopping reports as related to your competition, the current market trends as well as the future trends.
Hotel Reputation Management Report
The process of managing a hotel’s reputation mainly entails both influencing and monitoring how your hotel is perceived on the internet. This is a concept that initially cropped up within the public relations sector but slowly shunted its focus to new review sites, search engines and the various social media platforms that are available for members of the public.
Up to 93% of people around the globe usually rely on online reviews to make their decision on the hotel that they would want to book. In relation to this, it is safe to assume that few industries are affected by reputation management as much as the hotel industry. With this in mind, it’s only logical for hoteliers to perceive their hotel’s reputation management to be a matter of life and death in the quest for success for their hotel.
Taking regular hotel reputation management reports easily extracted from hotel reservation software will assist you in securing a competitive advantage over your contemporaries. This is majorly because it is the first step towards avoiding a negative online reputation which could quickly lead to grotesque losses for your hotel. These hotel reputation management reports from reservation software for hotels entail the analysis of the progress of your hotel’s online status. If you concentrate on taking useful reports on a daily basis, you stand a better chance of understanding what members of the public think and say about your establishment.
Mastery of such information from hotel reputation management reports will help you bring to light the flaws that previous guests have found in your hotel. This makes it possible for you to work on them and prevent potential guests’ bookings and reservations from declining in the future. On the other hand, these reports could also enable you to interact with some of the aspects that guests have found to be impressive. This, in turn, will help you to preserve and improve some of these remarkable cultures and hence retaining a high percentage of your present customers who will also be prompted to give more positive reviews about your hotel. It is also of importance to note that the hotel reputation management report should also include the crucial social sentiment tool, a heat map for the hotel guests and a single timeline.
Hotel PMS Software Reports
Hotel PMS software refers to a platform that a single hotel or a group of them use to manage various front-office operations such as guest check-ins and check-outs, management of room rates, billing and booking reservations, among many others. The abilities of PMS software have extended even beyond just the front desk and are working towards integrating greater services that enable hoteliers to provide seamless experiences for their guests.
With this in mind, it goes without saying that hotel PMS software is a vital pivot towards the success of a hotel mainly due to the ability to integrate a vast array of operations in one system. As a hotelier, it is prudent for you to ensure that you have hotel PMS software reports on a daily basis. This is mainly be- cause these reports give you better insight into your hotel’s PMS software and its general impact on your hotel’s operations.
A detailed report makes known to you whether the system meets your hotel’s basic functional needs as is required and if there are areas where it is missing crucial functionality. With such a report at hand, it becomes easier to identify the weak points of the hotel’s PMS software, hence prompting you to work towards bridging the gaps in performance that may not have been tackled by the hotel PMS system. It is also important to note that the PMS report makes it easier for hoteliers to review the hotel`s manager report, guest reports, trial balance, small screen grabs, management stats and the hotel`s financial report. To display that data, a hotel PMS generates a lot of different types of reports. Let’s take a look at the different reports generated by hotel PMS.
What Reports are Generated by the PMS Reservation System?
Reservation software for a hotel can generate multiple reports that offer insights that help streamline hotel operations and increase revenue. Here are the most important reports generated by the hotel reservation software
History and Forecast Report
Daily, weekly, monthly, quarterly, and yearly reports that offer historical data on the previous performance of your property are included in this significant hotel plus reservation software report. You can examine them and make precise predictions based on market demand, occupancy, season, etc. As a result, you can set the appropriate price to sell the ideal room to the ideal visitors at the ideal moment and generate more revenue.
The hotel revenue report pulling data from hotel reservation software gives you access to daily departmental reports and totals for actual, budgeted, and prior-year revenue. Managers from various departments can compare their most recent financial outcomes to both the budget and the prior year. Various other reports, such as cashier reports, pay type reports, counter revenue collection reports, daily/monthly credit card reports, etc., can be aided by hotel revenue reports, including these.
You can learn about guest reservation information for each room category, including its source, cancelled reservations and no-shows, temporary reservations, etc. for any given date range using the hotel reservation report which you can access from hotel reservation software. You can also understand your reservation summary and reservation (ADR) report with the aid of a hotel reservation report. You can learn which rooms are selling quickly, from which sources you are getting good bookings, and which rate gets you the most reservations by using this tool to gain insight into essential reservation trends.
To confirm the discrepancy in the room status, housekeeping and the front desk need to review the housekeeping report from the hotel PMS. The status of each task, guest request, or grievance can be tracked using the housekeeping report, both from the perspective of the room and the staff. The housekeeping department should run this report before and after each shift to update the status of each room, such as whether it is occupied, vacant, or available for occupancy, among other things.
Night Audit Report
The night audit process creates several helpful hotel reports for management, including room details, counter-wise revenue details, revenue generated per room/POS outlet, tax collected per room/POS outlet, cancellations and no-shows, temporary reservations, etc. for a specific day generated using reservation software for the hotel. The hotel night audit report also aids you with the night audit counter report, revenue report, tax report, trial balance report, and other crucial reports.
You can analyse the revenue produced by each of your salespeople, their total sales for a particular period, their revenue for a particular market segment, etc. with the aid of a hotel analytical report. Additionally, it includes reports on no-show summaries, occupancy analysis, market analysis, company contribution, business analysis, MIS, manager flash report with the budget, and more for additional analysis.
Hotel Financial Report
To understand your hotel’s financial situation, you must have the appropriate set of hotel financial reports. Important reports collected from the hotel’s reservation software on hotel finances include monthly summaries, RevPAR, room reports, close-out balance reports, deposits received reports, daily revenue reports, posting audit reports, ADR, and pending balances for each guest folio, among others. The financial facets of operations, sales, and marketing are completely under your control thanks to these reports.
Hotel POS Report
You can monitor your daily sales and the revenue produced by each of your POS outlets with the aid of a hotel POS report. Knowing which POS outlet, whether it’s in your bar, restaurant, gift shop, or spa, helps you produce more non-room revenue. Additionally, you learn about popular POS items so that you can act to increase sales.
Another useful report derived from hotel reservation software- the guest reports keep track of every reservation, the guest’s name, contact information, nationality, previous stays, and any special requests for things like food or drink preferences. The guest ledger report, guest trial balance report, guest history report, sales by guest report, guest type report, etc. are a few of the crucial hotel guest reports.
Hotel Occupancy Report
The hotel occupancy report informs you of the overall occupancy of your hotel, including the number of available rooms, vacant rooms that can be reserved, and rooms that have been marked as cancelled, no-show, DNR, house use, day use, or complementary. You can also view the occupancy rate, RevPAR, and average rate in this report collecting data from reservation software for hotels.
Hotel Activity Log Report
Hotel activity log reports provide detailed information on a variety of topics, such as reservations based on check-in/check-out dates, the status of room changes, employee-specific reservation lists and activity logs, and guest arrival/departure reports, among others.
Source of Business Report
This report informs you of every single source of business that comes into your hotel, including walk-ins, the hotel’s website, OTAs/TAs, etc. It can be analysed to determine which source contributes most to your company and, in turn, aids in the creation of an effective marketing strategy.
Hotel Direct Billing Report
All of the charges seen in the reservation post-night audit are included in the hotel’s direct billing report. Direct billing company and direct billing travel agent reports are a couple of the significant reports you can find in a hotel direct billing report.
Hotel Folio List Report
The hotel folio report is all about the front desk folios, proforma invoices, paid and unpaid amounts, and payment methods.
Custom Hotel Report
You can create your own hotel-specific reports using hotel reservation software, such as the daily/monthly occupancy report, the guests by the country report, the settlement summary report, the folio list custom report, the rate audit report, the tax report, the guest in-house report, the daily business report, etc. You can constantly stay informed about the operations of your hotel thanks to all of these custom reports.
Hotel Trial Balance Reports
This report from hotel reservation software provides in-depth details regarding the hotel’s financial position on a specific date. The three ledger activities in this report are guests, accounts receivable, and deposits.
Hotel Manager Flash Report
It provides all the information regarding the entire hotel business, including rooms and POS revenue, for a particular day or duration. Managers can see how many rooms are occupied, available, complimentary, cancelled, no-shows, day users, out of order, and in need of maintenance.
Business and Market Analysis Report
This analytics report compares the data from last year with the current day’s hotel business. As a result, using historical data to monitor progress in terms of occupancy rate, room revenue, tax, average room rate, day use, room night, etc.
Now you know. Let’s move on to using the mycloud PMS for generating the reports.
Use of mycloud in Management of Hotel Reports
In the event that you feel like your hotel has too many reports to track, you can seek for integration systems that assist you to keep on top of the tides of overwhelming data. With my- cloud, you can have all the information you require to run your hotel divided into various reports. In addition to this, you find that these reports have search bars which enable them to lessen the burden of hassling.
What`s more is that you will find that features that allow for offline reporting in mycloud and the backup of reports are sent every three hours. These reports can be viewed on the screen, exported in formats such as xls, pdf and even csv. The management and operations reports also have the ability to get printed for whichever period you`d desire.
Running any particular piece of property can be quite the uphill task that property managers are challenged with, especially in the hotel industry. Among the many things that a hotelier is required to do in order to have an easier time with managing a hotel is ensuring that reports are made on various sectors. This blog has taken to highlighting some of the most important reports that a hotelier should always have at hand in order for the running of his/her hotel to be made much smoother.