Customer demand has been increasing and evolving with the changing times. And with the changing demands, consumer industries too have had to evolve. Like every other industry, the hospitality sector has been adapting itself quickly to the new requirements so it can properly address and meet new customer demands. But running a fully fledged business is a huge task in itself.
The hospitality industry needs to increase operational flexibility as well as enhance the overall customer experience while optimizing costs. Now when it comes to running a business in this economy, it is always easier and recommended to partner with someone who can help take care of all the accounting related activities while you concentrate on the other core functions of your business.
This is where Quatrro can help you. Quatrro empowers hospitality companies through a plethora of smarter processes, analytics as well as technologies that help centralize operations and drive effectiveness and efficiency, hence providing end-to-end comprehensive solutions. In addition to streamlined, tailored accounting solutions, Quatrro helps hotels fine-tune business performance with specialized metrics and high-quality management reports.
Discover how room types, location and calendar result in revenue variations, and let Quatrro help you minimize cost of operations and optimize your hotel’s finances for the best results.
Quatrro has accounting professionals who possess extensive hospitality knowledge and experience. With their subject matter expertise, they can help hotels achieve:
- Total cost savings up to 40% with tailored solutions
Not every issue and not every hotel is the same. For each issue that comes forth, our accounting professionals come up with solutions that are customized to suit your needs.
- Quality improvement through proven best practices
A lot of practices lay forgotten as with all the newer methods, people forget about the basics. Our professionals will help you bring forth practices that have proven to be effective, thereby helping to improve the quality of your services astronomically.
- Increased manager productivity working with employees and customers
It is a folly to not count the employees as assets. Care and overseeing is required when it comes to providing the customers with the best possible services.
- Better financial transparency, quality and controls with "drill down" ability -
When your financial reports are being handled by professionals specially trained for the task, you can be sure that you will receive optimum transparency and quality.
- Specialized services for franchisors and franchisees -
As mentioned above, not every business can be treated the same. Whether you are a franchisee or a franchisor, with Quatrro, you can restassured that the solutions that you receive will be specially tailored to suit your specific requirements.
Quatrro’s accounting solutions will equip you with the following set of reports:
Financial Reports - Providing statements and reports that will be helpful in analyzing your organization’s overall financial status. These can be used to report to the management and the investors as well
- Income Statement –
A comprehensive statement that will measure the hotel’s performance over a pre-determined period of time. The financial performance will then be assessed by giving a summary of how the revenues and expenses are incurred through both operating and non-operating activities
- Balance Sheet –
A statement that would list the assets, liabilities, and capital of your business at a particular point in time, detailing the balance of income and expenditure over the preceding period as well
- Cash Flow –
A report detailing the total amount of money being transferred into and out of your business, a rather important report that helps keep track of the hotel’s activities
- Asset Summary –
As a hotel business owner, you will have a lot of assets that you need to keep a track of. This report helps by providing you with a detailed description of your assets
Quatrro provides you with timely, accurate and relevant information that is designed to assist in the strategic and operational management of your hotel. This includes:
- Revenue by room category or room number (penthouse/ suites, etc.)
- Revenue during the week vs. weekends/ holidays
- Top travel agent business analysis
- Revenue by location
Segmented data provides you with a deeper look into what visitors you attract and can demonstrate a clear pattern between your group and transient guests. This report includes:
- Wages cost by overall revenue or per occupied room
- Revenue per occupied room
- Revenue/Cost/ Profit per employee
- Labor hours per customer
* With comparisons with budgets, prior period and year to date
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Quatrro Insights for the Hospitality Industry in the US
The hospitality industry (excl. Travel) consists of companies that provide short-term accommodation, including hotels and casino
Read time: 5 mins
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The world of hospitality and travel has entered a new era of transformation. A combination of forces, including shifts in the global