Important Hotel reports for thriving your hotel business
The hotel business will flourish only if you prepare and analyse important hotel reports.
Regardless of the hotel size and occupancy, preparing and presenting reports are essential for a hotel to make successful decisions.
Additionally, Tracking and analysing your hotel’s performance plays a key role in recognizing areas of improvement.
Thus, you will know where you are lacking and take measures to thrive.
Reports are critical tools for guiding decision-making and allowing business owners and senior management to explore and resolve any concerns.
The findings of the report may explain why an issue arises or highlight performance issues. Thus, you can take action to eradicate those issues.
This article is divided into two sections. One section gives a brief glimpse of reports which must be presented daily.
And another section explains important monthly/ yearly hotel reports. Let’s have a look at both of them.
Daily hotel reports
End of the day report
This report shows the revenue earned, payments made, the rooms occupied at the end of the day.
Cancellations/ No-shows
The bookings cancel for a day and the name of the employee who performs this cancellation. And the guests who do not check-in on the day.
Check-ins and outs
As the name suggests, it shows the number of people who check-in and check-out from your hotel in a day.
Housekeeping
This report shows the rooms to be clean and on which priority. Moreover, which room is assigned to which staff.
Food and beverages
This report shows a list of food and drinks that your hotel’s customers ordered for a day.
Guests reports
The guest presently staying in the hotel. It includes guest details.
Monthly or Yearly important hotel reports
Historical reports and forecasts
This crucial hotel management system report includes weekly, monthly, quarterly, and annual reports that give historical data on your property’s previous performance.
From the historical report, it is simple to make future forecasts.
You may examine them and make precise forecasts based on market demand, occupancy, and season, among other factors.
The forecast report gives you information on a hotel’s reservation/occupancy status for a certain period in the future.
Along with, the number of available rooms on a specific day.
Sales Activity report
With sales activity reports, you can keep track of your sales team’s daily operations.
These reports show where team members are most productive.
Moreover, it shows the most effective activities at bringing in group business and where they are falling short.
The sales activities include lead creation, outgoing emails and calls to generate leads, length of time spent on calls and site visits, follow-up calls and more.
Night Audit
The night audit process provides numerous valuable hotel reports.
These reports are prepared ideally at the end of a day and it covers hotel’s day to day activities.
It includes room details, revenue details of each counter, revenue generated per room.
And tax collected per room, cancellations, hotel trial balance report etc for a particular day.
The trial balance shows the financial condition of a certain date. This covers all transactions that have been posted.
Additionally, you have to make sure all entries made into an organization’s general ledger are equal in amount.
Business Analysis report
There are various sources that customers use for booking hotel rooms.
They are hotel websites, Online Travel Agencies channels and Google advertisements. This report shows the revenue generated from them.
This report assists hotels in determining which sources turn out to be successful for them.
So that they know which market to target and where to invest their money.
This report has the revenue details of the sources at a place like an occupancy percentage, revenue percentage, room revenue.
Room revenue includes bookings cancels, no-shows, early check-in and check-out charges.
Food and beverages report
These reports are essential because it covers large investments of the hotel.
It includes preparing, presenting, and serving food and drinks to customers staying in the hotel.
Hotels can have a few outlets depending on their size and classifications. The majority of them includes restaurant and banquet.
Consider the sales report of restaurants and banquet. It depicts the revenue generated from the food and beverage sales.
Moreover, take into account every shift’s sales data. Keep a track of food wastage and mention it in the report to evaluate the losses.
Hotel guest report
Hotels use the guest report to check the details of all guests present in the hotel. Apart from it keeps and stores the record of old guests.
It has all the information of their guests like their name, contact details, past stay records, their preferences, billing instructions, VIP code etc.
This information helps to deliver them better service and stay in contact with them.
The key hotel guest reports are guest ledger and trial balance reports, history reports, and types of visitors reports.
Hotel Financial reports
The financial reports are a way of obtaining a concise overview of the financial status of the hotel.
It has up to date information on cash inflows and outflows, profit and loss statements.
These financial reports help to understand the financial condition of the hotel.
They are used in the financial planning and decisions making of the hotel’s financial operations, sales and marketing.
Financial reports consist of monthly summary reports, RevPAR, room reports, closeout balance reports, deposit received reports, daily revenue reports, audit reports.
Conclusion
We can conclude that preparing daily, monthly and yearly reports are a valuable and essential tool for a hotel.
It provides important information that helps develop future forecasts, marketing plans, and improve decision-making.
Eventually, your business will flourish and attract more guests.
However, the preparation of these reports is not an easy task. Hence, make sure proper staffing and training of employees are done.
Please share views in the comment box.
If you want to learn about the functionality of QloApps then you can visit this link: QLO Reservation System – Free Open-Source Hotel Booking & Reservation System
In case of any query, issue or requirement please feel free to raise it on QloApps Forum