To own a business is to make difficult decisions
Hotel owners can get a lot of help with some things. You can hire employees to do certain tasks. The brand will gladly help you with revenue. But when it comes to managing Profit, it can be a little lonely.
WORTH, from CIA Solutions, is a collection of affordable applications and services that are designed to help busy owners manage their bottom line without losing more of their valuable time.
Not just a one size fit's all solution
We're not trying to tell you that the same solution a hotel with 60, 90, or 400 employees and millions of dollars in revenue would use. We've designed a product that is meant for Midscale and Economy Hotels. A product that can grow with you and lets you add functionality as you need or can afford.
What We Do
A lot of companies can sell you a solution to handle your bookkeeping, many more will add on dashboards and reports to make it easier to see your numbers. We do those things too, but we also believe that not all hotels, much less owners, are the same. So the solution they choose can’t be the same either. We have designed solutions specifically for Owners, who are also managing the day to day operations of their hotels.
We know TIME is your most valuable commodity
You don’t want to spend it reading complicated reports or looking at dashboards that tell you things you already know.
We will put in place five tools that are proven to help you manage profit, we’ll do the work and analysis for you. All you have to do is follow the path.
The FIVE things we can do that every hotel needs
1. Provide a customized Industry Comparable Monthly P&L
2. Load the new Chart of Accounts into QuickBooks for free
3. Connect your PMS to your QuickBooks
4. Migrate as much history as you want
5. Show you Profit Pace EVERYDAY
1. We design an 11th Edition Comparable P&L customized to you.
Don’t panic. A lot of companies, including some brands, can make you feel like this means having to use hundreds of accounts. You can be 11th Edition Comparable in as few as 44 accounts. We will recommend you do more, but you can do it with that few accounts. By the way, we’re not talking about just the chart of accounts, we will provide you with an Automated Monthly Printout that you can run on request or get via email.
This is important to you because it’s the format that lenders, investors, brands, and other industry professionals expect to see when you are asked to provide numbers. This format will allow you to compare to industry standard comparisons like Smith Travel Host Report, CBRE, HotStats, CHOPS, etc.
2. We load it into QuickBooks or any other accounting system for you.
If you are using QuickBooks we can update your chart of accounts for free in almost all instances, and will guarantee it won’t cost more than $200. We’ll tell you for sure after the free consultation before you commit to anything.
3. We connect your PMS to your Accounting Software
We’ll automate an income audit for you. Each day we’ll pull the previous night’s transactions, balance your revenue and payments, balance your ledgers, and electronically post the results to QuickBooks. This creates the framework to easily reconcile payments with the bank, prevents theft, eliminates transposition errors, and ensures proper coding all for you NOT by you. Better yet, this gathers and tracks statistics like rooms sold, average rate, REVPAR so you monthly P&L can be industry compliant.
4. We’ll migrate as much history as you want
One of the things that you have to consider when you change your chart of accounts is "What do I do with the history of my revenue and expenses?" We can explain the various options to you, Give you instructions on how to do the conversion, or Just do it for you.
5. Review Profit Pace every morning
With simple to see dashboards, you can look at the most important value in any business on your phone, tablet, or computer, OR get your numbers emailed to you.
Like so many other companies, we can bury you in numbers, but that’s not what you or we want. Our belief is that we can help by showing you numbers you don’t already know or see on other reports. Is it really new to you that you sold 51 rooms last night? We want to show you when your Daily Accounting is out of balance, meaning you might have lost something along the way, and Warn You when your hotel is most likely losing money. Better yet, we want to tell you when you need to look at all, and give you some ideas of what you might be able to do in order to start gaining cash flow.
Now WORTH can do a lot more, but if you're looking to have the Basics you need to be seen as the Hotel Professional you are. The five steps in this blog are a great way to start.