June 4, 2024

8 Essential Reports to Power Up Your Hotel Business

Posted By: Admin

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Today's hotel landscape is cutthroat, and data is the key to thriving in it. But without the right tools, it's like trying to decipher a secret code without the key. 

Solonis's robust reporting suite equips you to gather critical intel, crush marketing goals, and fine-tune your operations. Get ready to discover the top eight Solonis reports, arming you with the data you need to maximize room occupancy, optimize efficiency, and send your revenue soaring. 

Financial vs. Operational Revenue

Solonis offers a wide array of reports, but picking the right one hinges on whether you need financial or operational insights. Grasping this vital distinction is crucial for making data-driven decisions about your hotel's performance. 

  • Financial Revenue: This reflects transactions based on the date they are applied to the guest folio. It's ideal for reporting business revenue and taxes that seamlessly integrate with accounting software. Think of it as the bottom line for tax purposes.  
  • Operational Revenue: This focuses on the room rate of a reservation, distributed across the reservation dates. It's a valuable tool for analyzing performance based on factors like rates, booking sources, companies, and travel agents. This helps you understand how different guest segments contribute to your overall income. 

 

The Top 8 Reports in Your Solonis Database 

Now that we've defined financial and operational revenue, let's explore the eight most valuable reports available in Solonis, categorized by their purpose: 

Financial Reporting: Monitoring & Optimizing Your Property's Revenue 

1. Accounts Receivable Report (Accrual Accounting Only):
This comprehensive report provides a bird's-eye view of all outstanding guest accounts, allowing you to identify guests with credit or debit balances. It's like a detailed financial snapshot that helps you manage outstanding payments effectively.  

2. Night Audit Report: 
This in-depth report offers a thorough analysis of guest account positions at the beginning and end of a specific date. It breaks down movements across each account type (Deposits, Guest Charges, City Ledger), providing a clear picture of financial activity. Optional sections delve deeper into charges, receipts, and even some operational revenue data, giving you a holistic financial overview. 

3. EOD Report: Think of this as a condensed version of the Night Audit Report, perfect for a quick financial summary. It highlights guest account positions at the beginning and end of a date, with breakdowns by transactions grouped by GL account code and receipts by type. This allows you to grasp the day's financial activity at a glance.

4. Exclusive Tax Audit (Accrual Accounting Only): Need to pinpoint the origin of taxes? This report is your answer. It displays a summary view by revenue G/L account code, identifying the specific charge that generated the tax, along with its code, amount, taxable and exempt revenue. For a more granular view, a detailed section provides reservation numbers, room numbers, posting dates, transaction descriptions, and account details. 

 

Operational Reporting: Analyzing Performance Based on Guest Behavior 

5. Occupancy Report: This report is a goldmine for understanding room type performance over a chosen date range. It presents key metrics like average length of stay, gross revenue, total current occupancy, RevPAR (revenue per available room), and Rev POR (revenue per occupied room). By analyzing this data, you can track occupancy trends, average rates, and operational revenue, allowing you to make data-driven decisions about pricing strategies and room allocation.  

6. Occupancy and Revenue Comparison Report: This report takes your analysis a step further by comparing room type performance, including occupancy and operational revenue, against a different date range. It provides a breakdown by room type, including average lead time and performance variances. This comparative analysis is particularly useful for year-over-year comparisons, helping you identify areas for improvement and capitalize on successful strategies. 

 

Guest Management: Ensuring a Seamless Guest Experience 

7. Overdue Arrival and Departure Reports 

    • Overdue Arrivals: This report acts as an early warning system, listing reservations with a past arrival date that haven't been checked in. It helps you identify discrepancies and promptly update reservations to reflect the actual arrival status. This ensures guest information is accurate and avoids any potential confusion. 
    • Overdue Departures: Like the Unassigned Arrivals report, this one focuses on reservations with a past departure date that haven't been checked out. It allows you to update reservations to reflect the actual departure date or extend stays for guests who haven't left yet. This proactive approach ensures smooth check-out processes and avoids any billing errors. 
8. Made/Modified Report: This report provides a comprehensive summary of all reservations created or modified within a specific date range. You can leverage various filters to see new reservations or modifications made on a particular day. This is a valuable tool for tracking reservation activity and identifying trends. 

 

Transform Your Business with Solonis 

By understanding the financial vs. operational revenue distinction and utilizing these top eight reports effectively, you can unlock valuable insights from Solonis. This empowers you to make informed decisions that not only keep your finances in order but also optimize your property's performance to deliver exceptional guest experiences and attain operational excellence.  

Explore how the best property management system can improve your reporting processes and day-to-day operations by downloading our Operational Excellence in Hospitality ebook today. 

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