As it is no secret, having a property and renting or using it as a lodge can be a good source of income. You may be surprised at the amount of money you can make from it and decide to grow it.
But if you do want to grow it, getting detailed, organised reports about daily activities is a must. Here are a list of mandatory reports ever property manager/owner should take daily:
Types of daily reports:
Payment reconciliation report:
This kind of report is meant to do only one thing – and do it right. A payment reconciliation report means checking if the amount you have collected the whole day is reflected exactly the same in your bank account and statements.
There are a number of factors you need to verify in a reconciliation report, but broadly, three things stand out:
- How accurate are your monetary transactions? Are these transactions authorized?
- How error-free are the monetary transactions? Are there any discrepancies (intentional or otherwise?)
- Are the sources matching with each other? Do you have documentation of any kind? Are the correct sources reflected in your bank account.
Why should you do a payment reconciliation report daily?
You should do this to keep in sync with the internal and external activities. Internal checks could be keeping an eye on suspicious employees and receipts collected. External checks could be seeing if the cash/checks are issued by not presented for payment in bank.
Or if the checks are deposited or bounced.
These are just a few examples.
2. Daily revenue report
This kind of report is literally self-explanatory.
You literally check the daily revenue of the day. This kind of report is also known as the sales & occupancy report, gross revenue report etc. Some important subsections to be included in this report are as follows:
- Revenue by room: Which room gets the most revenue? Why is it so? Did some guest require extra beds? Are all the rooms performing the same?
- Revenue by product: Product here refers to the different types of rooms you have. Do single beds get more customers than deluxe or suite rooms?
- By payment types: How many guest pay by cash, cards, checks or even pocket wallets?
- By refunds: Have you been giving out refunds lately? why? Is it something you could have done to avoid it?
- By ledger: Are you keeping track of credit vs debit, loss vs income, assets vs liability, dividends vs revenues and overall equity?
Why a daily revenue report is mandatory?
Daily revenue reports are mandatory since you get a broad feeling of trends.
As you can see in the above screenshot, Roomsy calculates all the key, important metrics required by all property managers to see the trends of their business. Some metrics seen here are daily revenue, revenue per room and occupancy rates.
Maybe room number 101 gets more customers who almost always need extra amenities. Maybe deluxe rooms perform better than suite rooms.
Maybe due to changing times, youngsters prefer mobile wallets as the mode of payment. Maybe you can provide some incentive or them.
Maybe too many refunds happened during a natural calamity uncalled for.
You can compare and contrast these information and find out trends and leverage them accordingly.
3. Tax report
This report is extremely essential for any property manager, and every property manager knows the headaches of tax seasons.
It will be extremely useful if you can calculate your taxes on a daily basis. However, monthly tax audits also work.
It is impossible if you are managing your property manually to maintain daily tax reports. The difficulty level only increases if you have several room types with different room types and charges. Roomsy does it all for you in a few clicks, and you need not maintain separate excel sheets on a daily basis to calculate taxes. You can schedule a free demo with Roomsy and see how easy it is to export tax reports (or even the above reports) by clicking here.
As you can see in the above screenshot, Roomsy can show you the different taxes levied, charges before and after tax and get it in a systematic per day basis. The best part is that you can export this tax report to share it with your accountant and he’ll take care of the rest.
4. Housekeeping report
With a housekeeping report, you can have a track of which rooms are occupied or vacant, which rooms need to be cleaned and who were these tasks assigned to. What is also necessary is to see is to keep track of various room notes.
Why should you make daily housekeeping reports?
For example, if some room has some issues like the TV remote is not working or the washroom lights aren’t working, you need to keep noting them down. This is essential since until the issue is fixed, one room will be unavailable, and you will have one less guest to host.
The problem becomes even more difficult if the issue takes too much time to fix, or somebody demanded a refund due to bad service. These reports can be said to maintain the daily hygiene check of what’s working and what’s not.
Having a housekeeping report also helps in minimizing negative reviews due to faulty rooms. As you already know, bad or negative reviews can pose as an obstacle towards more bookings and ultimately, more revenue.
Maintaining reports is fundamental to the success of any and every business. It is recommended that you perform these daily reports either in a manual or automated process. Hotel revenue management softwares like Roomsy come with robust analytics and reporting to help hotel owners like you save time and increase productivity.
Did we miss anything? Do let us know in the comments below!