The busy holiday season of November and December has already started and crossed the corner.
From Thanks Giving to New Year, we see a flood of people travelling to places for which there’s a hustle bustle across the byways, highways and airports in the US. Last year, there was a survey report projecting 107 Million people travelling during the holiday season.
With all this immense traveler traffic, your guests are expected to come for a stay over the holiday season. So be prepared!
It’s the best time for you as a hotelier because the bookings and occupancy become full, it’s an ideal period to increase your sales.
Keep your hotels fully functional during this holiday period, ensuring inventory and staff full. Mostly importantly, you got to review your last year’s financial reports and statements to be ready.
Importance of Financial Statements
Having an eye on your financial statements will reveal in which department or property in your portfolio has the best potential to perform well in the season. This practice even helps you from running out of the inventory, adjust the forthcoming budgets.
That’s how you can ensure accuracy in every statement, which would be useful for you to evaluate the performance & readiness level for the Holiday Season.
Always, keep these reports ready and handy:
· Income Statement
· Cashflow Statement
For the holiday planning purpose, the income statement (Profit & Loss), cashflow statement and balance sheet becomes crucial financial statement to review your hotel revenue and expenses over a time period.
To know your bottom line and plan for the upcoming period, reviewing these sections become a big boon.
Get Ready for the Big Season
Now that you’ve reviewed the last year finances, it’s time to gear up to excel in the big season. Keep your cash reserves adequate, be in a position to afford enough inventory and make sure your books are up-to-date.
As the Holiday Season is upon you, it’s time to start drilling down your finances so you can make the best of it. Learn how Nimble Property can help you review your finances, while cleaning up your books easier than ever. Speak to our expert today and schedule a FREE Demo!