Inaccurate financial reporting can put your organization at risk. You could potentially be over-reporting and over-paying or under-reporting and under-paying. However, there is one simple task that can contribute to accurate financial reporting.
As mentioned in our recent blog that explores how maximizing occupancy can increase revenue having a solution that allows you to assign a guest to a specific room, check them in and out, which means you have a complete record of their actual occupancy. This record can positively impact your financial reporting to ensure it’s 100% accurate.
Firstly, with this complete record, you can ensure you are charging your customers the correct amount for their conference invoice. There is no dispute as to how many guests stayed in what types of rooms, at what rate and for how many nights. If you rely purely on a spreadsheet, there’s a chance you could potentially be invoicing incorrectly.
Secondly, failing to have a detailed record can affect your taxes. Many states in the US, provinces and/or cities impose a hotel tax, occupancy tax or accommodation tax. To accurately report your taxes due to the taxing entity, you must know your exact occupancy every night a guest is in-house. Calculating tax can be time-consuming so having the complete occupancy record will speed this process up, allowing you more time on delivering a great customer service.
Many conference operations do not always see the value and importance in effectively managing their bedroom stock. Student housing offices at universities will employ a staff member responsible for occupancy management and yet in conference services, it can sometimes be seen as a nice, but not necessary, element.
Having an effective system for managing your bedroom stock will not only reassure your guests’ security and safety but also increase your revenue and ensure your financial house is in order.
Want to find out more? The FREE eBook below explores the elements of a one-stop-shop, and how accurate financial reporting fits into this.