As you may expect, small accommodation providers do not have the room to make mistakes which are as many as those that may be made by the bigger hotels.
The small accommodation providers need to be cautious with how money is allocated, which may be a challenge when one cannot access advanced reporting. Advanced reporting is necessary for the calculation of one’s budget as well as viewing the return on investments.
As such, a good hotel reservation system ought to provide the following essential hotel reports to you:
A transactions report is vital when you need to know the way your business works, so that you may use the best approach when carrying out business.
For example, with a good transactions report, you can determine the best payment methods for your hotel, as well as know when your business is high versus when it’s low.
You should be in a position to view as many details as possible, that is related to your payments and reservations. In short, you should be able to see the following:
It’s unavoidable that small accommodation providers need to track various measures which will enable them to know how good their business is performing. With a comprehensive statistics report, you should be in a position to see the following:
The above statistics should help you know whether your business is improving over time, or not when measured.
The one report you cannot leave out is the booking channels report as it helps you to manage your revenue in the right manner.
This is because it enables you to view your revenue streams, from the websites you use to advertise your property, to your sales and marketing efforts.
You, therefore, need to create a report of the following items to know what is working and what isn’t:
With the above observations, you should be in a position to make perfect pricing decisions which are based on the most fundamental principles of economics, (Supply and Demand).