What is a Financial Dashboard for Hotels and Resorts?
Financial Dashboards for hospitality businesses are considered performance analysis tools and are used by hotel managers and finance teams monitor revenues, expenses and profitability across the organization. Some of the main functionality in this type of dashboard is that it displays six different analytical perspectives, including: 1) Hotel (resort) revenue by profit center, 2) Hotel revenue by activity, 3) Revenue, COGS and Net Income YTD, 4) Actual, budget and variance by GL revenue account, 5) Top 5 expenses by account and with actual versus budget comparison, and 6) Top 5 expenses by department. You find an example of this type of dashboard below.
Purpose of Financial Dashboards for Hotels and Resorts
Hospitality organizations use Financial Dashboards to give their executives a summary view of key financial metrics. When used as part of good business practices in a Financial Planning & Analysis (FP&A) department, an organization can improve and speed up its financial decisions and related strategies, and it can reduce the chances that managers miss major performance issues in any particular area of the business.
Financial Dashboards for Hotels and Resorts – Example
Here is an example of a Financial Dashboard with revenue and expense analysis.
You can find hundreds of additional examples here
Who Uses This Type of Dashboard?
The typical users of this type of dashboard are: Finance officers, analysts, hotel managers, hospitality executives.
Other Reports Often Used in Conjunction with Financial Dashboards for Hotels and Resorts
Progressive Financial Planning & Analysis (FP&A) departments sometimes use several different Financial Dashboards, along with Revenue dashboards, profit & loss reports and other management and control tools.
Where Does the Data for Analysis Originate From?
The Actual (historical transactions) data typically comes from enterprise resource planning (ERP) systems like: Microsoft Dynamics 365 (D365) Finance, Microsoft Dynamics 365 Business Central (D365 BC), Microsoft Dynamics AX, Microsoft Dynamics NAV, Microsoft Dynamics GP, Microsoft Dynamics SL, Sage Intacct, Sage 100, Sage 300, Sage 500, Sage X3, SAP Business One, SAP ByDesign, Acumatica, Netsuite and others.
In analyses where budgets or forecasts are used, the planning data most often originates from in-house Excel spreadsheet models or from professional corporate performance management (CPM/EPM) solutions.
What Tools are Typically used for Reporting, Planning and Dashboards?
Examples of business software used with the data and ERPs mentioned above are:
- Native ERP report writers and query tools
- Spreadsheets (for example Microsoft Excel)
- Corporate Performance Management (CPM) tools (for example Solver)
- Dashboards (for example Microsoft Power BI and Tableau)
Corporate Performance Management (CPM) Cloud Solutions and More Examples
- View 100â€™s of reporting, consolidations, planning, budgeting, forecasting and dashboard examples here
- View Hospitality white paper and other industry-specific information here
- See how reports are designed in a modern report writer using a cloud-connected Excel add-in writer
- Discover how the Solver CPM solution delivers financial and operational reporting
- Discover how the Solver CPM solution delivers planning, budgeting and forecasting
- Watch demo videos of reporting, planning and dashboards