Business Intelligence Software Suite for Hospitality
|Orlando, FL, July, 2003 – ProfitSword, LLC,
announced today the rollout of a new web-based business intelligence tool
for the hospitality industry. The software, called ProfitSage Financial
Suite, provides hotel and corporate management with an all inclusive business
intelligence management tool.
The suite consists of six different modules that communicate with each other. In addition, the software is browser based and is hosted by an application server (in house or off-site), offering incredible flexibility and real-time information.
The program is highly customizable for each company and is based on the general ledger, or chart of accounts, of a company. “This helps tremendously in the reporting structure throughout any company,” notes Mike Patton, Vice Pres. Of Development. “The reports throughout a company are consistent and easy to read, particularly if a management company is involved with multiple brands, different ownership groups, etc.”
The Daily Revenue Module records all revenue from the previous day through an interface with the hotel’s PMS system. The data is automatically uploaded into both the Forecast Module and the Budget Module.
The Forecast Module has a rolling twelve-month forecast with features that include day-by-day forecasting and line-by-line forecasting. The built-in checkbook feature allows users to drill down into a given line item to see what invoices have been posted for the month. Since the data from the Daily Revenue Module is automatically uploaded into the Forecast Module, the Forecast data becomes an up-to-date profit and loss statement, showing actual numbers month-to-date and the remaining forecast. “With this valuable data at their fingertips, users can make more educated decisions throughout the month in order to meet budgeted margins,” states Patton.
The Purchase Order Module allows users to create purchase orders on-line, submit orders for approval to the GM, and it interfaces with the Forecast Module. Therefore, purchase order amounts are automatically deducted from the designated line items affected.
The Budget Module retains historical information, allowing users to budget according to trends and not on guesswork, eliminating the need for users to maintain separate spreadsheets for historical data.
In addition, revenue can be budgeted on a monthly basis or day-by-day, and line items can be formula based, such as cost per occupied room, as a percentage of revenue, etc. The flexibility within the program provides for different budgeting standards and practices throughout the industry.
The Accounts Payable Module interfaces with the Forecast Module, and it provides a two-way interface with the back office accounting system. It provides an extra buffer between users and the back office accounting system and invoices can be posted directly into ProfitSage. Invoices are then downloaded into the back office system. As the books for the month are closed, the final numbers can be uploaded into ProfitSage, providing the property with the final P&L. “This can save a management company or an ownership group with multiple properties thousands of dollars every month in postage, printing and overnight mailing expenses,” notes Patton.
Finally, the Marketing Plan Module contains an extensive formatted marketing plan template that provides in-depth information and data for any given market. It also provides a Sales Action Planner that consists of a calendar for all sales activities as they relate to the budget. Tradeshows, advertising, marketing purchases, etc, are all loaded into the calendar along with their corresponding expense. The data fields within the Budget Module are automatically populated, removing any human error when transferring numbers from a spreadsheet or legal pad into the program.
ProfitSage interfaces with nearly every automated function contained in the operating environment of a hotel. The program interfaces with PMS systems (System 21, Fidelio, Jaguar, etc), sales automation software (Delphi, SalesPro, etc), automated time keeping/payroll systems (Attendance Pro, etc), and the back office accounting system (Solomon, SCALA, etc). Therefore, users have only one place to look for information.
Furthermore, throughout the development process ProfitSage is evolving to provide OLAP (On-line Analytical Processing) functionality. “ProfitSage will allow corporate users the capability to customize certain reports, comparing brands, regions, states, etc,” says Patton. “And most reports will allow you to view data with comparisons to last year, budget, or forecast. Since many companies have begun to provide access to the program by owners, this is quickly become a favorite feature of asset managers!”
ProfitSword, LLC, is an Orlando based company specializing in business intelligence solutions for the hospitality industry. For further information, contact Mike Patton, Vice Pres. Development at 407-851-5884 or go on-line to: www.profitsword.com.
Vice President Development
14324 Islamorada Drive
Orlando, FL 32837