Eliminating Stress for Hospitality Sales and Finance Teams Through Standardization
Each month at properties around the world, there is a moment where completed events must all be accounted for. This reconciliation, which occurs between sales and finance, is often one of tension due to structural and cultural differences between those teams. Sales is understandably (and importantly) focused on the future: What are the next events and groups coming to a property, and what are their needs? Finance is notably focused on the past: What has occurred, has it been paid for, and what are those deadlines?
This juxtaposition exists despite the two teams working towards the same objectives: completed payments, revenue growth, and better bottom-line outcomes for their property asset owners. For multi-property groups, this is a complicated challenge with various processes in place across different properties. Yet, the ultimate goal is the same: Everyone wants the business to not only do well, but grow. The way to solve for this disconnect is to provide easy ways to standardize actions and increase visibility across all properties.
The benefit of proactive tools
To date, finance has often had to wait to receive manual reports and updates from sales team members. Yet by the time information is transmitted, a problem that could have been avoided has already developed. With a single dashboard that allows for each team to gain centralized visibility into all invoices, their statuses, associated timelines, and contacts, any “at risk” payments can be identified earlier—and any issues can be nipped in the bud.
Of course, both teams want to be proactive and stay on top of things. (No sales person wants to get a call from finance at the end of a month.) But two things can get in the way of this goal. First, special events-related business lines in the hospitality industry have long gone unaddressed by software solutions, which can present challenges. Second, sales teams are, by their nature, focused on making more sales—that’s the pressure they're under, and they're compensated against dates booked. It’s easy for weeks to slip by when a sales person is crushing their targets, but the moment of account reconciliation is never escapable.
Just accepting payments is not enough
Offering customers digital payment methods doesn’t solve the core need of centralized visibility across all events and associated revenue. (Events can encompass so much more than just a venue fee, but also food and beverage, small group sales, and more.) Making receivables easier alone is not enough anymore.
Visibility is a core feature of ROH's dashboard. Further, for any organization operating five properties or more, there are added benefits from standardization. Our dashboard doesn’t just make one property’s reconciliation easier; it allows for multi-property owners to see the revenue being driven from events and small group sales as a standalone business line (similar to what they have today with room bookings or dining). This makes both understanding (and defending) needs related to this line of business easier. Plus, decisions can be made faster, leading to further improved outcomes.
Consumers win too
By offering properties and catering sales managers the ease of sending contracts simultaneously with invoices (all digitally, and all branded), customers feel a level of consistency from a property or property group that was never before possible. The person who booked their best friend’s baby shower at one of your properties and had such an easy transaction is that much more likely to then use another one of your properties for their family reunion, or recommend you to their company for a major corporate event. Consistency, standardization, and an expected customer experience pays dividends long term. Dates will never be locked in faster than when a customer knows exactly what they’re going to get.
Your competitors are doing it
We launched our revenue optimization platform in January 2022, just 11 months ago. What we found was that beyond marketing and sales tools, properties were most in need of payments solutions, as well as digital contracting and invoicing capabilities. We recognized that the dashboard view for both sales and finance teams was even higher on the list of must-haves. This is where the true operational transformation opportunity exists within hospitality, and we are here delivering it. From Loews Hotels to Hyatts to Marriotts, your peers are leveraging our software for a myriad of business needs.
Schedule a free demo to find out how you can break down the silos between sales and finance with an easy, proactive, self-service dashboard.