3 Ways Finance Teams Can Save Time with ROH
Finance teams are a critical part of the hospitality industry. They're responsible for everything from payment reconciliation to budget planning to revenue reporting. Yet, these teams have not fully recovered from the effects of the COVID-19 pandemic, and many are still operating with a skeleton crew, despite hotel recovery beating expectations.
For finance teams to meet demands while facing labor shortages, they need simple solutions that work with existing processes, make their jobs easier, and save time—without requiring extensive training or implementation.
ROH’s purpose-built revenue optimization platform was designed specifically with finance (and sales) teams in mind, created with features that automate cumbersome processes to improve day-to-day operations.
Here are three ways ROH helps finance teams save time and gain control.
1) Stop sending “what’s the status” emails
Each month, hospitality finance teams spend countless hours tracking down key information needed for reconciliation, from invoice statuses to payment deadlines. Oftentimes, that takes the form of sending colleagues several “what’s the status” emails to figure out which events and group sales have been paid, which ones haven’t, and which ones need a reminder.
With ROH, those emails are no longer necessary. ROH’s universal finance dashboard allows finance teams to see every confirmed contract, as well as the corresponding invoices and their current status: paid, active, past due, or archived. At any point, finance can simply open up the dashboard and get a real-time update on any contract or invoice, without needing to ping the sales team. Plus, property operators and asset owners can also access ROH’s dashboard, making it easy for them to instantly gain visibility into the same reports across their portfolio, reducing the number of status emails finance teams receive too.
The result? Less time wasted and more control gained by finance teams.
2) Save time with automation
Taking on manual work that can easily be automated with a digital solution is no longer acceptable. ROH saves finance teams hours of time with:
- Card on file storage: Enter a customer’s credit card information once, and you’re done.
- Real-time notifications: Get notified when an invoice is at risk—no need to set due-date reminders.
- Real-time reporting: With a single dashboard capturing all invoices, you can instantly gain visibility into all event-driven revenue rather than manually collecting insights, keeping you in control of the reporting process.
3) Offload payment headaches to ROH
Dealing with customer refunds, cancellations, and fraudulent charges can be time-consuming, and when you feel like you’re barely treading water, adding another item to your to-do list can be daunting at best. When you partner with ROH, our team of experts takes all of those burdens off your shoulders and deals with them for you.
ROH empowers finance teams to do more with less and gain better control of their processes. Our platform makes this possible with a digital solution that requires little training and significantly impacts your day-to-day operations, giving finance teams space to breathe. (Want to see an example of ROH in action? Learn how Estancia La Jolla’s small but mighty team used ROH to get payment schedules back on track.)
To learn about how ROH can help your property group or hospitality brand’s finance team save valuable time, sign up for a free demo of our platform.