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5 Reports That Are Essential to Your Property’s Success

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Posted by Alex Gaggioli
November 18, 2016

Introduction

Information is power and reports give you the ability to make decisions and judgments about your property’s performance. We’ve created guides on the best reports to run for your property and which ones you should run every day. Cloudbeds recently added five heavily requested reports that help property owners get a more broad overview of their property. Here, we’ll walk through each of these new reports and show why they’re useful.

Payments Reconciliation Report:

We categorize the payments reconciliation report as a daily financial report that can give you a broad overview of finances over a given period of time. A payments reconciliation report helps you identify and group payments a number of different ways including by user, payment type, and date.

This is helpful for a number of different reasons. For one, it allows you to audit bank statements. Accounting often means finding and correcting mistakes, and this report can help you easily find where a certain user or payment type went wrong. This report also helps you understand where your payments are coming from.

For example, if the majority of your payments come from credit cards, you know that you’re losing a small commission from the credit card companies or your payment processor. These are important factors to take into consideration when deciding on prices and added fees.  

In our report, we allow users to click on different payment methods that will allow you to see individual transaction reports. By tying together different reports, we’re able to provide a more comprehensive set of data for property owners to use.

You can learn more about our payments reconciliation report on our knowledge base here.

Room Move Report

A room move report is pretty straightforward. It shows you guests who have moved or changed rooms during their stay, excluding split reservations. If a guest moves rooms during their stay, there is usually an underlying reason (i.e. noise, something broke, etc.). Room move reports can help you address problems before the next guest arrives.

Daily Revenue Report

The daily revenue report shows you all the most important information you need to know about your revenue on any given day. There are a few essentials that you should include in a daily revenue report including:

  • Revenue by room
  • Revenue by product
  • Revenue by taxes and fees
  • Adjustments
  • Grand total revenue
  • Revenue by payment type
  • Refunds
  • Grand total payments
  • Grand total (revenue + payments)
  • A ledger

The daily revenue report is essential because it gives property owners, managers, and other stakeholders to see a broad overview of the day. Hypothetically, this type of report should be compiled and reviewed every day to ensure that everything is in order. For example, you want to make sure  revenue is calculated correctly and look out for outstanding payments. You also want to know how many adjustments were made, if refunds were given, and balance out different payment types.

This report also allows you to see how your property is performing over time with month-to-date and year-to-date columns. If you use a daily revenue report every day, you’ll have a good sense of what to expect every day, as well as track progression through the month and year. By staying in the know, you’re able to react to changes in the market, both positive and negative.

You can read more about Cloudbeds’ myfrontdesk daily revenue report on our knowledge base here.

User Reconciliation Report

A user reconciliation report allows you to see the payments collected by an individual user in a specific period of time. This report is great for checks and balances and will help you determine discrepancies in payments. For example, if there’s a missing payment that cannot be tracked through the main daily revenue report, you can use the user reconciliation report to track if and when a certain employee forgot to collect a payment.

You can read more about our user reconciliation report on our knowledge base here.

Tax Report

A tax report is used to track taxes collected from revenue. This report is most if you compile your financial information on a regular basis or during tax season. Taxes are already a headache, so having a report that allows you to easily and effectively collect your tax information will save you time.

You can see and read more about our tax report on our knowledge base.

Conclusion

Reports are an essential part to any business. With so many moving parts, it’s important to keep all your data organized and account for your business activities. Reports can help you gauge success over time, track payments, employee activities, and other key performance indicators.

We have created several other reporting resources for you on the blog. Be sure to check them out: