Heritage Hotels & Resorts, a hotel-management company based in Albuquerque, N.M., will 11 properties in its portfolio, has installed the ProfitSage operational and financial reporting product from ProfitSword. Heritage Hotels & Resorts has experienced dramatic business growth over the past five years. While continuing to acquire additional locations, company leadership soon identified the need to implement a business intelligence and forecast strategy that could keep pace with the increasing complexities.
While completing the process of general ledger code consolidation on its newly acquired properties, Heritage Hotels & Resorts encountered common industry difficulties in attempting to integrate separate chart of accounts data, including the updating and syncing of information in real time. Previously using a tedious, manual process to input the daily income journal which dramatically hinders the forecasting process, the IJ is now automated within the ProfitSage solution and completed in seconds. Forecasts can then be created or updated immediately using real-time data.
By seamlessly integrating with a multitude of disparate systems, ProfitSage can instantly retrieve financial data from all of a company's locations and provide access to the information in one user-friendly dashboard. Using a single database, ProfitSage further ensures that any updates or notes made by an individual staff member is instantly shared with other employees in real time, guaranteeing data uniformity and accuracy at all times.
“When first testing ProfitSage, the quality of detailed reporting along with its effectiveness in comparing actual performance to multiple forecasts in one intuitive dashboard, was something that simply wowed us because we had never seen anything like it before,” Heritage Hotels & Resorts CFO Jason Couillard said in a statement.
ProfitSword is able to work with its clients to customize performance reports that deliver the precise information required. Such reports can be prescheduled and automatically sent to appropriate personnel whenever needed, further reducing the time and labor required to complete budgeting and forecasting tasks.