The Magnolia Hotel Group has implemented Aptech Computer System's Targetvue budget and planning and Profitvue enterprise accounting systems over its portfolio of 11 hotels.
“We upgraded to systems and processes that simplified our operation and gave us accurate, continuous up-to-date financials and budgets,” said Darren Phillips, CHA, principal of Magnolia Hotel Group. Columbus, GA-based Magnolia Hotel Group (MHG) owns and operates Marriott, Hilton, IHG and Wyndham properties in the southern U.S.
“MHG operates several flags and they all have different market segment designations and levels of detail on their P&Ls,” Phillips said . “The Profitvue accounting system is self-explanatory for all our property types. It is interfaced to our property management systems, and linked to our Targetvue budgeting system to eliminate data entry errors. Targetvue takes general ledger and payroll code data from Profitvue to streamline our processes. It cuts our budget time down significantly and I can easily review our numbers centrally from an ownership perspective.”
The Targetvue budgeting and planning system simplifies enterprise-wide planning, consolidation, and reporting by eliminating the need for companies to rely on management or manipulation of multiple spreadsheets. It gathers information and provides managers with the performance data they need to take proactive measures to increase profitability. The system combines daily data updates with historic trends to forecast future performance. Profitvue is a widely used thin-client, Internet-enabled enterprise back office solution that easily handles single, multi-property and multi-company accounting, and incorporates accounts payable, general ledger, statistics, and financials.
As MHG’s revenue and expenses go up or down daily, Targetvue’s forecast for each hotel is automatically updated to reveal factors behind the change. The system automates, in one day, the process that used to be a complicated five-day chore of calculating a new forecast to monitor trends. The result is better expense management based on actionable data that reduces risk. Magnolia Hotel Group plans to expand its Targetvue rollout in the future.