Boosting Hotel Financial Performance with Fairmas: Unleashing the Power of Hospitality Business Intelligence
This blog post will explore how Fairmas hotel financial planning and analysis software can empower hoteliers with cutting-edge tools for budgeting, forecasting, revenue optimization, and more. Let’s delve into the world of Fairmas and discover how it transforms financial management for hotels.
Enhancing Decision-Making
As an owner, investor, or asset manager in the hospitality industry, it is of utmost importance to make well-informed decisions based on data. You cannot make decisions based on assumptions or estimates alone. A small error in data can be a make-or-break point for your business.
Strategic Financial Planning in Uncertain Times
In the wake of the global pandemic and its impact on the hospitality industry, financial planning and revenue management have become crucial for the survival of hotels. The uncertainty of when travel restrictions will be lifted and when travelers will return has made it necessary for hotels to plan for multiple scenarios.
What is FairPayroll & how can it help you?
FairPayroll, a software solution by Fairmas, enables accurate planning of all relevant costs per employee and per department that result in precise analyses for all management levels. This means that you can freely plan relevant costs per employee even if they work in more than one department.
The story of someone shaped by the hotel business
Niels Schröder, the Managing Director of Fairmas GmbH, started his career in the hospitality industry at a very young age. He worked his way up from hotel operation to regional revenue manager at an international chain. His well-rounded experience and deep understanding of the ground realities of the industry paved his way to a career defined by hospitality.
Fairmas’ Top Newly Added Hotel Software Features of 2021
As the new year comes around in full swing and everyone makes plans of introspection, change and creating a better, more up-to-date version of themselves, Fairmas has its own set of milestones that were achieved in 2021 and goals to look forward to in 2022.
What are the top hospitality trends in 2022?
Every year, the hospitality industry learns and adapts to new trends. How customers interact with the hospitality industry creates room for further growth. As globalization increases, and traveling becomes more affordable, the hospitality industry sees a growing influx of customers. In order to succeed, it is important to not only adapt to the new trends, but also be aware of what the future may hold.
Efficient multi-year planning of hotel profitability
The Long-Range Planner integrated in FairPlanner enables easy multi-year planning based on flexibly selectable scenarios such as budget, forecast or what-if. Planning takes place in the hotel’s own profit and loss statement and simplifies the strategic financial and profitability forecast for the next 10 years.
Consolidation – Hotel key figures at group level
To meet the challenging demands of the controlling and steering function, head offices of large hotel companies must be able to access all revenues, costs, and relevant hotel key figures quickly and easily. The level of detail of the analysis should be flexibly adjustable so in the event of deviations from targets, it is easy to switch from the group, country, or cluster level to the hotel level.
Forecasting on sight
A forecast is a prognosis of future developments. When it comes to predicting hotel demand, we can never really say that we know exactly what will happen, but rather what is highly likely to happen. The forecast quantifies the uncertainty of the future.