Fairmas to be at the TTE
Fairmas presents financial planning software for the first time at Travel Technology Europe in London
Fairmas software solutions address hotel-specific needs
26 January 2018: Fairmas GmbH is exhibiting at Travel Technology Europe 2018 for the first time and will use the event as a platform to highlight the importance of having a hotel-specific solution to address financial planning, controlling and management reporting challenges that hoteliers face. The trade fair will also allow Fairmas, a “household name” in the German hotel industry supporting more than 3,000 hotels since 2003, to increase their brand and product awareness on a global scale as they meet with their growing international clientele.
The Financial World of Hotels
In an environment with continuously rising costs, increasing competition, as well as a quickly changing demand, the founders of Fairmas who are former hotel professionals and top executives have recognized ahead the growing importance and potential of a tailor-made financial planning for a hotel’s long-term success. The hotel industry is unique compared to any other industry that employs a conventional corporate accounting where one set of financial statement is used. With the hotel’s distinctive structure, financial reports are generated from various departments before “consolidated statements” are made for the hotel, operating company and hotel owner. There are different needs by hotel operations, financial departments and top level management. Time-consuming data collection, error-prone manual entering of data, noninvolvement of department heads in creating budgets and forecasts, lack of proper segmentation, and irregular reporting – these are some of the main challenges that face hotel financial directors and general managers all year round especially during budget season as well as month- and year-end closing.
Keeping these pain points on top of mind in addition to the consideration of the hotel’s specific needs and features, the Berlin-based software company developed their range of hotel software solutions accordingly. FairPlanner online is the web-based profit and loss planning and controlling software for creating comprehensive and transparent hotel budgets, forecasts, month-end reporting with detailed revenue, payroll and cost planning. The solution is customized to each individual hotel or group of hotels, as needed. Automated consolidation of multi-department and all multi-property data based on a flexible, customer-specific chart of accounts framework (e.g. USALI*) provides more transparency and efficiency for planning and controlling processes. A variety of interfaces and automated import/export functionalities ensure the easy integration into existing IT environments, as well as to software applications already in use by the client (e.g. PMS, Accounting/ ERP, RMS). Currently, there are 8,196 hoteliers in 3,519 hotels worldwide using the solution and who receive direct and immediate support as required.
“We are excited to be exhibiting at Travel Technology Europe. With TTE running on its 15th year just goes to show that it is a must-attend event for anyone in the travel industry who aim to continuously improve their business through the latest innovations. Fairmas would definitely not want to miss the opportunity to meet with like-minded, forward-thinking individuals. There has also been a growing demand from outside our German fence, and Fairmas is driven to cater to those needs. We have now even made five languages available in our key software FairPlanner online – with French, Spanish, Chinese, English and German,” said Niels Schroeder, managing director, Fairmas GmbH.
“We are thrilled to see our clients to inform them of our latest product updates such as new features of our Pickup Tracking. It is an efficient monitoring solution for effective Revenue Management, also made available as a mobile APP for hoteliers on the go who need quick access to their key figures at their fingertips. We look forward to demonstrate to all interested visitors how our products could simplify their life when managing their important hotel numbers,” adds Oliver Rabe, director of business development.
Visitors can find Fairmas GmbH at the Hotel Technology area (stand HT37) of Travel Technology Europe, which takes place on 21-22 February 2018 at Olympia London. Book an appointment for individual presentation via www.fairmas.com/en/contact/tte-london-2018/
*Disclaimer: Hospitality Financial and Technology Professionals (HFTP®) is the official entity who owns the copyright to the USALI. The copyright was previously owned by the Hotel Association of New York City. Revisions to the USALI are overseen by the Financial Management Committee (FMC) of the American Hotel & Lodging Association (AHLA), a majority of which are also HFTP members. Fairmas only uses the term “USALI” to refer to the existing industry standard as one example from several, possible, customer-specific P&L account frameworks.