Navigating the intricacies of a budget process can often feel like embarking on a complex journey. From financial planning and resource allocation to decision-making and prioritisation, understanding how budgets are formulated and executed is crucial for individuals and organisations alike.
One powerful approach that has been gaining momentum is “Zero-Based Budgeting” (ZBB). For years, this method has revolutionized how hotels allocate resources, promoting efficiency, agility, and smart decision-making. In this blog, we’ll dive into the concept of Zero-Based Budgeting and how it can reshape the financial landscape of hotels.
With Fairmas hotel planning and analysis software, hoteliers gain access to powerful budgeting and forecasting tools tailored specifically for the hospitality industry. Say goodbye to guesswork and welcome data-driven insights that will empower you to make well-informed decisions, optimize your resources, and achieve your financial goals.
Fairmas, a leading provider of financial planning and analysis software for the hospitality industry, is delighted to commemorate its 20th anniversary and announce its presence at HITEC.
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.
Eric Healy has been hired as the new Business Development Manager for Fairmas North America. With 18+ years of experience in the hospitality industry, Eric is not only the perfect candidate for the position but will be a key asset to the continued growth of Fairmas across the region. His extensive operational and sales experience in the luxury hotel industry in North America as well as the last few years in the tech sector is a testament to why he is the right fit for the role. The ability to merge these two sectors is core to his role at Fairmas.
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.
In order to stay in line with the business strategy and achieve targets, any hotel business requires accurate financial planning, revenue monitoring and management reporting to ensure a healthy bottom line.