M3 Accounting + Analytics Develops Groundbreaking Hotel Financial Benchmarking Software
New tool helps hoteliers better manage their bottom line through benchmarking operational costs
M3 Accounting + Analytics, the hospitality industry's leading provider of hotel accounting and analytics software, has developed a revolutionary new tool to help hotel owners and operators better manage and maximize their bottom line.
The Hotel Benchmarking Index (HBI) is a reporting application that enables hoteliers to understand how their hotel expenses compare to like hotels across the industry. Costs for labor, materials, food, even linens and laundry service can vary widely from one hotel to the next. The proprietary HBI tool will allow M3 customers to examine the median cost that "like" properties incur for those and other services – from landscaping to wages to daily room cleaning– allowing them to establish a "real" and vetted benchmark for their own operational costs.
"HBI is really one-of-a-kind in the industry," stated Allen Read, M3 President. "There is no other tool that tells the full story from the revenue side and the cost side, and sharing that story in virtual real-time. Hoteliers are finding this data invaluable in making adjustments to increase their bottom line."
The Hotel Benchmarking Index data is derived from over 4,500 hotels using M3's AccKnowledge® accounting solution, ensuring that the information is up to date and reflective of current industry trends. Developers and investors will find value in HBI in determining potential operating costs up-front, before making the decision to break ground on a new property. Hotel operators will have the advantage of a clear analysis of their expenses compared to competitive properties, with the ability to analyze wages, purchasing, client services, outside vendor costs and more.
"We're excited to get this tool into the hands of our customers and see firsthand the difference that this data will make in their business," said Scott Watson, Executive Vice President of Sales & Marketing. "The opportunities for HBI are limitless, and we anticipate that the ability to experience the data in this fashion will have a positive impact on the industry as a whole and will most definitely provide M3 customers a strategic and competitive advantage in the marketplace."
The Hotel Benchmarking Index is currently available to M3 Link® customers. To experience a personalized demo of HBI or for more information, call the M3 sales team at 770.531.3745 or email firstname.lastname@example.org.
M3 helps make hospitality companies successful through accounting software and service that drives financial performance, processing more than $24 billion in financial transactions for nearly 5,000 properties. M3"s integrated suite of hospitality accounting products includes: Accounting Core, Operations Management and Time Management– all designed to help provide hotel operators, owners and managers unsurpassed access to the information they need in the most integrated and cost-effective manner. M3 also offers outsourced hotel accounting solutions via M3 Professional Services. M3 is "Enterprising Hospitality." More information is available at www.M3AS.com.