A subject our support team is asked about frequently is reporting. Which reports do I need to use? How do I find out my revenue, and how do I measure my business’ growth?
There is just so much data available in a PMS, it is difficult to know what to look at and what you should be measuring.
The best, and simplest, tool for looking at a property’s performance over time is the Pace Report. iBex Pace Reports are in two sections; Revenue and Occupancy.
Revenue Pace Report is showing you;
If your green bar for the month is higher than the other solid bars, then you’re so far on track to make more revenue than you did for the same month last year!
What can you do with this information? If you are not quite on track to match earnings in previous years, you can reconsider pricing and marketing strategies - maybe try a last minute special or advertising through a new sales channel. If you’ve exceeded the previous year’s earnings, then you’ve now got a great visual aid to show stakeholders how well the property has been doing.
Click here for more information on Revenue Pace Reports.
The Occupancy Pace Report is giving you the same data, but for your occupancy alone, rather than revenue. This is a great tool for planning ahead for your rates management, staffing and marketing. If the graph shows that the property is consistently at a lower occupancy in May, for example, you know to make sure your rates are a little lower in May and you can consider having fewer temp staff working.
Click here for more information on Occupancy Pace Reports.
If you do not have access to the Dashboard and are interested in using Pace Reports, please get in touch with us for a free trial. You can upgrade to any of our new plans to get permanent access to the Dashboard and Pace Reports, along with other new features.