Budgeting software for the hospitality industry
We will explain to you what is important when it comes to hotel budgeting
It matters and what you should pay attention to. Download for free
Download our hotel budget excel template!
Budgeting — the hotel's financial planning
What is financial planning for? Financial planning in the hotel industry is used to determine the future need for money. The aim is to maintain financial balance. Budgeting is also a type of income statement to measure profits and losses. The basis is the planned figures, which are published at the end of Fiscal year should be fulfilled. Most companies and hotels often use Excel spreadsheets to carry out budgeting.
Budgeting by hand
Budgeting by hand is very error-prone and is often not a popular task!
Successful budgeting
The hotelier often spends little time budgeting, and careful budgeting can make a big difference!
Basics — KPIs in the BWA
KPIs in the BWA provide hoteliers with a quick overview of their business' financial health and performance. These indicators help identify strengths and weaknesses and make well-founded decisions to optimize business success.BWA. Deviations in the planned figures are therefore noticed at an early stage. Budgeting helps to organize and regulate the financial framework of individual departments, especially for larger hotels. This also applies to the financial planning of the individual agencies.
Start budgeting
To implement business goals, you should consider performance measurement and the amount of financial resources when budgeting. Graphical and visual representations help you get a better overview of your figures. You should compare your figures regularly and thus make better predictions about your target figures.
The financial plan should be dynamic enough that it can react to the market and be adjusted.
Our free Excel template for your budgeting
As a basis for proper budgeting, you must plan the following budgets. This includes the revenue budget and the cost budget. You then bring these together to represent your entire budget. Ultimately, you must constantly check these individual budgets and compare them with your current figures. Download our free Excel template and create your own budgeting.
Download an Excel template for budgeting
What are the difficulties of budgeting?
Because it can be difficult to make forecasts months in advance, budgeting can't always be 100% certain. It is not possible to give exact figures for some costs. However, a realistic assessment is important. The basis is the planned figures, which are to be met at the end of the financial year. Most companies and hotels often use Excel spreadsheets to carry out budgeting.
Adjust anytime
Of course, it is always possible to adjust the figures or structure the budgets differently in order to be able to react to current situations.
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The benefits of happyhotel at a glance:
and convince yourself
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