Prepare Your Hotel for 2025 with Essential End-of-Year VM Reports

November 13, 2024

End-of-Year Prep: Essential VM Reports to Set Your Hotel Up for Success in the New Year 

As the year wraps up, it’s crucial for hotel owners, general managers, and front desk staff to ensure everything is on track and primed for a smooth transition into the new year. With Visual Matrix reports, you have all the tools needed to assess the year’s performance, correct any discrepancies, and set actionable goals for 2025. Here’s a breakdown of essential reports, tips for auditing your numbers, and the best VM resources to support your end-of-year and new-year planning. 

Key Reports Every GM and Owner Should Track  

Tracking the right reports gives you a clearer picture of your property’s performance, guest behavior, and operational health. Here are a few of the most essential reports that Visual Matrix offers to keep you informed and prepared: 

1.) Daily Reports

Management Statistical Recap History Report: This report provides a daily recap of key metrics such as occupancy, revenue, and ADR, offering a snapshot of your property’s performance each day. Reviewing these stats daily keeps you up-to-date and allows you to identify trends early. 

Night Audit Daily Report: The Night Audit Report is essential for tracking revenue, payments, and any adjustments made throughout the day. This report keeps records in balance and helps prevent accounting discrepancies. 

Month-to-Date & Year-to-Date Reports (available under Night Audit): These summary reports highlight month-over-month and year-over-year performance, helping you evaluate seasonal patterns and annual growth, guiding informed decisions. 

Learn more about using daily reports effectively in this article: Maximize Your PMS with Everyday Reports

2.) Revenue Reports

Night Audit Revenue Tax Summary Report: This report tracks all tax-related revenue, giving a detailed overview of the financials associated with your property’s revenue. This is crucial for accurate tax reporting and planning for tax season. 

Management Revenue Summary History Report: This report breaks down revenue sources by department and assists in budgeting, forecasting, and year-end financial planning. 

For further insights, consult with VM’s Revenue Management LIVE section, which helps you stay proactive in revenue optimization.

3.) Occupancy Reports

Sales & Marketing Occupancy Forecast Report: This report gives a forward-looking view of occupancy rates, helping you manage room allocation and forecast upcoming demand. 

Room Status History Report: This report aids housekeeping and front desk teams in tracking room availability, occupancy patterns, and necessary adjustments. It’s particularly useful for ensuring all rooms are clean, accounted for, and ready for guests. 

 Staying on top of occupancy is key for efficient operations, and forecasting occupancy early lets you plan staffing, resources, and special promotions. 

4.) Group and Tax-Exempt Reports

Sales & Marketing Group History Report: Ideal for tracking group bookings, this report allows you to check for any errors, such as double charges, ensuring accurate group billing. 

Night Audit Tax Exempt Report: This report highlights tax-exempt stays, enabling the finance team to confirm all tax exemptions were processed correctly. 

Use these tools to catch any discrepancies in group bookings or tax exemptions—two areas that can heavily impact year-end financial reports. 

Ensuring Numbers Align and Identifying Discrepancies

Cross-checking and auditing are essential steps before the year closes. Here are a few tips to help you confirm the accuracy of your numbers: 

Daily Balance Checks: Each day, review the Daily Report and ensure all numbers are balanced. If you encounter discrepancies, refer to The Daily Report is Out of Balance guide. 

Reconcile Revenue and Expenses: Check the Revenue Summary History Report alongside the Night Audit Revenue Tax Summary Report to make sure revenue from all channels matches up. This prevents surprises at tax time and strengthens your financial foundation. 

Track Occupancy Patterns: Use the Occupancy Forecast Report to verify occupancy data, ensuring that room charges align with the actual occupancy to avoid revenue loss.

Recommended Resources for End-of-Year and New-Year Prep

Visual Matrix offers a variety of helpful articles and resources to assist you in preparing for the end of the year. These are especially useful for new managers or front desk staff getting up to speed: 

Essential Reports Every Manager or Owner Should Know About: This article covers the must-have reports that provide a foundation for strategic planning and operational insights. Read it here. 

Complete List of Reports Available in Visual Matrix: Explore all the reports VM has to offer, from front office to housekeeping and beyond. Access the list here. 

Revenue Management LIVE: Learn how to maximize your revenue management strategy by consulting VM’s Revenue Management tools.

Wrapping Up the Year and Setting Goals for 2025

Now that you’ve reviewed the essential reports and cross-checked your data, consider using this information to set actionable goals for the new year. Reflect on occupancy rates, revenue performance, and operational efficiency to guide your planning.  

With these VM resources and insights, you’ll be ready to start the new year strong, supported by accurate data and a clear strategy for success. Thank you for choosing Visual Matrix as your partner in hospitality—here’s to a successful close to the year and an even brighter 2025! 

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