Smart Budgeting Software for the Hospitality Industry
Looking for professional budgeting software for your hotel? We’ll show you what matters when planning your hotel budget – and how to avoid common mistakes.💡
Download our free hotel budget Excel template and start planning with confidence.
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
Manual budgeting often leads to mistakes and isn’t exactly a favorite 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.
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.
This is how happyhotel helps you achieve your sales goals!
happyhotel helps you optimize your room rates. Powered by AI, the software calculates the ideal price based on real-time data.
The benefits of happyhotel at a glance:
and convince yourself
Forget manual price adjustments. With happyhotel, you can maximize your income without constantly checking prices.
