Many hotels experience back-office issues that strain management teams. The right hospitality-specific accounting solution can help alleviate many issues, including data validation, manual entry, non-integrated financial systems, and cash management.
With a growing portfolio of four hotels, Luminous Hotel Management (LHM) is a full-service hotel management company with properties in Virginia and West Virginia. Currently managing the Wyndham and IHG brands, LHM is responsible for asset and revenue management strategies, operations, sales and marketing, accounting and finance, financial reporting and tax planning for its portfolio of hotels.
After more than a decade of partnership with M3, LHM chose to implement a different accounting and reporting solution in 2021. However, following the implementation of the other software, Jadhav noticed several inefficiencies. For example, the new software provider couldn’t scale as the business grew, had limited integrations with PMS systems, cumbersome cash management and reconciliations, and didn’t offer reporting. personalized.
The method of uploading invoices in the new software required LHM to scan invoices into the computer system before uploading them to the software, which was an extra step compared to what M3 offered. Not only that, but invoices could be entered for any company which would cause confusion as there was a possibility that invoices would be sent to the wrong hotel and aging reports would become inaccurate.
In addition to these inefficiencies, Jadhav was also frustrated with processing payments on the new platform, especially writing checks manually. LHM also had a critical need to process ACH payments to further streamline its accounts payable process, which was virtually non-existent in the solution it chose to use.
“Ease of use, functionality, and scalability were some of the biggest hurdles we faced. As we grew and added new properties, we had to reevaluate our accounting needs,” said Jadhav.
A few months after leaving M3, LHM decided to return to M3, the #1 accounting and reporting solution in the hospitality industry that serves more than 50% of the leading hotel management companies in the United States, according to the ranking Hotel Business and Hospitality Upgrade magazines.
LHM currently uses Accounting corethe M3 flagship, and ePaya state-of-the-art accounts payable solution for hoteliers.
“The decision to return to M3’s core accounting gave us control and the ability to tailor the software to our business needs. Create and edit custom reports, run consolidated reports on any brand or region, scan quickly invoices and easily reference invoices has helped us become more organized and streamlined in our day-to-day accounting practices.The customizable reports have great utility and impact on hotel operations and tax planning.Plus, every time we have a support ticket, there is a 24 hour response and solid follow-up every day, including weekends, as hotel operations are critical every day of the week.”
One beneficial feature that M3 was able to offer LHM through the use of Accounting Core was the ability to scan invoices directly into the platform. Invoices can only be entered for the company you work for, resulting in no errors or confusion. M3 helps customers stay organized and creates a simple process to make downloading error-free.
M3’s e-Pay solution gives LHM the ability to pay suppliers by check, ACH payments or virtual credit card, which generate rebates, creating a new revenue stream using electronic workflow and intelligence artificial. The process is transparent, improves automation, and helps eliminate manual labor and human error.
Thanks to LHM’s return to M3, his team was able to benefit from the ease of use, functionality and scalability that they wanted. Their team no longer suffers from duplication of invoice upload efforts or the possibility of invoices being sent to the wrong hotel, which has allowed LHM’s aging reports to now be accurate, allowing them to have actionable data.
“I can already see a change in our daily operations coming back to M3; this is where the impact comes in, at a macro level, and how we operate. There is no doubt that M3 is more streamlined, more effective, and positively drives our bottom line,” said Fair.
With M3 e-Pay, LHM no longer wastes human capital by cutting checks and no longer worries about checks being applied to incorrect invoices and accounts. Additionally, with the payment automation power of e-Pay, LHM can now eliminate many accounts payable costs, such as bank fees, MICR toner, envelopes and postage.
Partnering with the industry’s top-rated accounting and reporting solution, built for hoteliers by hoteliers, LHM can now save time and labor through the power of M3’s Accounting Core coupled with e-Pay. These resources can now be allocated to what is important: the hotel guests.
Built by hoteliers, exclusively for hoteliers, M3 is a powerful cloud-based financial platform and services company that serves nearly 7,000 properties in the hospitality industry across North America by driving cost savings, business improvement income and business information. After 24 years in business without a price increase, M3 boasts a 95% contract-free customer retention rate. Used by more than 950 management groups, owner-operators and hotels of all sizes, the platform works seamlessly with other key hospitality industry systems and tools and offers robust accounting and financial analysis across all portfolios. with optional operations and time management features. M3’s Professional Services team provides on-demand support to hotels of all sizes by offering a full range of custom accounting solutions tailored to the hotel’s needs. Privately owned and employee-owned, M3 continues to improve its products and services at no additional cost to its customers.
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