Revenue management is an essential part of running any type of property, whether it's a hotel, bed and breakfast, hostel, or inn.
We created a spreadsheet that will help you better manage your property's revenue. To see our full post on how to manage your property's revenue management, click the link below:
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Transcript:
Hi and greetings from Cloudbeds. This is Cebert and today I'm gonna walk you through how to complete our yearly summary report by month for your property.
So here I have an example of our daily revenue report. Here on this page this is the yearly summary by month. So it shows you the total months and how you're doing for that month against your budget and forecast, if you do have one. You can also, if you want more detail, click through month by month, and you'll see the information day by day. And then also you still have the daily totals, the totals for the month, and then how you're doing against your revenue forecast or budget for the month as well.
So running this report is pretty simple, and I'm going to go and take you through from a empty shell on how to complete that for your property. So here in my empty shell you'll see that I have everything as zero. And then on some places you'll see this DIV zero error. What that just basically means is because there's no data here in the report, it just is giving you an error because there's nothing for it to calculate yet. But as we go through the process, you'll see those errors disappear.
So starting first, the first thing your property needs to do is it needs to enter the total rooms and beds together that you have for the property. So for this test property that I'm using, we have a total of 16 beds, a total of 16 private rooms. So we're gonna go ahead and enter that here. Once I do that there, it's going to go and start to remove some of the errors as it now knows how many rooms that I have to sell. You only have to do that once as the report will automatically go ahead and pull that through the remaining months for you. So you only have to do that on the January tab here in the yellow. If your property has a budget or a forecast, or possibly both, you'll enter that here month by month on each tab in the yellow area that's indicated on each month.
So to run the report, you're gonna start from your myfrontdesk account. Starting from your myfrontdesk account, it may be either on calendar or on dashboard. Regardless of which one you're starting from, that's okay, you're gonna go over to your reports, production reports, and then rooms sold/occupancy report. Once that report loads, you're going to want to make sure that you've selected day. Some of your properties may be under either week or a month, it's important to make sure that you've selected day. Because otherwise the report will run either weekly or monthly, which won't allow the daily revenue report to have the correct information that it needs to operate successfully.
Once you've made sure that you've selected day, you'll come here to export to Excel. Myfrontdesk will calculate that information and will run the report for you pretty quickly. Once that's been run for you, you'll go ahead and open that. Once you open that file, that file should look similar to this. The data that you wanna copy is gonna be the very first information from under rooms occupied. Highlight over to revenue and copy down.
Now for my report, I've done the entire year. I would recommend that you do the same. However, you don't have to if you want it to be either only a future revenue report. But if you want it to have all the information for the entire year, which is what I would recommend. I would recommend that you go ahead and make sure that you selected from January 1st until December 31st, so that way you're taking the entire year.
From there you're gonna go ahead and copy that information that I told you to select. You're gonna come back to your report, and you're gonna go to the data tab. On the data tab you're going to go under rooms occupied here, and you're going to go ahead and paste that information. You'll notice now that I've pasted that information it started to go ahead and calculate information on my report. And you've started to get most of the values.
The last portion of what you're going to do is you're going to go to the adjustments tab. Adjustments are those adjustments that you may be doing to your revenue on a daily basis or perhaps not. However, to make sure that your report is as accurate as can be, we've included adjustments for those properties that do make those adjustments. So gather the adjustments for your property.
