Hotel reports by USALI

Global reporting system

Management reports in hotels by Universal System of accounting in Lodge Industry

Who is Finoko USALI made for?

usali-report

The Universal System of Accounting in the Lodging Industry (USALI) is a standard set of reporting guidelines specifically designed for the hotel industry. USALI provides a consistent framework for hotel management to report financial information, making it easier for stakeholders to compare performance across different properties. Using Finoko reporting system you can automate hotel reporting and budgeting using data from existing software. No manual Excel reporting, setup data migration once and enjoy reports by according to USALI framework.

The USALI system is designed for the owners and managers of the hotel business, managing one or a group of hotels aimed at fulfilling the following tasks:

  • Daily monitoring of hotel performance;
  • Analysis of revenue and costs;
  • Analysis of hotel metrics and KPIs.

USALI reporting is typically broken down into four main categories: Rooms, Food and Beverage, Other Operating Revenue, and Undistributed Expenses. Each category is further divided into subcategories, providing detailed insight into the financial performance of the property.

With Finoko USALI reporting software, hotels can easily track and analyze performance metrics, identify trends and opportunities, and optimize pricing strategies to maximize revenue. By automating manual processes and streamlining reporting tasks, Finoko helps hotels save time and improve operational efficiency.

The Finoko standard reporting kit by USALI includes full set reports that are essential for tracking and managing revenue in the hotel industry. Some of the key reports included in USALI are:

  • Rooms Revenue Report
  • Food and Beverage Revenue Report
  • Other Operating Revenue Report
  • Departmental Income Statements
  • Profit and Loss Statement

These reports help hotel managers and owners to analyze revenue streams, identify areas of improvement, and make strategic decisions to maximize profitability. By following the Finoko USALI reporting kit, you can ensure transparency and accuracy in financial reporting.

Contact us today to learn more about our software and implementation services for Finoko USALI reporting software.

    Benefits of USALI for Hotel Industry

    Implementing USALI in the Finoko Hotel management accounting software can bring several benefits, including:

    • Standardization: USALI provides a consistent framework for reporting financial data, making it easier to compare performance across different properties.
    • Efficiency: By following a standardized set of reports, hotels can streamline their financial reporting processes and reduce errors.
    • Accuracy: USALI helps ensure that revenue and expenses are reported accurately, providing a clear picture of the hotel’s financial health.
    • Compliance: Finoko has built-in guidelines that can help hotels stay compliant with USALI industry regulations and standards.

    Features of Finoko Software for Hospitality Industry

    Finoko software helps in managing the financial aspects of a hotel business, especially when it comes to revenue management. In the hospitality industry, accurate and efficient accounting is essential for success. We created some key features that Finoko software can offer you to effectively handle hotel revenue management according to USALI (Uniform System of Accounts for the Lodging Industry) standards:

    1. Integration with Property Management System (PMS): Finoko can seamlessly integrate with the hotel’s PMS to provide real-time updates on room bookings, rates, and guest charges. This integration ensures accuracy in revenue reporting and eliminates manual data entry errors.
    2. Revenue Recognition: Finoko has the capability to recognize and allocate revenue from different sources such as room sales, food and beverage sales, and other ancillary services. It should also support multiple revenue streams and provide detailed reports on each revenue category.
    3. Expense Tracking: Finoko is able to register or load from other software all expenses incurred by the hotel, including operating costs, payroll, utilities, and maintenance expenses. It should also allow for budgeting and forecasting to help with financial planning.
    4. Compliance with USALI Standards: Finoko follows the guidelines set by USALI to ensure consistency and standardization in financial reporting within the lodging industry. This includes proper classification of revenue and expenses, as well as adherence to specific charts of accounts.
    5. Forecasting and Budgeting: Finoko USALI reporting system enables hotels to create accurate forecasts and budgets based on historical data and industry benchmarks. This helps in setting realistic financial goals and monitoring performance against targets.
    6. Customizable Reporting: Finoko offers customizable reporting features to generate detailed financial statements, performance metrics, and key performance indicators (KPIs) tailored to the hotel’s specific needs. It should also provide the option to export reports in various formats for easy sharing and analysis.
    7. Variance Analysis: Finoko USALI allows hotel management to analyze variances between budgeted and actual expenses, helping them identify areas of concern and take corrective actions.

    Set of USALI reports in Finoko

    One key aspect of USALI reporting is the emphasis on relationship management features. These features help hotel managers track and analyze their relationships with customers, vendors, and other stakeholders. By accurately reporting on these relationships, managers can identify areas for improvement and optimize revenue generation.

    The Finoko USALI standard reporting set includes various reports that are essential for tracking and managing revenue in the hotel industry. Some of the key reports included in Finoko USALI are:

    General report – designed to provide management with the necessary information regarding the results of operational activities.

    USALI General report

    Operating reports. The system of accounts includes significant income and cost categories of departments:

    • Rooms – revenue is classified by income from individual, group and contract accommodation and other income. Costs are classified as: salary by department, other costs are detailed by object of expenditure. 
    • Food and beverages – revenue is registered from the sales of food, beverages and other income. Costs are: food cost of dishes sold, labor costs and other costs.
    • SPA and Fitness Center – the revenue is analyzed by income by treatments (hair care, skin care, fitness, etc. etc.) and other income. The costs are divided: labor, materials and other costs.
    • Parking – The revenue could be income from parking and parking for employees, other income. The costs are: labor, other costs are detailed by object of expenditure.

    General reports. A set of reports to recost costs of departments that a vital for hotel performance but do not generate revenue:

    • Administrative and General
    • Information and Telecommunications Systems
    • Sales and Marketing
    • Property Operation and Maintenance
    • Utilities

    Financial statements. Set of consolidated financial statements:

    • Balance sheet: Assets (current assets, non-current assets, other assets); liabilities and property of the owner (current liabilities, long-term debt).
    • Profit and loss statement: Income, Expenses, Profit, Income Tax, Net Profit.
    • Statement of Income;
    • Stockholders’ Equity;
    • Cash flow by direct and indirect method

    KPI Dashboard

    Finoko KPI dashboard is a visual representation of the key performance indicators that are important for monitoring and analyzing the financial health of a hotel. Some common KPIs found in a USALI standard reporting KPI dashboard include:

    • Revenue per available room (RevPAR)
    • Occupancy rate
    • Average daily rate (ADR)
    • Profit margin
    • Return on investment (ROI)

    Ratios

    Ratios are used to analyze the financial health of a hotel by comparing different financial metrics. Some common ratios used in USALI standard reporting include:

    • Debt-to-equity ratio
    • Asset turnover ratio
    • Liquidity ratio
    • Profitability ratio

    Financial Metrics

    financial metrics

    Financial metrics provide a detailed analysis of the financial performance of a hotel. Some common financial metrics used in USALI standard reporting include:

    • Net operating income (NOI)
    • Revenue generated per square foot
    • Cost per occupied room (CPOR)
    • Revenue per available seat hour (RevPASH)

    By using these key performance indicators, ratios, and financial metrics, hotel management can gain valuable insights into the financial performance of their property and make informed decisions to improve profitability and efficiency.

    USALI Consulting and Implementation Services for Hotel Revenue Management

    With years of experience in the hospitality industry, our team at Finoko USALI Management understands the unique challenges that hotels face when it comes to revenue management. We have worked with numerous hotels to successfully implement USALI Finoko reporting software and optimize their revenue management strategies.

    Our consulting services are tailored to meet the specific needs of each hotel, ensuring that they are able to fully harness the capabilities of Finoko USALI reporting software. From initial assessment to training and support, we work closely with our clients every step of the way to ensure a successful implementation.

    With Finoko USALI reporting software, hotels can easily track and analyze performance metrics, identify trends and opportunities, and optimize pricing strategies to maximize revenue. If you are looking to enhance your hotel’s revenue management capabilities, USALI Management is here to help. With our expertise and guidance, you can take your revenue management practices to the next level and drive greater profitability for your hotel.



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