sPerformance Canvas Financials – a subscription-based reporting and budgeting software service works across all industries but there is one particular industry that Performance Canvas Financials excels in – Hospitality.
Performance Canvas Financials over the years has attracted restaurant groups, cruise lines, and group of hotels. In fact, it has well-renowned global hotel groups and restaurants using the solution for their reporting and budgeting needs.
One of the common issues faced by companies in the hospitality industry is the manual nature of their reporting. This means that these companies who have to manually report via Excel don´t have access to real-time numbers and they don´t have a good way of supplying KPIs to each corresponding owned business.
Most of these companies especially in the hotel and restaurant business require daily and monthly reporting for each legal entity. The headquarters need to be able to send out management reports to different owners where they can only see the figures that pertain to the business they own. It is worth stressing that doing this manually is a huge pain especially if you have over 50 companies in your belt.
On the budgeting side, they need to be able to consolidate figures and run comparisons as well as have comparable figures.
Now, here is a non-exhaustive list of why Performance Canvas Financials excels in the hospitality industry.
- One unified reporting and budgeting software in the Cloud
Performance Canvas Financials prides itself in being a unified platform for end to end financial planning and analysis. This means that a company or group of companies won´t have to invest in and maintain several tools because all tasks can be handled in one capable reporting and budgeting platform.
In addition, Performance Canvas Financials affords its customers browser and excel based interfaces to make reporting and budgeting as easy as possible and to make the tool as user-friendly as possible.
For those companies that are not ready to move to the cloud yet, Performance Canvas Financials still has on premises option.
- Relevant Reporting Package
Financial reporting is really where Performance Canvas Financials stands out it. For example, hotels that want daily and monthly reporting are allowed to do so because both financials and financial details modules are available. For those that do not know, Performance Canvas Financials is very modular.
You can use this reporting and budgeting subscription service for creating accounting reports, development reports, financial statements, headquarter reports, operating reports, portfolio financial reports, and STR data reports.
One of the biggest advantages of this financial reporting and budgeting software is that customers will have access to comparable figures across all the companies not to mention full security controls are installed across the entire group.
- Live ERP Integration
There is nothing more annoying than having disparate systems across the group that don´t communicate with each other. Performance Canvas Financials stands out as a reporting and budgeting software subscription because it has strong integrations with most ERP systems whether you are on Microsoft AX, NAV, GP, Epicor ERP, iScala, etc.
If the customer has cloud ERP, Performance Canvas Financials uses REST connection. If the customer has on premises ERP, Performance Canvas Financials uses built in on premises connector.
- Proper KPI tracking
If your group of companies have a difficult time tracking and supplying KPIs and other metrics, Performance Canvas Financials can definitely help. With this product, if you have a group of hotels for example, it is very easy to track average daily rate, revenue per average rate, and occupancy rates across all hotels.
This applies to all industries, of course. KPI or metrics management is simplified, concise, and easy to comprehend because of its focused presentation approach.
- Benchmarking Abilities
Performance Canvas Financials allows its companies to store STR reports, for example, which allows them to load and analyze data over time, so they can benchmark.
Within Performance Canvas Financials, customers can have an STR portfolio index reports and STR report glance tabs.
Lastly, you will have a fully consolidated view of all the companies under your roof where you can slice by business and drill up to journal level to look at finer details.
DSPanel offers cutting edge technology platform for business analytics, planning, and visualization. DSPanel designs, builds, and operates with the end users in mind. Performance Canvas was created by DSPanel to answer the unarticulated needs of the market not addressed by previous available solutions. With Performance Canvas, information is transformed into valuable business insights for the business executives to utilize in their decision-making process. DSPanel currently has over 2500 organizations deploying their solutions.