When your telephone department was one of your best Revenue sources, micro-managing its expenses was important, no doubt, but now, without those associated revenues, it’s imperative. That requires a thorough understanding of all operational costs and formulas that allow for accurate projections. Hotels that fail to conduct detailed audits on a regular basis are at risk for making poor operational decisions using inaccurate financial figures. A thorough audit can either validate or identify problems in expense management. Here are three key reasons why hotels must conduct periodic expense audits:
1. Helps streamline your expense management strategy. An Audit performed by an outsource team will reveal oversights, then correct and validate your recurring expenses. Conducting a dynamic expense audit will help you streamline many major expenses.
2. Identify opportunities to consolidate vendors and resources. A dynamic expense audit will break down your current costs so you can see exactly which areas might need consolidation. Outlining your current expenses in detail during an audit will clarify any opportunities for consolidation, line item by line item.
3. Provides accurate numbers on actual savings. A complete dynamic expense audit will provide an accurate analysis of how much you are saving with various cost-saving measures — where you might be spending more than necessary, and identify areas that need to be optimized and make more informed financial decisions going forward.
Getting Started with a Dynamic Expense Audit
RTM Inc. specializes in expense management conducted thorough dynamic expense audits to help your organization better understand your financial standing. We analyze and optimize hospitality operating expenses, including telecom usage, guest Internet, utilities (water, gas, and sewage), trash removal, elevator maintenance costs, guest room entertainment, and other expenses. RTM’s audit team will identify opportunities for consolidating vendors and resources and provide your organization with more accurate numbers on how much you are saving with different operations decisions.
Contact Resource Technology Management by calling (407) 998-8000 orfor more information.