Project Expense Feature Makes PIPs SimpleSeptember 20, 2019
As a hotel owner, the time comes when you need to upgrade, renovate, and build anew. Runaway costs and accounting challenges can hamper any improvement project, particularly long-term projects involving rebranding and large-scale design. The Inn-Flow Project Expense feature will be your accounting roadmap through your next Property Improvement Plan (PIP).
Thoroughly manage projects within your accounting software and ensure you are properly budgeting for projects and not overpaying vendors.
Inn-Flow’s Project Expense feature helps you control your construction expenses in four ways:
- Project Budgets: Provide budgets for each project and monitor expenses closely to reduce the risk of project costs getting out of hand. Decide upfront the hotel’s chart of accounts (COA) to include in each project and create your budget.
- Vendor Contracts: Determine the vendors who will fulfill COAs and include totals according to your contracts. Create contractor agreements and tracking transactions, including change orders, from within your database, to monitor the entire project budget and expenses. Easily upload all change orders and any physical documents related to the project, so everything is conveniently held in a single location.
- Linking Payments to Projects: Linking payments to budgets and contractor agreements is easy because you are using your existing invoice entry workflow to link invoices to projects. With your payments and vendor contracts linked, you can ensure payment accuracy.
- Analyzing Payments Against Contracts and Budgets: Run reports to see how expenses align with your contractor agreements and project budget. Make sure everything was entered properly and decide if you are spending too much or if you are on track.
“The best way for owners to prevent spending excesses is to get a good general contractor involved in the project early. Contractors will watch the purse strings and timeline and get whatever professionals involved that they need. You want to maintain the design, watch the budget, and do whatever you can to increase the property’s sustainability.”
– Cicero Development Inc, Lodging Magazine
Budgets, vendor contracts, payments, reports all in one place. Managing your projects couldn’t be simpler. Using Inn-Flow’s project expense feature, everything is integrated and accessible from your accounting module.