Luxury San Francisco Hotel Simplifies Budgeting with Updated Accounting and Forecasting Solutions
Luxury San Francisco Hotel Simplifies Budgeting with Updated Accounting and Forecasting Solutions
Business at the Hotel Nikko San Francisco is booming, especially since the property secured a spot on Forbes’ 2022 list of the 13 best hotels in San Francisco.
With travelers’ eyes fixed on the luxury boutique hotel in Union Square, the hotel’s management team began looking for new financial management tools capable of delivering macro and micro analysis of numerous data sets and assisting with planning for future investments into the property. PVNG enterprise accounting and Targetvue budgeting and forecasting solutions from Aptech fit the bill for their ability to affordably give operators the insight, flexibility and control they desired.
“When we began searching for technology to replace our previous solution, we wanted tools that could drill down into every account and help provide context behind our performance,” said Vincent Rafanan, Hotel Nikko San Francisco chief financial officer. “Budgeting and forecasting was a top priority. Previously, we relied on a standalone system to oversee these processes. Once we met with Aptech, we immediately saw how easy it was to connect Targetvue to the cloud and to PVNG, then share information seamlessly between the two systems. Today, our team is easily comparing and contrasting any scenario from month to month. These tools have been invaluable for digging into last year’s reporting and preparing forecasts for the year to come.”
Targetvue is designed to provide “one version of the truth” throughout an organization. By providing variance analytics, data visualization and version control, this tool helps hotels meet future growth goals by utilizing a single, centrally maintained set of database models. By adopting this user-friendly software, hotels can eliminate the need to correct and recombine multiple spreadsheets for consolidating and reporting.
PVNG elevates hoteliers’ ability to monitor their success. The tool features Accounts Payable, Accounts Receivable, General Ledger, Statistics, Financials, and Bank Reconciliation modules and seamless web browser navigation allowing hotels to upload their accounting data remotely. PVNG can be deployed as a hosted service and also offers OCR invoice processing, a myriad of payment options, drill-down capabilities in financial statements and reports, and the ability to handle single or multi-property accounting.
“We are thrilled to partner with the Hotel Nikko San Francisco and are delighted at the success they are having with Targetvue and PVNG,” said Jill Wilder, Vice President at Aptech. “Luxury hotels like the Hotel Nikko frequently add new services and amenities. This, combined with the wide range of offerings the hotel provides, makes accounting, budgeting, and forecasting all the more complex. PVNG streamlines common daily procedures, while Targetvue eliminates the need to manage budgets across multiple spreadsheets, preserving a single view of a hotel’s true operating potential across the entire organization. These capabilities are helping hotels of any size maintain success and momentum, heedless of the size of their aspirations.”
The 531-room Hotel Nikko San Francisco is known for its high-end Japanese-inspired decor, a wide array of amenities, and attention to detail. Located at Union Square's gateway, it is surrounded by retail stores, boutiques, and various restaurants. The property is convenient to San Francisco’s Theater District and is renowned for its 10,000-square-foot health club, the Anzu restaurant, and a glass-enclosed swimming pool.
For more information on PVNG by Aptech, visit http://www.aptech-inc.com.
Aptech is a leading provider of enterprise accounting, business intelligence, financial planning and management solutions for the hospitality industry. Its award-winning solutions, which include PVNG, Execuvue and Targetvue, form an integrated technology ecosystem that is designed to help hoteliers at both the corporate and property levels understand their financial and operational data and provide actionable insights. With more than 50 years of experience in the hospitality industry, Aptech’s state-of-the-art solutions are used by more than 3,500 properties across North America.
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