Larkspur Installs ProfitSage

Business Intelligence Software from ProfitSword

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. October 14, 2008

LARKSPUR, CA, May 15, 2008. Larkspur Hotels & Restaurants has completed the installation of the ProfitSage Business Intelligence software provided by ProfitSword, LLC, an innovator in web-based business intelligence applications for the hospitality industry based in Orlando, Florida. All of Larkspur's 23 hotels and six restaurants have completed the installation of the software and have integrated ProfitSage into their daily operations.

ProfitSage is an enterprise solution that integrates the data flow from the various systems within a hotel environment, including the property management system, point-of-sale system, sales automation system, payroll/timekeeping system, and back office accounting system.

The data is exported from the various systems and moved into a Microsoft SQL database. ProfitSage then provides users with several modules where the data can be manipulated in order to create income journals, forecasts, budgets, and hundreds of reports. "ProfitSage helped us to streamline our data flow within the organization and create numerous efficiencies throughout the portfolio," says Sue Hefty, Vice President and Controller for Larkspur Hotels & Restaurants. "With the help of ProfitSage, we have been able to automate many tasks creating labor efficiencies as well as reducing the amount of human error involved with typing and re-typing data."

"As a former Vice President of Operations and Accounting," states Tili Findley, President of ProfitSword, "I was always frustrated from the amount of manual typing of data, reading it from one report and re-typing it into another or an Excel spreadsheet. We created ProfitSage in order to streamline the data flow and improve the accuracy of reports, forecasts, and budgets." Furthermore, ProfitSage has modules that will track tax liabilities for hotels and restaurants, tax exempt guests, credit card commissions and the cash over and short for individual cashiers.

"In addition to the benefits at the property level, our corporate staff will be able to view roll-up reports, regional reports, and be able to drill down to the hotel level for further information," says Hefty. "Since ProfitSage interfaces with the back office accounting system, every invoice on every line will be available for view from both the property managers and the corporate staff."

Each module within ProfitSage interfaces with the others, and since the entire system is web-based, users can view information in real time. This empowers managers with information to make solid decisions that will positively impact the profitability of the hotel. And because the program is custom- designed around a company's chart of accounts - or general ledger, owners, corporate and regional managers can use it to generate consistent, standardized reports across a variety of brands and property types.

"We've always believed investing in the right technology will give us an edge not only against our competition at the hotel level, but against other management companies as we compete for assets and financing," says Karl Hoagland, Chairman and CEO of Larkspur. "Every hotel company focuses on providing a bed and service. However, providing your associates with the best tools to make decisions is often overlooked. Now our managers are spending less time in the office and they have more time to spend with our guests and associates to provide a true experience when staying at a Larkspur property."