Crescent Selects Profitsword's Web-Based Profitsage

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. May 22, 2009

MAY 22, 2009 - With an increasing focus on overall performance of individual hotel assets and complete portfolios of hotels, Crescent Hotels & Resorts has chosen the ProfitSage Business Intelligence application by ProfitSword for the hotel and golf course portfolio managed by Crescent. The ProfitSage application contains both an operational tool for the hotels as well as an executive reporting structure for the corporate office.

"In 2008 we added 18 properties to the Crescent portfolio of managed hotels," said Michael George, President and CEO for Crescent Hotels & Resorts. "The ProfitSage application gives us the operational platform to help us easily assimilate these properties into the Crescent family. Since we operate a wide variety of brands and service styles, ProfitSage was the strategic choice for our business intelligence and operational needs."

Founded in 2001, ProfitSword developed the ProfitSage application specifically for the hospitality industry. Tili Findley, President and Co-Owner of ProfitSword, a 25-year veteran of the hospitality industry, helped to develop the ProfitSage application based on her experience as a hotel and corporate controller. "As recently as 10 years ago, there was no easy way to collect the tremendous amount of data from an individual hotel - and an entire portfolio - on a day-by-day basis," said Findley. "Hotels were using various manual spreadsheets of their own making, and someone at the corporate level was manually keying all of the data from the properties into yet another spreadsheet. Manual mistakes were a nightmare to track down. ProfitSage collects all of the data from the disparate systems within each hotel with no human intervention, keeping the data clean and accurate."

ProfitSword has created effective tools to mine data from hotel PMS, POS, back office accounting, sales automation and payroll/timekeeping systems. ProfitSage can even import data from Smith Travel reports, i.e. weekly and monthly e-STAR. The application provides the users several modules to manipulate and report on the data. In addition, corporate users have access to a full array of financial reports for individual hotels, roll-up reports for the entire portfolio, or reports for only portions of the portfolio. At the property level, ProfitSage provides users modules for automatically creating and balancing the Daily Income Journal, creating accurate top-to-bottom Forecasts and Budgets, and effectively managing the Accounts Payable process. There is a two-way interface between ProfitSage and the back office accounting system, and ProfitSage can push the appropriate data to the back office (income journals, budgets, accounts payable, etc) - matching up every GL code.

"ProfitSage was designed specifically for companies like Crescent, yet it was highly customized to accommodate our needs," said Phil Wolf, Senior Vice President of Finance and Treasurer for Crescent. "The efficiencies created by ProfitSage at both the property and corporate level have really helped Crescent provide better services to all levels of our organization - especially our owners and partners. We can give them direct access to the ProfitSage system so they can view financial reports for their properties in real-time. In addition, the availability of information within ProfitSage has created a new level of accountability at the hotels, and we have raised the bar for performance at all levels."

"ProfitSage has set the stage for continued aggressive growth plans for years to come," George said. "We have already added another nine hotels to our portfolio in 2009 and we have a very active pipeline. With ProfitSage as our operating platform, we can bring a property into the mix immediately upon opening or takeover - which means we are hitting all cylinders operationally from day one!"