**Please note that this feature is available depending on the Property Management System (PMS) that you are using to connect with RateManager**
When setting business goals for your property, you may also need a tool to measure whether you are on track or not. RateManager's Budget feature can help you track the progress towards your goals.
Table of contents
- How to access the Budget feature?
- What data can I see in Budget?
- How to set up my goals in Budget?
- How to track my progress towards success in Budget?
1. How to access the Budget feature?
To access the Budget feature, click on the "+" sign next to Calendar:
2. What data can I see in Budget?
The Budget feature will show you the following information:
- Occupancy: a comparison between your occupancy goal for each month and your actual occupancy, sourced from your PMS.
- Occupancy forecast: a comparison between your occupancy forecast and RateManager's occupancy forecast as a result from a formula taking into account many different factors.
- Average price: a comparison between your desired average rate and the actual average rate per month.
- Revenue per available room (RevPAR): a comparison between your desired RevPAR and the actual RevPAR per month.
3. How to set up my goals in Budget?
You will be able to input current year's and next year's goals, by clicking on the lock icon. Once you filled out the values, click on the lock icon again to save your changes.
**Please note that setting up your goals will not change RateManager's recommendations nor the algorithm; this will work as a reference on your property's performance and what actions can you take based on this data.
4. How to track my progress towards success in Budget?
For each month and each metric you will see 2 values:
- The one on the left is the actual value that RateManager takes from your PMS
- The one on the right is your goal that you have filled out initially
The bars will change colors depending how close/far are you from your goals:
- Green: You are very close to your goal or reached/overachieved your goal
- Yellow: You are on your way to your goal; follow RateManager's recommendations to get closer to your goal
- Red: You are far from your goal; take actions as soon as possible
By clicking on a specific month (in blue), you will see a graph that compares your goal (grey line) and the actual value (blue bar) per day. You can select at the top for which metric you would like to see this graph.