We know that budget season is a tedious time for hotel teams. For management companies, the stress of gathering info, calculating budgetary needs and keeping capital expenditures moving through the approval process is multiplied.
The good news is, if you’re tired of spending weeks—or even months—combing through paperwork and spreadsheets, we can help. One engineer at a single property might work on a budget binder for 60 days straight. But, with Quore’s CapEx feature, you can map out your budget and set up approval flows for capital expenditures in a matter of hours, so you’ll have everything set up to stay on track for the year—and beyond.
Your Budget Automatically Tied to Assets
When you set up Quore, you’ll go through a hotel “build” process where all of your hotel’s information will be logged within Quore—including your hotel inventory. This means that items for every area of your hotel, including common spaces and guestrooms, are in the system for easy tracking and maintenance. It also means that, when you’re ready to set up your budget processes in CapEx, your hotel’s inventory will automatically be available from the CapEx app.
When your inventory is all set up, if a room’s HVAC suddenly needs to be replaced, you can put in a request for that item instantly in Quore. That request then moves through CapEx to push the HVAC replacement through the approval flow automatically.
Requests can be tagged to specific items or work orders or, if a work order already exists, it can be automatically generated as a CapEx request! You’ll also be able to clearly see recurring repair costs for assets. This way, you can make educated decisions if it’s more cost effective long term to fix or replace a large item.
Streamlined Approval Flows
You can easily set up your approval process in CapEx so that expense approvals move through the system in accordance with your brand standards or policies. You can assign a type of request, including: Budgeted, Unbudgeted, Emergency and Future Request. Plus, you can assign approvers at various levels—and give them the ability to approve specified amounts. This ensures that requests are seen by the right people and can move through the approval chain without the risk of lost paperwork or miscommunication.
For example, if you submit a request to replace a TV in the lobby through CapEx, you can track the progress of that request at any time, with clear visibility into where that request is in the approval process. Without a solution like CapEx, you would likely have to communicate via email and wouldn’t have insight into whether your request has been processed, approved or denied. Plus, it keeps you from having to send multiple email reminders to approvers, because they’ll have the same visibility in CapEx as you do.
Additionally, you can attach photos and vendor bids, allowing you to provide visuals and proof of bids to any capital requests. So information is always easy for the approver to find.
Forecasting Made Easy
If your team is diligent about logging item warranty information and installation dates in Quore, we can help you estimate lifetime value of assets and project estimated replacement costs for the future. You’ll be prepared for the potential of future costs before they arise, allowing you to better plan ahead.
Quore can actually forecast up to 15 years out! So anything in your inventory that would need to be replaced within the next 15 years would show up on the forecast report.
Budget Without the Binder
Quore’s CapEx app does all this and more to help take the weight of budgeting off of your shoulders. The sooner you get started with CapEx, the sooner expense and budget data can be logged in Quore to help you forecast for the future and make better financial decisions.
Ditch the heavy binders and start using Quore’s CapEx app to reduce the time you spend on budget season and keep your approval processes flowing. CapEx allows you to create and automate approval flows, attach capital requests to hotel assets and make better financial decisions with consolidated data. To find out more about how CapEx, and other Quore features, work for Above Property users, check out this brochure.
Visit our website to learn more about how we can streamline your hotel across every department! And don’t forget to take a look at our other blog posts for industry insights, product updates and more.