Faster Budget Calculation Provides Ownership Entities with Accurate Gross Operating Profit Numbers for Solid Business Decisions
PITTSBURGH – December 5, 2018 – Aptech Computer Systems announced that Urgo Hotels & Resorts implemented the Targetvue Budgeting and Forecasting system to standardize budget control processes throughout its portfolio. Urgo provides management for international brands including Marriott and Hilton as well as independent properties across major markets in the U.S., Canada and the Caribbean. Aptech is the leading provider of hospitality business intelligence, budgeting and forecasting, and enterprise hotel accounting software systems.
“Urgo wanted better control of its budget processes. Targetvue gives us that control,” said Jim Bowne, VP/Corporate Controller, at Urgo Hotels & Resorts. “Targetvue provides us one version of the budget. Each property can make its budget updates and we have a workbook that reflects each property’s daily updates. We review and accept the changes at the corporate office, lock the budget, and send to ownership for approval. Targetvue gives Urgo one platform with one budget, not multiple spreadsheet variations.”
“Targetvue provides an automated forecasting platform that builds on daily updated performance data from property operations. It is a continuous ‘pulse meter’ that compares actual against plan,” said Jill Wilder, Aptech vice president. “This ‘living budget’ gives operators the ability to plan day by day for the greatest profitability.”
Urgo also installed Aptech’s PVNG Enterprise Hotel Accounting software. “We overhauled our entire financial reporting platform” said Bowne. “Targetvue lets us automatically transfer numbers to our GL so we no longer have to do this manually. This saves us time and eliminates the rekeying of data, which keeps our operation more accurate.”
Urgo Hotels & Resorts created a custom chart of accounts to incorporate their multiple entities. “Targetvue made our custom chart work,” said Bowne. “Aptech made modifications to suit Urgo’s operations. The nice thing about Targetvue is that you can refine processes and make changes as the process/company evolves. Our budget process is driven at the property level. The general manager and the team oversees the initial development of the budget. Our corporate team reviews and provides guidance for the property’s data and goals.”
Targetvue went live at Urgo in 4Q 2018. “Many of our entities need data fast and Targetvue helps us stay ahead of the curve to get numbers we need to react timely to changes in operations,” Bowne said. “Aptech is customer service oriented. They showed us how to use Targetvue’s budgeting system. We expect to implement Targetvue’s forecasting capabilities in the near future.”
About Urgo Hotels and Resorts
Urgo Hotels is a Bethesda, Maryland-based hotel company that develops, owns and/or operates 42 distinctive and unique hotels and resorts with an aggregate of more than 4,900 rooms in major markets and resorts in the United States, Canada and the Caribbean. The company develops, builds and operates for its own account, and provides third-party management and asset management services.