Source: M3

Taylor Hospitality is one of the nation's leaders in golf club and hospitality management. The company has an arrayed portfolio of select service and boutique hotels throughout Virginia and West Virginia. Founded in 2009 and headquartered in Waynesboro, VA, the company's goal is to deliver an unmatched guest experience and positive financial results to all clients.

The Challenge

Debbie Knick, Director of Finance at Taylor Hospitality, has been with the company for over a decade, and as time passed, she noticed inefficiencies in the company's accounting processes. The biggest obstacle for Taylor Hospitality at the time was that it was using a variety of accounting systems, including QuickBooks and Jonas Systems, due to managing both golf clubs and hotels. These two accounting systems did not offer integrations with POS or PMS systems, which resulted in a large amount of importing and exporting.

In addition, utilizing multiple accounting platforms resulted in multiple data entry errors, did not provide the ability to access financials from anywhere in real-time, and did not offer business insights to help make better-suited and actionable strategic decisions.

Another challenge the company was facing when providing properties access to multiple accounting systems, was that the process was extremely labor intensive and time-consuming. In early 2022, Taylor Hospitality had to onboard three hotels and despite having two months to accomplish this, it was going to be a daunting task to do so with all the properties operating on different accounting systems.

Because of these challenges, Knick wanted to provide the best systems in the industry to the team members of Taylor Hospitality so that they could spend their time serving clients in a more professional and efficient manner and begin managing their systems, not having their systems manage them.

The Solution

The hunt for a new accounting solution for Taylor Hospitality was no short procedure, as the process took over three years. It was important to Knick that the system was built exclusively for hospitality. Having the right accounting software in place would help Taylor Hospitality to close the books faster, increase automation, gain real-time visibility, and streamline financial reporting.

Taylor Hospitality discovered M3's Accounting Core platform when they acquired and onboarded a hotel in 2022 that was utilizing the robust platform and realized what M3 was capable of.

"When seeing the ability of standardization and scalability M3 provides, we knew we could serve our clients at a much higher level." Knick continued, "M3 has the capability to provide us with a view of our company's financial health across all properties."

Knick saw that Accounting Core would be able to provide customized financial reports for Taylor Hospitality allowing them to see their data in real time, provide detailed cash management across properties, and include customizable transferable data that can be imported and exported for JE's, checks, invoices, vendors, budgets, historical data, and much more. Having such a robust platform would allow Taylor Hospitality to be confident about having all necessary information and customizable reports in one place.

The Results

Taylor Hospitality is now using M3 Accounting Core, Document Imaging, and PMS Integration.

M3 has been able to offer Taylor Hospitality a single source of truth for its corporate accounting functions, which has assisted in increased productivity, insurance of secure data, transparency, reduction of time identifying human error, and the ability to provide decision-makers access to the right data at any time.

"M3 has helped to streamline our accounting operations. This is due to real-time access to our financials, accurate and timely reporting, and end-to-end automation," said Knick.

Accounting Core has improved efficiency for Taylor Hospitality. Having the integration of PMS and POS systems has helped greatly with enhancing capabilities and aided in improving day-to-day functions for both clubs and hotels.

While generic accounting software may be helpful for basic accounting tasks, its financial packages are not well-equipped to handle the unique nature of the hospitality industry. Investing in an industry-specific accounting software like M3 brings near-immediate cost savings and offers the convenience of managing financials in real-time.

About M3

Built by hoteliers, exclusively for hoteliersTM, M3 is a robust cloud-based financial platform and services company serving over 9,000 entities across North America's hospitality industry helping drive cost savings, revenue enhancement, and business insight. With over 25 years in business, M3 touts a 95 percent customer retention rate. Used by over 1,000 management groups and owner-operators and hotels of all sizes, the platform works seamlessly with other key systems and tools in the hospitality industry. It offers robust accounting and financial analysis across entire portfolios with optional operations and time management features. M3's Professional Services team provides on-demand accounting and bookkeeping support for hotels and portfolios of any size by offering a full range of customized accounting solutions that can scale with a hotelier's needs. Privately held and employee-owned, M3 continues to constantly enhance products and services with regular releases and updates. "M3", "CoreSelect", "M3 Concierge", "Built by hoteliers, for hoteliers," and "Accounting Core" are all trademarks owned by M3; all other marks are owned by their respective owners. 

 For more information, visit www.m3as.com.

Haley Wolf
Marketing and Public Relations Manager
+1 770 533 0545
M3

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