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Virtual GM - A Hotel Management Podcast

Welcome to Virtual GM, the ultimate podcast for anyone looking to elevate their game in the modern hospitality industry! Whether you're a boutique hotel owner, VRBO manager, Airbnb administrator, front desk staff, or just someone trying to navigate the ever-changing landscape of the hospitality world, this podcast is for you! Each episode is packed with valuable insights, expert advice, and real-life stories from industry leaders and innovators. We'll cover everything from how to effectively market your property and increase bookings, to how to provide top-notch customer service and stand out in a crowded market. But it's not all business - we'll also be having a lot of fun along the way. Expect witty banter, relatable anecdotes, and plenty of laughs as we take a fresh and entertaining approach to discussing the hospitality industry. Produced and distributed by Vibrant Management - a company dedicated to helping hoteliers and vacation rental managers thrive in the modern world - Virtual GM is your go-to source for all things hospitality. So, join us, and let's elevate your game! and visit us on our website: www.thevibrantteam.com

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Virtual GM - A Hotel Management Podcast

Financial Foundations: Mastering Budgeting and Cash Flow in Hospitality

September 12, 2024 • Vibrant Management • Season 2 • Episode 16

Podcast Description: Season 2, Episode 16 of the Virtual GM Podcast

In this episode of the Virtual GM Podcast, Cody and Meagan Adent from Vibrant Management dive into the critical topic of financial management in the hospitality industry. They share Vibrant’s proven financial process, including the creation of detailed budget sheets for all companies, the use of QuickBooks Online, and the importance of having everything in place for financial planning and success.

The episode emphasizes the significance of timely financial reporting, ensuring end-of-month finances are completed by the 10th of every month. This includes a reconciled budget sheet, Profit & Loss (P&L) statement for the previous month, year-to-date P&L, and the most current balance sheet. Cody and Meagan also offer practical tips on managing cash flow effectively to keep your hospitality business thriving.

Whether you’re a hotel owner, property manager, or involved in any aspect of the hospitality industry, this episode provides essential insights to help you maintain financial stability and achieve long-term success.