Expense Tracking & Owner Statements
complete
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Matt Teague
Hi team,
We'd love to see the ability to track expenses per property. Things like:
Additional cleaning
Property Maintenance
We'd love for owners to be able to login to their portal and see an Owner Statement. This could outline all:
Bookings
PM Commission
Cleaning
Expenses
Total Revenue
Channel Fees
Nice to have but not essential - some simple graphics to help them understand things like occupancy rates.
Vince Breslin
complete
We're excited to share some fresh updates we've been working on at Uplisting. Our latest feature set includes Owner statements, expense tracking, and yes, you guessed it - custom management fee formulas!
Watch a quick video overview here: https://www.loom.com/share/6113b4346a4d49918bd3afc1df783fd2
Learn more here: https://www.uplisting.io/blog/owner-statements-expense-tracking-custom-management-fees
Vince Breslin
UPDATE
We have released the first part of our new Client feature which is a new Client management solution. This upgrade was required in order to support client statements.
The new client management feature allows you create client profiles (content which will be used on statements), invite multiple users per client, and set the permissions of each client (eg. view reports, view insights).
In parallel we have been working on the statements and custom management fees/business plans. These will be released in the next month or so. They are looking good so far.
See how the client management feature works here: https://www.loom.com/share/570fcec7e8c2415a992df06246243fba
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Ben Wheeler
Hi Vince Breslin, any update on when this will be released?
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Staci Lamb
Any update on these features??
Vince Breslin
Quick update on client statements and expense tracking. We are making good progress on this feature and can't wait to release. What we have in place so far (not yet public):
- Statements are created automatically on the 1st of the month for that month (eg. Decembers statement is created on the 1st of December).
- Existing bookings are automatically added to the statement
- New bookings are added to the statement automatically
- You can add expenses to the statement
- You can add additional guest charges to bookings which will then appear on the statement.
- Your management fee is automatically calculated on each booking and statement
- An invoice/statement summary is automatically created.
We'll have another update within the next couple of weeks, if not sooner.
If you haven't seen what statements will look like yet, I've attached a mockup.
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Bec Coates
Vince Breslin: hi Vince, when will this feature be released ?
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Operations Guru
Vince Breslin: Any idea of when you are looking to release this? I am keen to get on board with this as we need to update our current process, but I’m holding out for this functionality. It’s very exciting!!
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Hillary Skye
Vince Breslin: Hi, do you have an update on this as we really are excited this new feature and is the whole reason I just switched over from GFH. I am so sick of doing owner spreadsheets all by hand.
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Mauricio Padilla
Vince Breslin: hey Vince, any update on release date would be great. Thanks
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Raeleen Kelly
Vince Breslin: I would really love to know when this feature is being released. I have owners who were with me using other software and they're upset about the limitations they have now. If I had an idea of when this would be released, it would prevent me from switching to appease them. I'm really happy with everything else Uplisting offers but this is a definitely a hindrance to my business
Tester Testing
Very important feature!
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Fogged by Paul
Tester Testing: Hi Vince Breslin, is there any update on this, as really now we are in the quiet part before the next pick up before Christmas, is the ideal time for us managers to spend setting up and sorting x
Vince Breslin
in progress
We are working on a client statement feature. This will be powerful! We are working hard on the design so you can wow your clients.
Included in our V1 plans are:
- An statement will be created for every property on the 1st of each month (to cover previous month).
- All bookings that checked-out within the past month will automatically be added to the statement
- You can add expenses directly to each statement
- The statement will be available online (within the client portal) and as a downloadable PDF.
Other features/future upgrades:
- Custom management fee formulas
- Request payment via your Stripe account
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Matt Teague
Vince Breslin: You're a gentleman and a scholar! This will be a huge timesaver for our business. VERY EXCITED.
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Ollie Whitehouse
Vince Breslin: Wouldn't this cause problems with longer-term bookings? We quite often get stays of 2/3 months+. Would this mean the owner's statements would be £0 until the guest checks out? Or would it cut it off at the end of the month if the stay is longer than the full month?
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Mikaylie Gooding
Vince Breslin: Hi Vince, any update on when this might be available?
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Hillary Skye
Vince Breslin: can we get an update on when you will the custom management fee completed? We just left GFH and really are looking forward to the Owner Statements with custom management fee calculations like Hostfully has.
Vince Breslin
Merged in a post:
Owner statments
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Amber Leaf
Create Over stsments that auto deduct the following.
1- Booking.com fees % 15 to 19
2- Airbnb fees 15%
3- Cleaning Fees per booking
4- Stripe charge %
5- Direct Booking %
6- Managment charge
Vince Breslin
Merged in a post:
A place to keep expenses per listing
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Jo Rapps
A place to keep expenses per listing which can then be sent to the owner, You can then deduct commission and fees
Vince Breslin
Folks, will all expenses be linked to a reservation or do you need to have expenses separate to reservations? For example when a plumber needs to be called out but it's not a fault of the guest. Is it best to make this kind of expense to a booking or no?
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Justin Winter
Vince Breslin: I can't think of a situation in which that level of detail would be helpful. I just need to know that property x had y expense for period z. I guess it wouldn't hurt to have that connection for deep dive purposes. Ex. an employee ques this whole thing up, but a manager wants to dive into the situation surrounding the expense, pull up the reservation detail, conversation history with guests, etc. So maybe thats one helpful use case I can think of.
Vince Breslin
Thanks Justin Winter. Thinking from the interface perspective really.
It's probably easier to add an 'add expense' on the booking panel rather than a new interface just for recording expenses.
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Justin Winter
Vince Breslin: ya, I think thats more than fine. will want to be able to add expenses separate a booking as well, but that option on the booking panel makes sense to I think, since some expenses are a direct result of a particular stay, where others won't be, so there won't be a discernable booking it should be tagged too in the schema.
Mati Gastaldo
Justin Winter: In our case, I developed a platform that lets us have the owners see their statements. In our case, all expenses are separate from bookings (hoa payments, internet bill, electric bill, etc, ac maintenance, paint, new cleaning supplies, etc)
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Justin Winter
Mati Gastaldo: like, coded your own thing from scratch? Kind of obviates the point of what I would expect would be in the PMS. We could do something like this with Airtable+Softr (or similar) as a no-code solution ourselves, but we are just using a shared google sheet right now and it's totally fine at our scale to take an hour 1x a month and update it all.
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Matt Teague
Vince Breslin: Hey Vince, for us we need the ability to assign cleaning costs + linen costs to individual reservations and add in property related expenses to individual listings. Ie ground maintenance, pool care, consumable items, etc.
So in response to your question above, no. Plumbing costs would need to be added to the listing, not the reservation.
Package it all up in a nice user interface so it works as a P&L for clients and a tracking tool for us.
1st of the month is perfect for us! For active stays not checked out by 1st month probably best to include whole stay in next months statement?
Eg:
Check in - April 30th
Check out - May 2nd
This stay would be included in Mays statement.
Excited to see this feature launch!
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