Hospitality data platform Otelier has introduced an updated version of its TruePlan budgeting and forecasting platform, which is designed for the hotel industry.

This new iteration is aimed at businesses seeking to transition from traditional spreadsheets and obsolete technology to streamline their financial planning processes.

The revamped TruePlan offers a modernised user interface, enhancing the technology experience for users. The platform's design promotes cooperation within departments, lessening the need for revisions and avoiding delays.

TruePlan's latest version grants hotel portfolio operators the ability to craft more precise forecasts daily, implement bulk actions for workflow efficiency, and foster collaboration among various teams.

The company explains that hoteliers can now expect to shorten their budgeting seasons by an average of 30% with TruePlan, which leverages pre-loaded data informed by historical trends and industry-specific indicators.

Otelier product strategy senior director Russell Meek said: “Budgeting and forecasting should be powerful, not painful.

“We have rebuilt TruePlan based on customer feedback, and the result is a platform that’s not only faster and more scalable – but one that meets the real-world needs of today’s hotel finance teams. With TruePlan, you can go from data to decisions in a fraction of the time.”

Key enhancements in TruePlan include a user-friendly modern UX for straightforward use and rapid onboarding, bulk action tools to apply widespread changes with minimal clicks, and a daily-level forecasting structure for detailed and adaptable planning.

The updated product's features also include self-service onboarding, built-in collaboration tools, Power BI integration for immediate accounting and planning reports, and pre-built financial drivers for the hospitality sector.

Built upon Otelier's centralised integration framework, TruePlan ensures real-time data synchronisation across various solutions, including business intelligence, accounts payable automation, night audit compliance, and financial reconciliations.

This integration enables budget creation based on live data from multiple systems, including property management and labour solutions.

Last September, payment solutions provider Repay Holdings formed a partnership with Otelier, further enhancing the capabilities of the hospitality software and performance optimisation platform.

"Otelier launches new budgeting and forecasting platform for hoteliers" was originally created and published by Hotel Management Network, a GlobalData owned brand.