Tracking income and expenses, setting financial goals, and optimizing pricing strategies to ensure the profitability and long-term success of the short-term rental business.
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Glossary Term: Expense Management
13 posts
A company that assists businesses with their travel arrangements, including booking flights, accommodations, and managing expenses.
The financial performance of a short-term rental business, measured by factors like occupancy rates, average daily rates, and operating expenses.
Utilizing software or services to track income, expenses, and performance metrics specific to short-term rental operations, facilitating financial analysis and tax preparation.
The process of projecting future financial performance by estimating revenues, costs, and expenses, enabling hosts to make informed business decisions.
A system for monitoring rental income, expenses, and financial performance of the short-term rental business, often using spreadsheets or specialized software.
The shared responsibility of tracking income, expenses, and generating financial reports for a short-term rental, often facilitated by property management software or collaborative spreadsheets accessible to both owners and co-hosts or property managers.
A budgeting method where short-term rental hosts start from scratch each month or season, justifying every expense and aligning it with their financial goals.
Software or platforms that assist hosts in tracking income, expenses, and other financial data related to their short-term rental business.
Digital tools designed to help short-term rental hosts and managers track income and expenses for accounting and tax purposes.
A pricing strategy where the cost of expenses like cleaning, utilities, and maintenance are calculated first. Then, the desired profit margin is added to determine the rental rate.