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Financial administration

Financial administration for holiday lets

Financial administration is very much the business side of running a holiday let. As with all other areas of finance, how you set it up, manage it and stay on top of it is vital for the success and sustainability of your holiday let business. 

Financial administration is very much the business side of running a holiday let. As with all other areas of finance, how you set it up, manage it and stay on top of it is vital for the success and sustainability of your holiday let business.

Want to find out how HolidayHost can help you make the most of your holiday home?

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Financial administration tasks undertaken by HolidayHost

This is one of the most helpful elements of the HolidayHost service. 

  • When the money from a booking is made for your property, on one of the online travel agent (OTA) sites such as VRBO or Airbnb, it arrives in your dedicated client account at HolidayHost (minus the 3%+VAT OTA fee) - the ‘OTA Payout’.
  • These payments are then matched with the relevant guest’s name and booking by the HolidayHost service to make them easily associable (OTAs do not allocate income according to the bookings, which can make payments difficult to track). 
  • The value of the booking, by the guest, is then visible to you via our bespoke Dashboard. 
  • Once the money is in your dedicated account, we pay any direct costs that you have asked us to handle, such as changeover housekeeping and laundry, and again make these clearly visible to you on the portal, where you can download your 3rd party bills - the ‘3rd party deductions’.
  • We raise our 8-9% fee at the end of every calendar month - the ‘HolidayHost deduction’.
  • The NET amount after deductions, is then paid to our holiday home owners.

We understand that owners often like to be able to forecast income in order to budget in advance for items such as mortgages, school fees or their own holidays. For this reason, we designed our portal to have other additional financial administration tools, including a revenue chart, which presents the amount of projected revenue before costs by calendar month for the next 12 months. We can also provide additional reports for holiday home owners’ accounting purposes.

If you would like to find out more about how HolidayHost supports holiday home owners when it comes to financial administration, contact the team any time.

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