HotelBusiness landscape is rapidly changing in the modern-day world and substantial challenges being aroused in the midst of managing Hotel Accounting and Operations.
So, it’s time to move away from the time-consuming and arduous way of manual processing to mitigate the risk of visibility drop on finances and unnoticed revenue leakage.
A global study in recent times shown that about 94% of chances for revenue leakage in the Hotel Industry are because of inconsistency in accessing accounts& analyzing the revenue cycle.
And, it’s the fact not be contradicted that, accounting tasks to be streamlined, finances to be monitored and budget & forecast to be done regularly.
Now, this can be possible only if you adopt to the legacy hotel accounting software rather than relying on just spreadsheets.
By which, underlying the root causes of revenue leakage can be identified and prioritized, the vulnerable cause of cash flow’s downfall possibly be terminated for commendable results.
Accounting – An Important ASSET to grow HOTEL Business
In the hospitality industry, be it any sized hotel ‘Full Service or Limited Service’ – Accounting plays a significant role because it enables hoteliers to gain deep insights into their financial status of the business.
By which, the better decision making to achieve greater outcomes could be possible.
Accounting in a hotel, for instance, starts from everyday finances tracking to generating financial statements like Balance Sheet, General Ledger, Profit & Loss, Trial Balance, Budget Comparison and Cash Flow, etc.
Here are the general Hotel Accounting activities,
- Managing Payables & Receivables
- Monitoring Daily Sales
- Budget & Forecasting
- Generating day-to-day Reports
- Reviewing Guest Comments
- Tracking Competitor Analysis
- Vendor Bills Processing
- Reconciling Bank Accounts
Unlike any other corporate accounting, in hotels –The accounting procedures may vary due to daily sales monitoring, occupancy percentages, ADR, RevPAR, determining competitor analysis and reviewing GSS. Well, that’s not all!
A sigh of Relief in ManagingHotel Accounts
In this contemporary world, the Hotel Industry has stepped forward in terms of technology and transformed the way accounting works.
Gone are the days of relying on spreadsheets, it’s the modern accounting software trend now!
Adopting new automation and intelligent technologies and services will make hoteliers successful.
However, there are the breadth of options available across the market to choose Hotel Accounting Software.
But what makes the difference and sets apart is being Cost Friendly, Intuitive, Hassle-Free and Features Excellence.
Know your Business Health. Make Empowered Decisions…
Beyond just managing your accounts, if you stay on top of your business happenings – That’s a positive sign again!
An Easy-To-Use legacy Hotel Accounting Software ensures that you’ll never miss anything here.
You’ll stay alert on your payables, receivables, daily sales, banking activities, and aging/overdue information.
So, you can prioritize and focus on what’s most important to you for sustainable, higher profits.
Lookout for Tailored Solution
Personally, I suggest looking out for a software or service provider that can ease your Hotel Accounting Challenges right from the moment it’s onboard.
Listing out few for your,
AUTOMATION
Hunt for software that leverages the technology and helps you automate the Sales Data Entry, Bill Entry& ApprovalProcess, Transactions Handling&Bank Reconciliation
INTEGRATION
Seamlessly, the software provider has to be flexible to integrate with your front office hotel’s PMS, Payroll Vendors, Banks or Financial Institutions, giving you a consolidated view.
INSIGHTS
Business Intelligence enabled Insights allows you to better visualize and utilize the data of your hotel or group of hotels. So, better go for software that acquired this feature.
ALERTS
The software must even alert you on your pending/overdue payments & receipts. That’s how you stay on top of your business health and make an informed decisions.
GSS & STR IMPORT
Rather getting lost in physical sheets, if the software can allow you to import the GSS and STR info. It becomes easy for you to have a consolidated tab on guest comments & competitor analysis.
BILL IMPORT / APPROVAL
Processing your vendor payables easily could be possible if the software is very much reliable, feasible enough to upload your vendor bills/invoices with OCR scanning. That saves time & reducing efforts!
MULTI-PROPERTY MANAGEMENT
Look out for a software that enables Single Login for your Group of Hotels, making it easy for you to manage everything in one place. Starting from generating combined reports to process intercompany transactions.
Final Word
Every problem has a solution – In the same way, to manage your accounts better and run hotel smoothly, you need an accounting solution.
If it’s a tailored one, for sure you’ll experience financial success. So, go for the one which is Easy-to-Use, has No Maintenance, Best-In-Class Support, Pocket-Friendly and Quick & Easy Setup.
Overall if it’s Hassle-free, you’ll experience an abundance Accountability Happiness….
