It’s quite natural that you may possibly get busy in focusing your guests and miss an eye on bookkeeping. For which, the circumstances may cost you during the audit as well as throughout the hotelier journey.
Every single financial transaction so called daily sale has to be documented systematically on a day-to- day basis.
Starting from receivables to payables, credit card transactions to banking activities, intercompany transfers to payroll and merchant account reconciliation, etc. in an orderly manner.
Likewise, creating entries and mapping the same information to right chart of accounts falls under hotel bookkeeping; be it accommodations, food and beverages, or housekeeping supplies, etc.
So, on the whole it’s a lot!
Rather than relying on an individual bookkeeper or your accountants for multi-tasking, it’s ideal to outsource it. Utilizing external hotel bookkeeping services would be actually a good move.
Here are 7 major benefits of using a promising hotel bookkeeping service:
- Thoughtful advice on your business health
- Daily Sales & Night Audit becomes easy
- Avoid Taxation blues Year-On-Year
- Accurate Budget vs Actuals & Forecasting
- Cost savings & reduced manpower
- Free Access to crucial financial reports
- Month-On-Month financial advice
Hotel Bookkeeping really matters
As your business grows, eventually the hotel chain/franchises does expand and the books volume increase. So, the accuracy really matters while handling multiple property books.
Being a hotelier, you may miss on it due to busy schedule in focusing your guests, handling your Employees and managing labor.
That’s where the questionable finances may rise, you may forget in tracking items and most importantly, you may miss on tax deadlines.
It costs you a fortune if you stay loose on hotel bookkeeping! You cannot afford to make any mistakes during the process.
Quality Bookkeeping Services makes your Life Easier
In this competitive world, there are bunch of options made available. But, what makes the difference is the most reliable one, which can precisely understand & identify your hotel’s accounting needs and deliver the promising results you are hoping to achieve.
Hotel-specific bookkeeping service provider – ‘Nimble Property’ will help you deal with all bookkeeping complexities you face across your hotels.
By enabling accurate hotel bookkeeping, experts at Nimble work efficiently in cleaning up your books, providing weekly financial reports and most importantly, they give you advice on your business health.
Nimble property’s bookkeeping experts work within quick turnaround times, providing best-in-class reporting which helps you to grow your hotel business.
Nimble Property Bookkeeping Services:
1. AR – Daily Sales Tracking
Nimble Property’s bookkeeping experts takes off your burden involved in daily sales tracking.
Efficiently, on a daily, weekly and monthly basis they fetch all your daily sales information, including revenue, reservations, room occupancy and other details from your front office PMS.
By which your General Managers and Accountants works become easier.
Our experts will get you a detailed comparison with Period to Date (PTD), PTD Budget and Year to Date (YTD), YTD Budget.
Besides just bookkeeping, Nimble Property also provides daily sales automation through its Cloud Based Hotel Accounting Software.
2. AP – Vendor Payments, Utility & Miscellaneous Bills
Outsourcing your Bookkeeping with Nimble Property lets you speed up your payables processing. All your vendor payments, utility bills and miscellaneous bills will be tracked and populated in a timely manner.
All your physical copy of vendor invoices will be converted into bill entries, allowing you & your staff for easy approvals.
Everything will be done through a single time OCR scanner configuration!
Also, have a look at how using the software will make a difference & improvise your Accounts Payable Processing
3. End-to-End Intercompany Accounting
Managing multiple properties is not an easy task! Our bookkeeping experts help you in handling your hotel chain’s accounting.
Starting from generating combine reports to Profit & Loss statements, Balance Sheets to intercompany transfers and ICFA ledger.
You’ll stay connected with all happenings across your multiple hotels.
4. Handling Banking Activities along with Reconciliation
Bookkeepers here helps you keep your bank balances in sync.
Right from generating reports to gathering the cleared or un-cleared transaction summary, everything will be noted to you.
They keep you posted with all banking activities across your hotel or hotel chain, on a regular basis.
By which it helps you avoid the surprise account hits & mismatches.
5. Dedicated Bookkeeping expert for daily interactions
Stay relaxed & focus on managing your hotel! A dedicated CRO will keep in touch with you to have daily bookkeeping interactions.
More than just an accountant, our expert will give you strategical business advice on your hotel. So, no more number crunching or worrying!
6. Merchant Account Reconciliation
Nimble Property’s Hotel Bookkeeping Services cover Merchant account reconciliation to help you to identify any discrepancies or errors in your data entry.
Our bookkeeping experts thoroughly check and ensure that your hotel sales are accurately reflected in your merchant statements and correct funds are in the bank.
Ultimately, it avoids any of excess fees and loss of revenue!
7. Budget and Forecasting
Our hotel bookkeeping services cater budget vs actuals along with forecasting support to help you improve your hotel performance.
Departmental wise, we create your operational budget and share the forecast report for the upcoming years with detailed statistics.
So, you can align your budgets well to improve your projections!
8. STR & GSS Import and reports
Hotel Bookkeeping Experts at Nimble Property gather your STR data and generate a consolidated report that benchmarks your hotel’s performance against your competitors.
By which, you can know the pulse of your competition on a weekly, daily and monthly basis.
That STR report lets you outperform your Competition!
Know your Guests better! Complete the GSS configuration and import the GSS Survey data (Comments & Score Files) into Nimble Property, just within few clicks.
Be it an individual hotel or chain of hotels, the GSS configuration can be done and reports can be generated to track your guests’ comments, feedback.
9. Weekly Financial Reporting
On a weekly basis, our bookkeeping experts will share crucial financial statements and reports (balance sheet, income statement, cash flow report) that stand as a foundational aspects in assessing your financial performance.
Ensuring you to stay on top of them and easy evaluation of your financial health and earnings potential, our bookkeeping experts are at your service.
Running a weekly reporting is a successful hotelier way!
10. Insightful Advice on Business Health
Outsourcing your Bookkeeping will give you a great privilege to get an expert advice on your hotel business processes and operations, allowing you to work smarter, and stay profitable.
Our expert insights helps you stay ahead of the curve and many any upcoming hurdles.
Everything becomes easy, analyzing your overall business performance, setting budgets, and filing on time tax returns.
Let us handle your books, you run your business profitably!
11. Profit & Loss Report
Profit and Loss Report provided by our Nimble Property bookkeepers will give you a better understanding of your hotel’s financial position!
Based on it, you can come with cost cutting or adjustment strategies for better outcome.
Be it single or multiple properties, the total Income and Expenses incurred during a selected specific period of time will be displayed in the report.
12. Balance Sheet Analysis Report
For enabling a snapshot of your hotel’s financial position, Balance Sheet become imperative financial statement.
Nimble Property’s Bookkeeping experts generate balance sheets day wise, week wise, month wise or even year wise, as per your convenience.
Based on the time intervals you give, the balance sheet will be shared with you that illustrates your hotel’s assets, liabilities and equity.
13. General Ledger
‘General Ledger’ being considered one of the core thing within the Back-office Accounting segment, Nimble Property bookkeeping experts’ lets you access this report with ease.
It basically represents the record-keeping for your hotel’s financial data with credit and debit account records validated by a trial balance.
The general ledger report provided by Nimble Property holds your account information that is required to prepare hotel’s financial reports.
14. Journal Report Submission
Our bookkeepers crafts perfect journal reports and submit to you, that records all your financial transactions of hotel business.
These insightful reports are to be used for future reconciling and create financial statements for your business.
We take the challenge of preparing the Journal Report with utmost precision and accuracy.
15. Trial Balance update
Be it for your individual hotel or hotel chain, our bookkeeping experts can create and update you with ‘Trial Balance’ report.
It displays your chart of accounts and balances of the selected corporation for a chosen time period.
The Trial Balance report allows you to identify discrepancies in your hotel account totals, so you can
Rely on Nimble Property and get numbers accurately!
16. Bank Books
Handling your bank books of all your properties is made easy with Nimble Property’s Bookkeeping
The Banking Summary shared to you displays your current balances with the reconciliation status as and when required.
You can stay free from you receipts and payments, including bank deposits and withdrawals as our bookkeeping experts will take care of it.
17. Vendor Transactions
Hotel Bookkeeping Experts are trained well in tracking and managing your vendor transactions so as to help you strengthen vendor relationship.
Handling your multiple vendors is not an easy go. Starting from gathering the source documents to including cheque records, tracking deposit records to bank statements, bills to receipts for purchases.
Our record keepers will enter the information from the source documents into journals and accounts to perform end-of-period procedures and close the books.
If you’re interested to organize your hotel books in order? Nimble Property – Hotel Bookkeeping Services are for you!
We understand & identify your hotel’s accounting needs and deliver the promising results you are hoping to achieve.
For more info, visit us@ www.nimbleproperty.net
So clear and easy to bring it to action. Thanks….
Hiii Nice post
Good one. Thanks for sharing the info.
Impressive！Thanks for the post
Adhering to the best hotel bookkeeping practices.
There is no “one-shoe-fits-all” in Bookkeeping. Hoteliers need an outstanding partner to grow!
Handling books need diligence and tenacity. You brand looks commendable!!!
Really appreciate that’s coming from you in regards to hotel bookkeeping!
Great look at Hotel Bookkeeping!
Looking forward to read your future posts. Cheers!!!
Bookkeeping in hotels keep the business alive
Sure, you’re right!
Thanks for the run down!
I really appreciate this post thank you for sharing!
Good dose of Bookkeeping boost!
Hoteliers need to dip their toe into the bookkeeping flow of outsourcing. Results are commendable!!!
Admittedly bookkeeping isn’t always easy, especially if there’s several properties.
Hotel Bookkeeping Software / Services is at help.
Thanks for the nudge in bookkeeping.
Different perspective of Bookkeeping altogether. Thanks
Spent 2 minutes whole reading your article. It’s worth.
This blog is great check it out!
Thanks for the comment!
It’s connecting. Worth read for Hoteliers….
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