Imagine a hotel without accounting! Everything goes into a mess – Money and resources will be thrown out in all directions without knowing how much was spent, how much was left, or even where it went to. This wouldn’t be very sustainable situation in a hotel environment; you’ll face problem in
accommodating guests, your staff wouldn’t get salaries on time, guests might not get what they paid for, no improvements would take place, and money would just disappear. Do I sound good, no right?
This is where hotel management accounting comes in place. Before we delve into what accounting can do for an effective hotel management, let’s first understand what hotel accountants do.
Key responsibilities of accountants include:
- Producing an accurate set of month-end accounts
- Comparing profit to previous periods and forecasts
- Preparing budgets and business planning
- Financial statement and balance sheet production
- Generating cash flow statements
- Organizing financial records and preparing taxes
- Managing accounts payable & receivables
- General ledger reporting
- Reconciliation and auditing
- Analyzing revenues, commissions & expenses
All the aforementioned tasks become crucial for an effective financial and operational performance of your hotel. However, handling ‘em through the traditional method of ‘Excel way of Accounting’ might not only consume significant amount of time, but also there are major chances of leading to
errors.
A specialized accounting software created for the hospitality industry is what you’ll require to manage your hotel remarkably by helping your accounting staff keep track of day-to-day finances, as well as forecast for the future. Be it individual or hotel chain finances, starting from the general
ledger to accounts payable, financial statistics to forecasting statements can be managed with ease, just by integrating your PMS data into the consolidated system.
The computerized accounting system keeps all your hotels’ information organized in one place. Finding and accessing information on an accounting software program is much easier than the traditional method. Most likely, the system would yield the accounting information in a snap,
with less confusion and aggravation.
Out across the market, you’ll get to find a multitude of hotel accounting software options but what makes the difference and stands out to be the best is because of the Price, Intuitiveness and Excellence. Nimble Property, one such software emerged in the lineup from an inception of authentic accounting platform -Nimble Accounting. Exclusively tailor-made for hospitality industry, Nimble Property minimizes the administrative efforts and operational costs associated with your hotels. Our next-generation software empowers you with consolidated accounts, customizable reports, solves the complexity of manual entries while enabling unparalleled visibility into your business performance.
