Every successful hotelier in the hospitality world continually stress the importance of keeping financial records accurate. Thus, accounting undeniably becomes one of the most important process which needs to be done on a regular basis.
However, the downside of Accounting is – It comes with various challenges encircled and it’s not an easy go. The responsibility of staying accountable even more increases as your business grows, and you may have other tasks like serving guests that seems even more important.
Adopting modernized Hotel Accounting Software solution can help you deal with keeping accurate finance records of your hotels, letting you work more effectively with business performance insights.
But, here the issue is not all software solutions are efficient and hotel specific. In fact, it’s being claimed often that some of ‘em bring the productivity down and reduce overall results.
In simple words, not all Hotel Back Office Accounting Software are created equal. Here’s how you can recognize it if your solution is causing hindrance to your work.
One of the most obvious sign showing if your system is outdated is red flag being frequently raised through slow performance. An unstable back office hotel accounting software fails to harness the technology and creates gaps in tackling accounting activities automatically.
It’s time to move away from your software, if it often keeps freezing and causing difficultly to work unless or until you restart it all over again.
For a quite damaging fact, that lot of systems are not crafted well and poorly designed, they create issues once they are installed. Find the perfect accounting & bookkeeping partner that addresses all your needs!
Plunge to Make Manual Reports
It’s very surprising to see that many hotels don’t use hotel accounting software for creating reports and the reason is so mournful. Many hospitality industry software doesn’t allow accountants, managers and hoteliers to generate reports. Even if some allow, they are much complicated as the report-generation functionalities are designed poorly.
Be it for a single hotel or a chain, the system must have the ability to track all the data relevantly, consolidate everything in few clicks and provide financial activity overview very quick.
Missing on such functionality will plunge inaccuracy in results. Every if you get exasperate with the existing system and do work manually, then it becomes counterproductive for your hotel business.
Experiencing Loss of Money
Cash flow is very essential aspect to run your business and accounting woes may hamper the whole thing and cause loss of money. Getting paid shouldn’t be really hard and even your payments processing has to be really fast.
Never has to be a panic situation your vendors asking you, “Hey! Do we own you any money?”
If your Hotel Accounting Software has the capability of alerting you on your pending receipts and payables, life becomes really easy. Automating your bill payments and approvals helps you avoid leaks and big chunk of loses on the longer run.
Have an accounting partner that can seamlessly track and manage your expenses,
before turning them actually into cash flow nightmares.
Your Growth Becomes Hard
If your hotel business reaches to a stage where it needs an expansion, new location opening or to build more team, you should never lack of financial records or else it becomes difficult.
Without having a financial history and strategic budget & forecasting features enabled in your accounting system, your business growth gets really hard.
The profit & loss statements for the last few years has to be retrieved whenever needed. If you miss these basic functionalities in your accounting, emphatically the possibilities for your business expansion eventually falls down to be complex.
Time Wastage & Faulty Information
The perfect Back Office Hotel Accounting Software should make your whole accounting and related process easier. Consequently, operations must become fast and operational efficiency has to be ensured, by which the time wastage reduces.
If your accounting system chosen is erratic in terms of shutting down, having technical or malfunctioning issues, everything turns into clutter and you may end up having partial or faulty information, which ultimately lead to big issues throughout your hotelier journey.
On the top of it, you accountants and managers could waste lot of time in trying to perform simple tasks like audit, approving chart of accounts and generating sales reports etc.
If all the aforesaid cases are in your accounting routine, then your software needs to be replaced and upgraded with a tailored hotel-specific software like Nimble Property.
Recognizing if your software is outdated or not meeting the current standards, you make a switch to a modern, cloud-based solution like ‘Nimble’ and improve your financial performance & furthermore get rid of all the issues related to accounting.