For hotels, the accounting is an obligation and it must be considered as an investment but not an expense, that’s how the profitability increase can be seen.
As we all know, the hotel industry is thriving in its business expansion even when other industries are actually slowing down. In this position, it’s highly rewarding to run a hotel, but often exhausting for hoteliers and managers.
Because, there should be a balance maintained between handling all the financial activities and the daily administration of providing satisfied customer service, as guests expect best from them.
Keep Yourself Accountable. SUCCESS will follow
Like many, you may be deliberate about bringing an accounting software on board, thinking that your accountants does everything for you. But, accounting is not just about getting the entries done – It’s much more than that and a Hotel Accounting Software can really help and act as a boon for accountants!
All you have to do is to be accountable for every financial activity across your properties, which will unveil the freedom of success.
Here, in this blog we’ll try to list down all the imperative financial & operational aspects, for which you need to be accountable for.
What happens when your accountants miss an eye on checks to be printed? It results in poor financial reporting!
Even to run hotel operations smooth, you or your accountants must stay connected with the recurring dues, journals/bills/sales to be approved and get an overview on your hotel chain banking summary.
An accounting solution that has the capability to leverage automation and integration makes all this activities an easy go.
“If you can’t measure it, you can’t improve it”
Like the old saying, if you are serious about improving your business results – Start tracking hotel performance metrics!
Gain the in-depth visibility into all your properties’ happenings, so identify WHERE the most Impactful improvements are needed.
Desired as per the specific period, if you can retrieve the daily sales data related to Occupancy %, Rooms Sold, ADR (Average Daily Rate), RevPar (Revenue Per Available Room), Room Revenue and Total Revenue, you’ll dramatically improve your business performance. Back Office Hotel Accounting Software is what you’ve to look for here!
Stressed about controlling revenue leaks? Stay in control of your department-wise expenses!
Accounting Software designed for Hotels empowers you by giving a consolidated view on revenue, income and expenses analysis across all your hotel chain, at one place.
If you can drill down deep into the income statements, it becomes easy for analyze everything accurately and keep the revenue leakage in control.
BUDGET & FORECAST
Budget & Forecasting practice in Hotel Accounting lets you plan for capital expenditures of your various departments by forecasting the current budgets.
But how you do it really matters!
The Hotel Bookkeeping Software with Budget & Forecasting module makes your work easy in preparing the next year budgets, based on the current year’s demand and estimation. So, you can operate your hotel or hotel chain more efficiently.
PROFIT & LOSS
Thinking about analyzing your hotel financial status? Have a Profit & Loss check!
It gives you a better financial transparency, by showing the hotel’s revenue and expenses for a particular time period, typically either month or over a year.
Logging into various accounts to gather the profit and loss information of your properties create a big time hassle for you or your accountants.
When you have a single screen access to the entire P & L overview on all your properties at one place, it evades the uphill battle. For this sort of insight, Hotel Accounting Software comes into picture!
Not getting paid on time? Its no-brainer – Your Accounts Receivables process has to be blamed!
The risk level of not getting paid increases when you stay loose on Accounts Receivables and miss on aging info.
Keeping a manual tab on it is like a never ending story. A comprehensive hotel accounting system keeps you alert on the aging info of your receivables, you or your accounting department can act quickly on raising the invoices to the vendors.
This is how successful hoteliers manage to get paid on-time.
Improving Vendor Relationship in your mind? Keep a tab on your Accounts Payables!
Process your vendor bills and issuing the timely payments, never let your pending payables impede you to sustain healthy relationship with your vendor.
However, when you properties are numerous then it’s obvious to get your vendor bills misplaced. How about automation in your Payables processing? An Automated Hotel Accounting software enables the one-time OCR scanning letting your hundreds of vendor bills converted into invoices within minutes, saving your administration department loads of time and efforts. So, lookout for it!
STR & GSS
Know your competition & keep in touch with GSS surveys.
When you are a hotel chain owner, it becomes a daunting task to switch between multiple properties and check for the individual STR info, including Competitive Set & Market Penetration Index (MPI), related to the Occupancy Percentage, ADR and RevPAR.
One-stop accounting solution gives you a sigh of relief by handling this situation, all you got to do is to import the STR data and everything works like wonder. All your properties’ info is gets on one screen!
Even when it comes to GSS surveys, a reliable accounting partner must let you import GSS info and give you consolidate multi-property view on information, including key drivers, benchmarking, favorable/neutral/adverse comments, everything with a single-screen access.
In our present lifetimes, we are witnessing the technology transformation and acceleration in almost every industry that touches.
When it comes to the Hotel Industry, it comes in the first hand as many started using digital tools to optimize manual processes and going paperless.
Likewise in Hotel Accounting vertical, the technology continuing to advance and automating numerous functions.
It’s not about human-less accounting, but human-with accounting, so investing in an accounting solutions will empower the accountants, hotel owners and managers to reduce the manual data entry, improve speed, accuracy and data quality.
Hoteliers who embrace these technology shifts will advance their administration department roles as value-added and reliable ones – rather than ‘bean counters’ and ‘number crunchers’
Read the Blog on ‘Top 9 Benefits of using Hotel Accounting Software‘ to grab more info!
Very informative post.
Useful post for Hotel Managers & Accountants….