In general, a hotelier needs a best-in-class housekeeping service with top-notch maintenance to keep his hotel clean and tidy.
Likewise, the streamlined bookkeeping is to be practiced to run the hotel smoothly.
Falling behind on hotel bookkeeping may cause growth fallout and cash flow breakdowns.
In this blog, we would make you understand on the importance of bookkeeping and accounting for a successful hotel business.
Also, we will take you through a walk-through on insights to stay on top of bookkeeping!
Bookkeeping in Hotel Industry
Hotel bookkeeping revolves around recording the daily sales, organizing the financial transactions, cleaning books, preparing night audit, monitoring financials health, and configuring income sheets.
It doesn’t end there! The accountants in a hotel handles their bookkeeping activities like creating data entries and mapping them to the right chart of accounts; involves most probably the accommodation, F & B (Food & Beverages), the housekeeping supplies, labor info, etc.
Why bookkeeping in a hotel really matter
As the business grows, its obvious that the portfolio witnesses increase of the books volume. And, no doubt the accuracy will matter when handling the hotel books related to multiple properties.
Due to the daily hustle-bustle, hoteliers miss an eye on keeping the books accurately and get busy in focusing on guests, managing the staff.
That’s where the finances become questionable, tracking items go forgotten and eventually plunge to face the taxation blues.
And, that results in a misfortune! So, all the hotel bookkeeping mistakes should be reigned. One cannot afford to make a small mistake in the process.
Keeping the hotel books streamlined
The best way is to go for outsourcing!
Customized bookkeeping service provider and hotel specific accounting software – ‘Nimble Property’ is one of the best in this lineup helping hoteliers, hotel managers and accountants in dealing with all the possible bookkeeping challenges being faced across the hotel industry.
Its not just about cleaning the books, Nimble also allows the users to create the accurate financial reports of their own. Besides the business health monitoring becomes an easy go on this platform.
The bookkeeping experts of Nimble are on-board to work efficiently within the quick turnaround time and provide industry standard reports which help hoteliers make better decisions to add value to their hotel business.
Benefits of Accounting/Bookkeeping with Nimble Property :
- Daily Sales & Night Audit Simplified
- Easy Income Sheet Configuration
- Accurate Budget & Forecasting
- Few Clicks STR & GSS Import
- Hotel Expenses Management
- Bank Accounts Reconciliation
- All Time Financial Reporting
- Business Health Insightful advice
Rely on Best Proven Hotel Bookkeeping Software/Services.
In the present day’s competitive world, we may find a breath of Bookkeeping Software for Hotels and CRO for bookkeeping. But, to succeed in the sector requires a custom-made hotel bookkeeping software and customized bookkeeping services. That’s when the DIFFERENCE is made!
Nimble Property is one the best buy in this range being offered at the most affordable price range and most of the hoteliers love it.
Its renowned to be precise on the customer’s understanding & identifies hotel portfolio’s accounting needs and significantly deliver the most promising results which they’re hoping to achieve.
Here’re are the reasons why hoteliers look up for Nimble Property – Hotel Bookkeeping/Accounting Software & Services
Managing Accounts Receivables – Daily Sales Tracking
When it come to bookkeeping side, the experts at Nimble Property will remove the complete burden off of hotel accountants’ shoulders, which involves in tracking the hotel daily sales.
Even the general mangers work become easier, as the fetching info of accounts receivables is handled by experts on a regular basis.
The info starts comprising of entire hotel revenue details to reservation info and room occupancy to the daily profits.
Coming to the Hotel Accounting Software front, it leverages the automation and integrates with the hotel’s front-office PMS. By which, automatically all the hotel’s daily sales, room statistics, booking info and receivables data will be bring into the system within no time.
All that needs to be done is to access the reports generated and compare them with the daily sales report for easy approval – On The Go.
Accounts Payable – Auto Vendor Payments, Miscellaneous & Bills
Bookkeeping when outsourced the payable processing speeds up and everything falls in to place to track. All the headaches of getting lost in bills go away!
OCR Scanning enabled system seamlessly coverts all the physical invoice copies of vendors into bill entries, which simplifies the staff work.
Besides, the Hotel Accounting Software do serve the purpose well by improvising the entire Accounts Payable Processing.
Portfolio’s End-to-End Accounting
Hoteliers with multi-properties find difficulty in keeping a tab on the entire portfolio. Bookkeeping experts and accounting software of Nimble helps in managing the hotel chain efficiently.
Seamless generation of combined accounting reports and financial statements include Profit & Loss (Income Statement), Balance Sheets to Inter-company transactions and ICFA Ledger, etc.
By, which you all the hotel happenings are in sync across all multi-property franchises.
Besides the multi-property module in Nimble’s Hotel Bookkeeping Software is yet another highlight. Be it a hotelier or an accountant, the combined inter-company reports are generated at fingertips.
One can have a consolidated glance at the hotel chain, which lets the hotelier compare one property with the other by keeping side-by-side, on an intuitive dashboard.
Bank Reconciliation & Transaction Activities
Bookkeepers at Nimble Property are proven to the best in helping hoteliers keep all their banks and account balances in sync.
Experts keep them posted on all cleared or uncleared transactions’ summary and banking activities across all their hotels.
Reconciling the accounts are done accurately so all the possible mismatches are avoided and surprising hits to accounts are evaded.
Additionally, the Nimble as a Hotel Accounting Software lets you reconcile your bank accounts and get feeds on a regular basis. So you stay up-to-date on your banking activities.
Dedicated ‘CRO’ Bookkeeping Expert
For the daily interaction and regular updates, Nimble Property allocates an exclusive CRO dedicated. So that, the hotelier will stay connected with his/her hotel happenings and have bookkeeping interactions in an uninterrupted manner.
Just beyond being an accountant, the CRO/Bookkeeping Expert gives a strategic financial business advice on the health, so hoteliers make informed business decisions.
Reconciliation of Merchant Account
Hotel Bookkeeping Services of Nimble Property even covers the Merchant account reconciliation so as to help hoteliers in identifying any ongoing discrepancies or upcoming errors in the data entry.
Besides they thoroughly check and ensure all the hotel sales are reflected accurately in hotelier’s merchant statements and the right funds are in the bank.
Altogether avoids any unwanted expenses, excess fees and revenue loss!
Hotel Budget and Forecasting
Nimble as a trusted hotel bookkeeping software & service provider is a strategic adviser if anyone is looking for a support in making accurate budget and forecasting.
Relying on manual projection, estimation and planning, Its better to do the practice with the help of software or a service provide to seek precision and utmost accuracy, which improves hotel well being.
The operational budgets can be created department-wise and the forecast report can be generated with ease for the upcoming future with insightful statistics.
By which,the budgets are aligned and financial projections see improvement!
GSS & STR Review by Import
Its easy to import GSS & STR data into Nimble and get a consolidated view on the guest comments and analyze competitor performance.
It becomes easy for hoteliers to review and work around their targets to improve guest satisfactions and flawlessly outperform their competitors.
To assess financial performance better, the main key is to access the required reports and statements. Including balance sheet, income statement, trial balance, cash flow, general ledger and journal reports.
Nimble Bookkeeping Software is easy accessible to create weekly, monthly or yearly reports, which helps in evaluating hotel portfolio’s financial health and earning potential.
80+ Hotel Industry Specific Reports in the Nimble’s Hotel Bookkeeping Software are the main reason why hoteliers chose it as an accounting & bookkeeping partner.
Books in order reap HIGHER business GROWTH opportunities.
More info@ Nimbleproperty
The contents are masterwork. you have done a wonderful activity in this subject!
Definitely believe that which you stated on Hotel Bookkeeping.
You managed to hit the nail upon the top and defined out the whole thing without having side effect, hoteliers could take a signal.
Will likely be back to get more. Thanks
Hello! I’ve been following your website for a while now
and finally got the bravery to go ahead and give you a shout out
from Humble Texas! Just wanted to mention keep up
the fantastic work!
Thanks alot. Sure, will do!!!
Wow that was odd. I just wrote an really long comment but after I clicked submit my comment didn’t show up.
Grrrr… well I’m not writing all that over again. Anyways, just wanted
to say superb blog!
Sorry that it didn’t shown up. Thanks anyways. Keep reading.
This is very informative and interesting for those who are in Hospitality world.
Thank you Mr. Manish!
This content is steller! You definitely know how to keep a reader amused.
I really loved what you had to say, and more than that, how you presented it.
Very nice post. I absolutely appreciate this
website. Keep writing!
I am studying in hotel accounting. This is very informative and I learn a lot from this post. Could you please let me know your big customers/hoteliers for my reference.
Many Thanks and will be follower of your website , hopefully we will become a partner in future.
Thank you, keep visiting our blog to stay updated on Hotel accounting & bookkeeping strategic approach, along with Industry related news, and resources. All the best for your accounting career!!
Bookkeeping is essential for every service-based industry either large or small. Being as an accounting outsourcing firm, we understand how hotel bookkeeping works and its importance.
Glad that our blog has helped you see the light on Hotel Bookkeeping. Stay connected for more! 🙂
Every business need to have bookkeeping, you have made it very clear with this blog. Loved reading it
Thank you very much Gena Sanford!
Please stay connected for more blogs and updated 🙂
Thanks for sharing an inspiring information. I totally agree that Bookkeeping is one of the essential part of every business. Keep posting this kind of great stuff.
Thank you, keep visiting our blog to stay updated on Hotel bookkeeping strategic approach, along with Industry related news, and resources.
Thanks for sharing a knowledgeable article. I hope the information will be really useful for all the small business owners.
You’re welcome! Subscribe to our blogs and stay in touch to explore even more interesting content on bookkeeping for hotels. Thank you