Evidently on a daily-basis hotel managers and accountants confront numerous of hotel accounting challenges.
Working with a number hotels for few years now has revealed us insights on what they encounter on a regular basis.
We often hear from hoteliers that their staff got stuck due to the misplaced finances and accounting pitfalls.
After a keen observation of all the possible gaps, it struck a chord within us to list few of them from which we compiled, along with the solutions facilitated to overcome challenges.
Let’s start off and dive into the details!
Hopefully, this read could help hoteliers in directing their staff to confront hotel business accounting challenges with a focused approach.
Managing ‘DAILY SALES’
During the time of audit, it becomes complex for hotel managers to manually enter and track the daily sales as its time-taking and efforts-consuming.
Likewise for accountants, once after the audit is complete – It becomes intimidating to track a bunch of accounts and approve them manually.
In this situation, relying on a traditional hotel accounting procedures will cause a big loss!
We’re living in the world of ‘Automation’ and gone are the days of excel. To manage everything streamlined and live up to the desired expectations Hotel Bookkeeping Software stands a groundbreaking helpful resource.
With the means of it hotel managers and accountants can simplify the daily sales entry, while having a hawk-eye view on all portfolio’s daily sales at one place.
Leveraging the PMS integration and accounting automation, the Hospitality Accounting Software will fetch the booking info, account receivables, room statistics and other needful info.
Within no time, the entire daily sales entry and approval process become easy.
Facing surprising ‘TAX PENALTIES’
Keeping the books of accounts up-to-date is a mundane task for many, by which the taxation blues become common during the season.
In the quest of ensuring 100% satisfaction to guests, hoteliers and staff miss an eye on compiling accurate books. Unfortunately that’s what causes nightmare.
Every in-and-out of the transactions are to be recorded to stay on top the payables and receivables.
Creating entries and mapping them to the right chart of accounts like food & beverages, hotel accommodations, housekeeping supplies and more.
That’s a lot and trusting an individual CPA or an unorganized accounting system will be the biggest mistake to make.
Accuracy matters! Managing AR and AP with utmost accuracy is an imperative thing or else it may burn a hole during the time of audit. Hence, it’s better to opt for the best Hotel Bookkeeping Software.
Arresting ‘REVENUE LEAKS’
It’s yet another frustrating thing for a hotelier which is often highlighted.
When the revenue loss is unnoticed, the impact on hotel growth deepens. It’s unpredictable to track hand-operating on both expenses side or revenue front.
Poorly run payables processing may cause problems for hoteliers and plunge them to overpay their vendors.
Automating the billing makes it a freeze.
The best Hotel Accounting Software empowers the hoteliers by enabling the OCR Upload with one time configuration.
By which, the accountants can seamlessly scan the vendor invoices and approve them later – With ease!
Besides this to arrest revenue leakages, Hoteliers must always stay connected with the upcoming receivables and get paid on time.
Embracing automation in payables and managing receivables efficiently will put an end to the revenue leaks.
Staying in ‘SYNC with ‘BANKS’
If the hotel portfolio comprises of multiple properties, it becomes an overwhelming problem to stay connected with all bank accounts.
Mismatches may arise, accounting prone to errors, odd transactions go unrecognized and reconciliation becomes miserable.
On a regular basis, one must be able to compare the records against the bank statements. However, this can’t be done manually and it’s one of the major pitfall hoteliers bump into when they decide to make business decisions.
Even the accountants may fail in bringing all together due to the dependency of excel sheets and complex record maintaining routine.
Making a move to an accounting software designed for the hotel industry will help the user to stay in sync with all bank accounts, reconcile them and get bank feeds as or when required ‘On-the-Go’
Centralizing ‘The DATA’
Most hoteliers access an array of data sources to gather PMS data, STR reports, GSS Surveys, Comments and the financial data of multiple properties.
With an overwhelming excess amount of data, it becomes difficult to analyze and decipher the insights.
Business Intelligence enabled Hospitality Accounting Software consolidates everything and improves the data analysis, visualization for better hotel operational efficiency.
Challenges doesn’t end here! There could be even more possible challenges hoteliers, managers and accountants may face in the journey of Hotel Business, for which the best Hotel Accounting Software can be a fight back.
The global travel industry has continues to grow and there’s no sign of slowing down so hotels need to incorporate top-notch accounting partners to sustain the dramatic change, streamline operations and optimizing the portfolio growth.