Oftentimes, hotel management companies experience fluctuation in balancing their large number of properties across hotels and portfolios. This is the situation with Navika Capital Group, a hospitality enterprise based in Uniondale, New York with properties laid across the U.S. and globally.
Since its inception in 2005, it has scored highest possible returns, experienced property growth but also attrition on the other side. So far, Navika estimates it has been involved with 38 Full and Limited Service Hotels, while developing alliances with hotel management companies.
However, as the company’s property mix shifted more towards office buildings, shopping complexes and recreational assets, Navika found it very essential to have a strong partner to handle its hospitality growth portfolio. Basically, it required more organized and centralized accounting services to support hotelier ownership’s reporting for all his/her properties.
Chintan Shah, the company’s Chief Financial Officer, and his staff needed proficient accounting services that offer full range of tailored financial solutions through on-demand. Having used Nimble Property’s Accounting Platform for Navika’s accounting and financial analysis for more than couple of years, Chintan and his team found that they made the right choice.
“Nimble Property has provided our enterprise-wide accounting software for the portfolio and we found it as a cost-effective and centralized model, which worked really well for our financial management needs,” Chintan said. By specialized and exclusive offerings in hotel accounting, Nimble has access to top-tier software services and talent in the hospitality industry. Nimble’s Professional Accounting Services source, customization and maintenance of software, team of on-demand CPAs, and hotel industry veterans hold decades of hotel accounting experience provided us comprehensive handling and management of our full accounting cycle.
When Navika’s portfolio expands or reduces, Nimble minimizes disruption by scaling accounting and bookkeeping services as needed, allowed Navika Capital to spend less time on tracking finances, administration and more productive time on the big-picture initiatives related to guest services.
Nimble Property’s skillful accounting and hotel bookkeeping services also offers a full range of customized financial solutions for Navika, including bank reconciliations and automation of accounts payable, daily sales and complete full-service accounting.
“We’ve found partnership with Nimble Property’s Professional Accounting Software, our ability to flex with our contraction or expansion has become much easier when compared to having and relying on our in-house staff handling of our accounting data themselves,” Chintan said.
Navika Capital Group has been using Nimble Property’s Professional Services for nearly two years, and Chintan and his team is really pleased with the results.
“From a strategic level, we’re able to save 25-305% off our total accounting costs across all hotels where we use Nimble,” Chintan said. “The fact that we’re able to save money while providing a greater insights into our business performance, which is a huge benefit to the owners in making better decisions.”
From closing books to preparing accurate financial statements and managing hotel account reconciliations, Nimble Property’s Professional Accounting Services offered Navika Capital a professional and flexible approach to its accounting analysis.
With Nimble Property’s PMS mapping, Navika Capital can now access a centralized daily sales data, which automatically combines their hotel’s financial, historical forecasts and statistical data from each property consolidated on one platform.
“With our old accounting structure, it was a trade-off between data integrity & scale of reporting if we wanted to report out on a single property – It was basically like we had to pick our poison,” Chintan said.
“With Nimble Property, that sort of trade-off does not exist. Altogether we can report out on 1 or various properties, and good thing is our data integrity isn’t sacrificed even the slightest.”
Thanks to Nimble Property, Navika Capital increased its overall efficiency, while the financial reporting is streamlined, enabling them to save valuable time, reduce overhead costs and making more informed and better business decisions utilizing accurate and timely financial data.
By partnering with top hospitality industry providers, Nimble Property can further optimize their operations and guest experience, while helping them save time as well as money during the process.
Looks promising? Schedule a demo and know how Nimble Property streamlines all your financial activities and accounting functions. Say goodbye to the clutter, everything stays now aligned to your requirement at one place.
Trusted by 200+ Renowned Brands, Big Players with 800+ Satisfied Properties, Nimble carries the legacy of helping hoteliers, managers and accountants handle all facets of their accounting, while saving great amount of time, money and manual efforts.
Nimble is proven to be the best accounting partner and supports many of the hotel industry’s significant brands, including Navika Capital Group, Kalthia Group Hotels, Premier Hotel Group, SSN Hotels and many other to handle their accounting and books. Since inception in 2012, Nimble Property is striving successfully and making difference in the accounting arena, being Headquartered in Hauppauge, New York.