Nimble Property is the most hassle-free cloud based Hotel Accounting Software tailored for the hospitality industry.
This best-in-class business solution enables effective financial and operational performance by supporting all facets of accounting in hotels. Since its inception, Nimble Property has been in the forefront of increasing hotels efficiency, while reducing the overheads of hoteliers, managers and accountants in handling numbers and operations.
Let us understanding whole hotel accounting concepts and how hotel accounting software works.
Hotel Accounting software and Its Scope
One such area of concern for many hotels is the trend of increasing accounting and bookkeeping costs. In order to keep up with this trend, it is important for hoteliers to be aware of the various services that are available to them which can help to reduce these costs.
Additionally, as more and more hotels move towards cloud-based accounting solutions, it is important for hoteliers to be aware of the benefits and drawbacks of such a transition.
Overall, it is important for hoteliers to be aware of the many different accounting trends and statistics which can have a significant impact on their business. By being proactive and understanding these trends, hoteliers can make well-informed decisions which will help them to reduce costs and improve their bottom line.
As the hotel industry becomes more competitive, guests are demanding that they receive strong value for their money.
As a result, hotels are in constant competition with each other to meet guest expectations while at the same time reducing costs. However, in order to reduce costs without having to impact their profits, hotels must be aware of how certain elements in their business affect their profitability.
While many people may look at accounts receivable and payroll as overhead expenses which contribute little to revenue generation, many other accounting components also have a significant effect on a hotel’s bottom line.
How Automation in Hotel accounting could help hoteliers?
When hotel bookkeeping and accounting is done manually, it can be very time consuming and prone to error. By automating the process with accounting software, you’re able to reduce the amount of time spent on bookkeeping, allowing you more time to focus on your business.
Accounting software also provides a level of security that cannot be achieved with manual bookkeeping. Financial data is stored in an offsite location, making it difficult for anyone without authorized access to view or change it. This keeps your financial information confidential and secure.
In conclusion, using hotel accounting software offers a number of benefits that can improve your bottom line. It eliminates human error, provides a competitive edge, increases staff productivity, and enhances financial stability.
If you’re looking for a way to improve your hotel’s financial standing, consider using accounting software.
Hotel accounting software is designed to help hoteliers manage their finances. It can track income and expenses, process payments, and generate reports.
There are several major benefits of using hotel accounting software. It eliminates the challenge of human error in manual record keeping. Booking errors can be easily identified with multiple confirmations automatically sent when business rules have been broken.
These benefits improve a property’s bottom line because overbooking won’t occur, a more competitive rate will be available since it can be changed instantly, and staff productivity will increase because they no longer have to manually type finances in spreadsheets. Hotel accounting software is a cash flow enhancer that can improve a property’s financial stability.
– Hotel Bookkeeping software eliminates the challenge of human error in manual record keeping.
– Bookkeeping errors can be easily identified with multiple confirmations automatically sent when business rules have been broken.
– These benefits improve a property’s bottom line because overbooking won’t occur, a more competitive rate will be available since it can be changed instantly, and staff productivity will increase because they no longer have to manually type finances in spreadsheets.
Hotel accounting software is a cash flow enhancer that can improve a property’s financial stability.
As we understood the concepts of hotel accounting, let us dive into hotel accounting software features and benefits of using it.
Features of hotel accounting software By Nimble
With a great collection of valuable hotel accounting features, nimble property’s simple and easy-to-use interface is very interactive & easily navigable.
The software maintenance & upgrades are included in the subscription, so you can stay free from the burden of bearing high maintenance costs.
Accounting & Bookkeeping services are fairly priced, if compared across the market and Nimble offers a strong commitment to deliver best quality in a timely manner.
Here at Nimble Property the team of experts provide a high level of truly proactive product support and assistance, ensuring users have an uninterrupted accounting journey.
QUICK & EASY SETUP
Nimble Property makes it easy to set up the software on your cloud or internal company server, besides providing hosted solution.
Unlike other accounting software, ‘Nimble Property’ stands as a unique and remarkable as it breaks hotel management blockages with its significant accounting features and impeccable functionality.
Most importantly, it helps you managing group of hotels’ accounting, all at one place on a single dashboard by leveraging integration and automation with Nimble Property.
Benefits of Using Hotel Accounting Software:
Daily Sales Automation: Reduce the overheads of your hotel managers by simplifying the daily sales tracking
Multi-Property Management: Consolidates all your Multi-property accounts at once place.
Bill Import/Approval: Automate your Accounts Payable process and streamline billing process.
Budget & Forecasting: Lets you do accurate budget & forecasting to make better decisions.
GSS & STR: Enables Guest Satisfaction Survey & STR Import to provide a detailed view on guest comments, feedback and competitor analysis.
Intuitive Dashboard: Generates day-to-day combined & independent reports of all your hotels, on a centralized dashboard.
Industry Standard Reporting: Let’s you access the most essential 60+ financial and operational reports to run your hotel smoothly.
Bank Reconciliation: Integrates with all financial institutions to letting you reconcile your bank books and download bank feeds.
Hotel Bookkeeping: Nimble Property even delivers significant bookkeeping services to reduce your valuable time and efforts.
Besides the above, Every hotelier must understanding few more important concepts like STR, GSS and Revpar, which could affect hotel profitability, occupancy and Guest satisfaction!
RevPAR Caluculation for hoteliers
Hotel RevPAR, also known as Revenue Per Available Room, is a Hotel performance metric that calculates the total revenue generated by a Hotel divided by the number of available rooms. The calculation takes into account room rate, occupancy and food and beverage sales. Hoteliers use Hotel RevPAR to measure Hotel performance and make decisions about pricing, marketing and operations.
The Hotel industry has undergone some significant changes in recent years, with the rise of online travel agencies (OTAs) and the sharing economy. As a result, Hotel RevPAR has become an increasingly important metric for Hoteliers to track. In order to compete in today’s market, Hotels need to maintain high Hotel RevPARs in order to cover costs and generate a profit.
The Hotel RevPAR metric can be used to compare the performance of different Hotels, as well as Hotel chains. It can also help Hoteliers identify areas where they need to make changes in order to improve Hotel performance. For example, if Hotel RevPAR is lower than expected, Hoteliers may need to adjust their pricing or marketing strategy. On the other hand, if Hotel RevPAR is higher than expected, Hoteliers may want to consider expanding their operations or adding more rooms.
Hotel RevPAR is an important metric for Hoteliers and should be tracked regularly in order to ensure that Hotel performance remains strong. By understanding the factors that impact Hotel RevPAR, Hoteliers can make the necessary changes to boost revenue and improve profitability. Hotel RevPAR is a Hotel performance metric that calculates the total revenue generated by a Hotel divided by the number of available rooms.
Guest satisfaction survey (GSS) in Hospitality
Hotel GSS is a customer satisfaction survey that helps hotels measure guest satisfaction levels and identify areas for improvement. The survey is typically conducted shortly after a guest’s stay, and guests are generally asked to rate their overall satisfaction with the hotel, as well as individual aspects of their stay such as the quality of the room, the service they received, and the food.
A Hotel GSS can be a valuable tool for hoteliers, as it allows them to measure guest satisfaction levels and identify areas for improvement. The survey is typically conducted shortly after a guest’s stay, and guests are generally asked to rate their overall satisfaction with the hotel, as well as individual aspects of their stay such as the quality of the room, the service they received, and the food.
The results of Hotel GSS can help hotels improve their guests’ experiences and boost loyalty among customers. Additionally, Hotel GSS can be used to compare a hotel’s performance with that of its competitors. Hoteliers who are interested in conducting a Hotel GSS review can seamlessly import their GSS data into nimble and preview their guests’ comments and feedback.
Smith Travel Report (STR) import and Review
Hoteliers rely on STR reviews to understand how their hotel is performing compared to the rest of the industry. The Smith Travel Report is compiled by STR, a data and analytics company that collects and analyzes data from hotels around the world. Hoteliers use this information to make decisions about their business, such as pricing and marketing strategies.
A recent STR review found that the average daily rate for hotels increased by 3.7% in 2017. This increase was largely due to strong performance in the upper-upscale and luxury segments. Hoteliers who want to stay ahead of the competition need to be aware of these trends and adjust their prices and services accordingly.
The STR report can also help hoteliers identify areas where they need to improve. Hotel managers and owners can use this to make specific business development plans that align with their power brands and ensure they’re offering a competitive product.
Many hoteliers monitor STR reports throughout the year to see how their occupancy, average rate, and RevPAR (revenue per available room) match up against industry averages. Hotel STR review is important because it allows them to adjust prices during peak months when demand exceeds supply or vice versa in slow months when demand falls below supply.
For the greatest Competitive & Comparison analysis, you may import STR data straight into Nimble. Consolidated dashboard allows you to compare your hotel’s performance in the market with that of its competitors. Room Occupancy Percentage, RevPAR – Revenue Per Available Rooms, and ADR – Average Per Daily Rate are some of the aspects that will be analyzed in detail on the dashboard.
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