Of the several innovations that emerged over the years, hotel accounting software evolved to the forefront with several basic and advanced features to optimize resources to scale business seamlessly. Although there are several legacy software solutions prevailing in the market, Nimble Property offers some of the most advanced features for hoteliers. Key features among them include complete automation of bills to track account payables and receivables, cloud-based accounting solutions, and an advanced accounts tracking system to generate reports, invoices, bank feeds, balance sheets, and more.
Tracking Financial Information
Nimble accounting software is a back-office service provider for hoteliers. It tracks the daily sales gained and expenses the hotelier incurred each day. It is versatile in supporting full, limited, and select services the hoteliers offer.
Nimble Hotel Accounting Software tracks revenue the hoteliers earn from room booking charges, banquet halls, bars & restaurants. Similarly, the software also tracks bills or payments made for buying raw materials, and utilities like linens, soaps, and shampoos. It is also possible to track payments made toward employee salaries, and vendor or supplier bills. Employees’ salaries form a huge chunk of expenses because hotels maintain several departments like front-desk operators, housekeeping, chefs, and laundry. The software tracks all transactions automatically to calculate profits. Nimble Property accounting software also tracks and segregates the mode of payments, or various forms the hoteliers receive money in the form of cash, cheques, or online transactions.
Integrating your hotel PMS with Nimble Accounting software helps hoteliers to generate various reports regularly and periodically. While the management likes to generate various financial reports like daily sales reports, the accountant or the finance department likes to check whether the entries are maintained in books and ledgers to generate balance sheets to file information to various agencies, including the government. By integrating their PMS with the Cloud-Based Hotel Accounting Software, hoteliers generate night audit reports when the day closes from their PMS to generate daily sales reports.
Track, Compare, and Forecast
By tracking income and expenses, hoteliers can generate daily sales. By doing so, they can assess the property performance for a given day or month. They can even compare, weekly, monthly, or annual sales by automating their hotel accounts. Periodical performance assessment of property helps hoteliers to plan and forecast budgets.
Default and Customized Reports
While it is sufficient for a limited-service provider to track the advances they collect from the customers and room charges they receive, a full-service provider may like to customize the types of reports to include or exclude the services they offer. Nimble accounting software offers customized reports to meet the client’s needs. A hotelier who offers full services including restaurants, gift shops, and bars can customize reports based on the services they offer.
Build corporations and portfolios.
Hoteliers can seamlessly build their individual properties or portfolios with the Nimble Accounting Software. Hoteliers who own motels, resorts, and restaurants can build their portfolios as a single entity to manage them all using Nimble Account’s Multi-property management feature. With one single account login, hoteliers can manage multiple properties in one go. A hotelier owning 50 or 100 full or limited-service properties located across the region can track the financial performance of all these properties in one go. This user-friendly software helps hoteliers to follow simple methods to construct their entities, where they enter the hotel names and select the region, location, brand names, PMS details, etc., where the hoteliers can build their corporations virtually to track and manage their real-time performance.
DBA and Legal Name
Generally, hoteliers register their property with a name and operate it with different brand or local names. Although both are names, legal names are used for the sake of filing taxes and operating bank accounts. DBA names are the brand names used to operate the business locally. Hoteliers can enter these details into Nimble Accounting software to build their virtual entities.
Operating vs. Non-Operating Property
Hoteliers can create entities of both operating and non-operating properties with the help of Nimble accounting software. While operating properties consist of tracking both the income and expenditure details, non-operating properties are confined to limited options for tracking expenses, where no sales are involved, such as properties under construction.
Maintains Contact Information
Hoteliers can enter their contact addresses, including the registered name of the property, email IDs, telephone numbers, names, and addresses of the property owner to print cheques automatically and to generate bills and reports with official names and addresses.
Advanced Accounting and Bookkeeping Features
While most legacy systems confine to basic accounting and bookkeeping activities, Nimble property. The best Hotel Bookkeeping Services USA offers a visually rich dashboard, which offers a quick overview of the performance of multiple properties and portfolios. By selecting the name of your corporation, you can view the entire list of properties you own.
Create a Chart of Accounts
Nimble Accounting software offers a default chart of accounts as per the USALI standards, which allows hoteliers to configure various charts of accounts for income, expenditure, assets, and liabilities. There are two important charts of accounts for the hoteliers; one to state their profit and loss and the other to track even their liabilities and assets. While hoteliers can track their income, expenditure, and profit information by configuring a profit and loss chart of accounts, one on the balance sheet tracks all the elements, including income, expenditure, profit, loss, assets they acquired in a particular calendar year, and liabilities they hold. Hoteliers can choose to customize a chart of accounts depending on their basic and advanced business needs.
Nimble Accounting Software allows hoteliers to track account payables, receivables, liabilities, profit or loss they incur every day and assess the property performance regularly. Hotel owners can manage multiple full or limited-service properties across the length and breadth of the region within the USA. Hoteliers can build their multi-property identities virtually. They can generate daily sales reports to forecast budgets and track property performance. Keeping an eye on the income and expenditure helps hoteliers to make interventions at the right time to avoid loss.
To learn more about the top accounting software for the hospitality industry, reach us for a free demo at https://nimbleproperty.net/.