A person waiting in the hotel lobby is very eager much eager to continue with the check-in process. But, sometimes the process takes more time than usual time, and this is due to the faulty selection of the Hotel Accounting System and Property Management System, which hinders the process. The hotel industry deals with offering the best experience to guests. It can be fulfilled only when they offer flawless service.
The hotel accounting is a complex procedure, it integrates with several other services. And all the transactions should be recorded impeccably to manage accounts. At the same time, all the business transactions must be reconciled to exactly match the bank records.
For greater transparency, Nimble Property is the best option, as all the transactions of the day, get recorded and reconciled with banks feed as well. All the manual errors possible are cleared without any doubt. To learn how the process works, we must discuss the aspects of hotel accounting which comprises, accounts of payables, receivables, daily sales, financial reports, and more.
In the reconciliation process, the automation matches the exact bank transaction with the recorded transactions in the business.
Reconciliation Process – Nimble Property
In traditional Hotel Accounting Software, the reconciliation processes are scheduled at the convenience of business practices. There are no regular audits for the transactions. It is more certain in the existing process. This is also safe and transparent. But with this practice, the error that occurred in the first week of the month will be noticed at the month’s end. Again, this process takes you back to initial transactions and is a time-consuming process. With the recent development of the Nimble Property’s bank feed automation, the challenge of reconciliation is no longer troublesome.
Auto Reconciliation Process
Nimble Property’s Bank Feed interface provides matchless results to hoteliers who believe in transforming traditional to advanced automation practices. Nimble has collaborated with the leading bank aggregators Plaid, Yodlee, FINICITY, or MX. This feature offers great flexibility to the clients. Its Bank feeds interface connects with Plaid, Yodlee, FINICITY, or MX. Sync bank and credit card transactions daily, effortlessly categorize the type of transaction, and match it with the actual bank records.
Our AI-powered system auto-reconciles Credit card deposits, Cash, and Checks from Property Management Systems, with 4-way reconciliation including Open bills, Payments, receipts matching, and custom rules. Our user-friendly interface ensures ease of navigation for all users. Simplify your financial processes with Nimble Software.
Benefits of Bank Reconciliation to a Hotelier
Certainly! Let’s delve deeper into the benefits of Nimble Property’s Bank Feeds feature for hoteliers:
1. Nimble Property saves hotels and their employees an enormous amount of time by automatically synchronizing all of their bank and credit card transactions. Staff members may devote more time and energy to higher-level, more strategic endeavors like improving operations, increasing marketing efforts, or making guests happier, rather than manually entering transaction data.
2. The process of manually entering data is susceptible to errors, which may result in inconsistencies within financial records and potentially expensive errors. The implementation of automated transaction synchronization and categorization processes substantially diminishes the probability of errors, thereby enhancing the precision of financial reporting and decision-making.
3. Enhanced Cash Flow Management: Hoteliers can obtain more precise insights into their cash flow in real-time through the provision of daily updates on credit card and bank transactions. This enables individuals to enhance their decision-making process concerning revenue allocation, expenditures, and comprehensive financial planning.
4. The Bank Feeds feature of Nimble Property provides enhanced reconciliation capabilities, such as the ability to perform four-way reconciliation. This enables the Property Management System to automatically reconcile credit card deposits, cash transactions, and checks with open invoices, payments, corresponding receipts, and custom rules. This ensures the accuracy and currency of all financial records and streamlines the reconciliation process.
5. Nimble Property has established collaborations with prominent bank aggregators, including Plaid, Yodlee, FINICITY, and MX, thereby allowing clients to select from a variety of flexible integration alternatives. With Nimble Property’s Bank Feeds feature, hoteliers can conveniently transfer providers in the future or maintain a preference for a specific aggregator.
6. Nimble Property’s software features a user-friendly interface that guarantees effortless navigation for users of all proficiency levels, excluding those with limited technical knowledge. This feature enables hoteliers and their staff to efficiently utilize the complete functionalities of the Bank Feeds function, eliminating the need for extensive training or support.
7. In general, the Bank Feeds feature of Nimble Property streamlines the financial procedures for hoteliers, enabling them to concentrate on delivering outstanding visitor experiences and expanding their enterprises. Through the provision of sophisticated reconciliation tools and the automation of repetitive tasks, Nimble Property enables hoteliers to attain enhanced levels of efficiency and profitability.
Conclusion: Nimble Property’s Banks Feed is the most advanced process. The reconciliation process itself is automated, as the technology automatically reconciles all the transactions from the property management system. By embracing a nimble hotel accounting system any business can simplify the accounting process.
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