Managing just one hotel is hard. Overseeing the finances of several hotel establishments? That adds a new degree of intricacy. One of the largest challenges for franchise operators, hotel groups, and portfolio owners is consolidated financial visibility and management.
Multi-property hotel operators can no longer afford to rely on fragmented spreadsheets or walled software as the hospitality sector grows more data-driven and competitive. They require a single dashboard that provides real-time financial data for all their properties, as well as a unified bookkeeping system.
This blog will discuss the shortcomings of standard accounting techniques for multi-property hotel companies, the groundbreaking consequences of centralized dashboards, and how cutting-edge solutions like Nimble Property provide an innovative alternative specifically designed for the hospitality industry.
The Increasing Intricacy of Bookkeeping for Multi-Property Hotels
1. Various Books
With its own set of ledgers, revenue streams, payrolls, vendors, and tax responsibilities, each hotel property frequently functions as an independent business. The amount of financial data in your portfolio increases along with it, making manual consolidation a nightmare.
Finally, you ask:
- Was the month-end P&L for Property A closed on schedule?
- Is Property B cost us too much?
- Did Property C’s vendor payments clear?
- How can I compare all my portfolio’s side by side?
Decision-making lags, mistakes occur, and performance insights are obscured by spreadsheets in the absence of a cohesive perspective.
2. Undependable Accounting Procedures
It is possible to use distinct attributes in distinct ways:
- Chart of accounts
- Revenue recognition practices
- Payment approval workflows
- Reporting formats
This discrepancy results in convoluted consolidation procedures and dubious audit trails. Hotel organizations lose control over their financial integrity when bookkeeping is not standardized.
3. Missed Opportunities Due to Limited Visibility
Imagine having instant comparison capabilities:
The ratios of occupancy to revenue
- Vendor pricing for various assets.
- Utility expenditures across regions.
- Labor costs as a percentage of revenue
Without a centralized dashboard, it is impossible to track these insights effectively. Instead of proactively improving performance, you’re always in reactive mode, addressing problems after they arise.
The One-Dashboard Accounting Solution
Consolidating all accounting and financial data into a single source of truth that is updated in real-time, accessible from any location, and customized to meet hospitality demands is what the “One Dashboard” solution concept entails.
Let’s examine the main benefits that multi-property hotel owners can expect from this type of system:
1. A Common Chart of Accounts for Every Property
Owners can create and implement a uniform chart of accounts for all properties using a centralized bookkeeping platform. This makes it possible for financial data to roll up smoothly and removes inconsistencies.
Benefits
- More Streamlined Combined Reporting
- Reliable benchmark
- Simpler adherence to accounting rules
2. Real-Time Financial Reporting
There is no need to wait until the end of the month to find out how each hotel is doing. Your financials are updated in real time via a single dashboard that includes:
- P&L statements
- Statements of balances
- Reports on cash flow
- Analysis of occupancy and RevPAR
You can filter, group, and compare performance information by property, area, or brand using tools such as Nimble Property.
3. Management of Multiple Property Vendors
Overseeing dozens or even hundreds of vendors across multiple locations may lead to:
- Excessive payments
- Invoices in duplicate
- Discounts for early payment were overlooked
- Workflows for invoice approval
Centralized System:
- Vendor Onboarding
- Bulk Payments
- Audit trails
It even makes it possible to compare vendor rates across properties, which lowers the cost of procurement.
4. Centralized Workflows for AR and AP
Workflows for accounts payable (AP) and accounts receivable (AR) are streamlined by the One Dashboard solution:
- OCR invoice collection and auto-posting.
- Role-based custom approval chains.
- Scheduled vendor payments; and
- The tracking and monitoring of customer invoices
To ensure that nothing is overlooked, Nimble Property’s AP module, for instance, assists owners in approving, monitoring, and processing bills for all properties from a single interface.
5. Consolidated Bank Reconciliation.
It takes a lot of time to manually reconcile bank accounts for several organizations. An intelligent dashboard:
With just a few clicks, you can reconcile accounts, import bank feeds, auto-match transactions, and flag inconsistencies.
This significantly lowers labor expenses while increasing accuracy.
6. Access Controls with Multiple Levels
Various levels of access are needed by different regional managers, property general managers, CFOs, and accountants.
Role-based access control is supported with a contemporary dashboard, guaranteeing:
Teams only see information pertinent to their roles; sensitive financial data is secured; and approval hierarchies are enforced for compliance.
7. Automating Repeated Activities
Among the repeated duties involved in bookkeeping for several hotels are:
Journal entries, payroll distributions, depreciation, and intercompany transfers.
By automating these processes with no human involvement, automation systems lower human error and free up your financial team to concentrate on strategy.
Conclusion:
Nimble Property’s single interactive dashboard ensures transparency and efficiency. A single screen displays financial insights, data driven insights, key metrics, budgeting and forecasting and competitor analysis. From basic accounting, payroll processes to advanced insights, Nimble offers a wide range of accounting solutions to clients.
Discover how Nimble Property can simplify your hotel’s financial management and drive smarter decisions. Schedule a free demo today and experience the power of having complete financial clarity on a single interactive dashboard.
