Role of Accounting in Hotels
In the hospitality industry, be it an independent hotel or hotel franchises – Accounting plays a crucial role. By which a hotelier can track day-to-day finances, manage Accounts Payable & Receivables, generate financial statements (balance sheet, Profit & Loss and Cash Flow), prepare budgets, etc.
Unlike corporate accounting, in hotels the accounting procedures vary due to monitoring daily sales, occupancy percentages, ADR, RevPAR, reviewing GSS and determining competitor analysis. And, the list goes on!
This is where hotel accounting software comes in place. Before we delve into what accounting can do for an effective hotel management, let’s first understand more about it.
Why hoteliers need the Hotel Accounting Software?
Especially, if you own a hotels chain then you have to generate combined reports for multiple properties and manage transactions as & when required.
Nimble Property Hotel Accounting Software will help you do all of them at your convenience. Starting from generating, Profit & Loss Statement to Balance Sheets, Trial Balance Report to ICFA Ledger Report, followed by Combined Income Statements.
As a hotelier, you may travel from one place to the other and it becomes imperative to have a glance at the activities ‘On-The-Go’ across your hotels.
You got to keep a tab on rooms sold, the percentage of rooms’ occupied, average daily rate and revenue per available room. On the other hand, to pay & receive payments on time you have to manage your payables & receivables on time.
The expense analysis & profit and loss will let you make proactive decisions. Nimble Property Hospitality Accounting Software will allow you to view track and manage all these activities through a single login on a consolidated screen. Let’s talk in detail!
Banking Summary
When you run a hotel business, keeping an eye on your bank balances is a must. So that, you can know which hotel is holding maximum or minimum funds in your account.
When you switch to a reliable system, it displays your property-wise banking summary. From which you can select from & to dates and have a holistic view on all your banking summary.
Property Overview
As a hotelier, when you have a property-wise rooms sold, occupancy %, ADR and RevPAR monitoring is what you should never miss.
But if you do it manually, it leads to chaos and Nimble Hospitality Accounting Software simplifies the complete procedure.
Accounts Payable
In a hospitality business, the Accounts Payable process can be a time-consuming part if done manually.
The perfect accounting automation software like Nimble Property empowers you to manage AP process efficiently and accurately.
Be it a single-location hotel or multi-location hotel franchise, as a hotelier you got to know your AP aging info.
Accounts Receivable
To improve your hotels bottom line and increase productivity, the Accounts Receivable process has to be handled efficiently.
When you collections are speeded up, your hotel financial position will be pretty positive.
Get notified on your aging AR by opting for a hotel accounting business solution like Nimble Property.
Expense Analysis
When you get the expense data feeds on time, you can control your hotel expenses and eventually increase your hotel’s revenue.
Department-wise expense analysis will let you control any revenue leakages, while giving accurate results only when it’s done on an Accounting Software like Nimble Property.
Profit & Loss
To analyze your hotels’ overall financial position, the Profit & Loss statement will be very helpful. But how confident are you in creating it manually?
Getting them done an automated accounting platform ‘Nimble Property’, lets you acquire better financial transparency, control and quality with great customizations.
STR & GSS
The STR data plays a predominant role when you decide to know where you stand in the market.
Nimble lets you import the STR data and view your competitor analysis through a detailed report.
Likewise the GSS survey are to know the pulse of your customer ratings, feedback & suggestions. Best-in-class software with import facility ‘Nimble Property’ lets you do that in an automated manner.
Knowing the difference between manual & automated accounting
To manage everything efficiently at one place, hoteliers require a comprehensive system that leverages automation and integrations. Relying on manual way may not suffice to stay accountable for all facets in a hotel.
| MANUAL HOTEL ACCOUNTING | AUTOMATED HOTEL ACCOUNTING |
| Manual Accounting is a process of handling accounting by using physical registers and account books, for keeping financial records. | Computerized Accounting is an accounting system that uses an accounting software, for recording financial transactions electronically. |
| Recording is possible through books of original entry. | Data content is recorded in customized database. |
| All the calculation is performed manually. | Only data input is required, the calculations are performed automatically by the system. |
| Speed is slow. | Comparatively faster. |
| Backup is not possible. | Entries of transactions can be saved and backed up |
| Trial balance is prepared when necessary | Instant trial balance is provided on a daily basis. |
| Financial statement is prepared at the end of the period, or quarter. | Financial statement is provided at the click of a button. |
Spreadsheets and age-old accounting procedures may prone to errors. An accounting software that can leverage automation by integrating PMS and your existing tools will really make a difference in your hotel business.
The Nimble Property accounting system keeps all your hotels’ information organized in one place.
Finding and accessing information on a hotel accounting software is much easier than the traditional method.
Most likely, the system would yield the accounting information in a snap, with less confusion and aggravation.
CONCLUSION
Out across the market, you’ll get to find a multitude of hotel accounting software options but what makes the difference and stands out to be the best is because of the Price, Intuitiveness and Excellence.
However, before going ahead to switch to an accounting solution, going through blogs like this lets you know an in-depth importance of a hotel accounting software for your accounting needs.
Nimble Property is one of the best Hotel Accounting Software, designed to cater all your accounting needs. It seamlessly integrates with your Hotel PMS system to automatically fetch your sales data, booking information, room statistics, and other details.
Intuitive Dashboarding of Nimble gives you a complete overview of your Hotels’ Bank Balance, Room Occupancy, RevPar, Avg. daily revenue, Profits & Expenses EVERYTHING AT ONE PLACE.
Switch to Nimble Property for an effective financial and operational performance of your hotel.
Reach us@ +1 (866)-964-6253 | info@nimbleproperty.net
Great share!