In any business or at any level, there are certain things that are simply unavoidable. There is no getting around the fact that running a hotel requires both a great deal of patience, common sense, and a positive outlook on things. On top of that, it is important that all important financial information be communicated with each other in order to keep everyone on the same page. However, that task is made all the more complicated when you only have one accountant or spreadsheet dependency.
So why not invest in an accounting software package that can help? That is why a hotel will look for a suite of tools that will help them keep track of their business on their fingertips. All they need to do is open the application, and it will calculate their earnings and billings. All of this information can be then used to make important business decisions, such as how to improve the quality of service, and even just the amount of staff required to do so.
Why hotel accounting software matters
Having an accurate, reliable, and efficient system for managing expenses is important to any hotel. In the case of a hotel that receives large payments, this is even more important, as these payments need to be taken very seriously. If a business manager were to make the wrong decision regarding these payments, it could cost the hotel millions of dollars. Furthermore, for a hotel to generate a certain amount of income, the systems need to function in the right way. Not all of them are equal, which is why it is important to get the right tool for the job.
If the hotel decides to go down the route of installing a full accounting software package, the benefits are clear to see. Not only will it save them time when setting up a new project, it will make it far easier to use. It will also mean that the hotel can get all of the relevant information at one time. While this might seem like a lot of work, many hoteliers are happy to carry out the research themselves, then spend a couple of weeks trying out various options.
An integrated solution
Hoteliers who want an integrated software solution for their hotel business need look no further. The most well-known solution that can help hoteliers create a successful business include Nimble Property. It gives hoteliers the freedom to create a completely custom system, as they can choose from a huge selection of templates to create an accounting system that fits their needs. This makes the task far less daunting.
When it comes to Hotel Accounting Solutions, everything from daily sales tracking, to budget calculations and reconciliation can be completed in real time. This is incredibly useful as it means the hotel can get accurate financial information without the hassle of having to carry out these tasks manually. In fact, the key features that they offer make it really easy for business managers to make the most of their accounting system.
Despite the amazing potential that this tools have, it is unlikely that you will make accounting errors and experience taxation blues.
Most hotel operators – particularly those with large properties – would be interested in improving the efficiency of their accounting operations. Accounting systems can enable an operation to work with a single business statement that reflects all transactions in a period, simplifying the reconciliation process and allowing you to make better and more informed operating decisions.
Hotel accounting software is the digital equivalent of spreadsheets, and can be used to manage things like revenues, expenses and reporting – often providing a more robust user interface, the integration of PMS, banking and billing systems, and improved data integrity. These advantages combine to deliver significant benefits.
For example, in the hospitality industry, it is a legal requirement that each room is individually priced on a daily basis. Whether you use the corporate level room rate interface, the inventory of individual rooms on the booking system, or the market rate that you quote to a guest, a single screen should offer the best way to present all your information.
In a customer-facing industry such as the hotel industry, you don’t want to spend valuable time filling out a room rate, confirmation, accounting or other document just to prepare for a customer service interaction. This is particularly relevant when the transactions can have a significant impact on the day-to-day running of the hotel.
When accounting comes into play, however, most businesses already have a set of standard costs and responsibilities, making it important to include these costs as standard costs for your hotel. To do this in a complete and legal manner, you need a fully integrated system that provides a mechanism for processing a single consolidated return, which then goes directly to the business owner for approval.
A hotel’s accounting system should automatically collect all payments, and should, where necessary, also reconcile revenue between periods. Typically, one of the most frustrating things an accounting team has to do is enter billing data into a separate system after payments have been made. When one of those payments goes missing for whatever reason, it is then not clear whether the correct amount has been paid and, if not, where it has gone. This can be very time consuming and highly error-prone.
On top of that, and in some circumstances, revenue can be incorrectly recorded or unreported for various reasons. The hotel owner and staff can then be wrongfully penalised for inaccurate invoices.
A hotel’s accounting software should be able to accept, process and reconcile all of a hotel’s transactions for a single unified view. This should allow you to make timely and accurate accounting decisions in a way that was never before possible.
By automating the hotel’s accounting, a hotel can gain greater control over the flow of cash, ultimately allowing them to pass on savings to guests. A cost-effective and robust system that is easy to use should be as simple as using a single document. Using a single spread sheet to keep track of all expenses, and to reconcile revenues is not only tedious, it also lacks the flexibility and the necessary information that the modern hotel business requires.
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Coupled with the ease of an integrated and efficient accounting system, is the ability to deliver an exceptional customer experience. Having the ability to give your customers a completely transparent overview of their total bill is one of the major drivers in maintaining customer loyalty and repeat business. It is not only satisfying for customers to see the cost of their stay on one screen and to see how much is left in their own pocket, it allows hotel managers to act immediately on feedback from the front line.
In conclusion, keeping up with changes in accounting rules is not easy, particularly when you want to manage all your finances from a single point of control, and from the same point of view. Today’s technology is quickly giving businesses the ability to manage their finances in a simple, non-linear fashion, which allows them to better meet the demands of their business customers and better cope with the increasing demands of the guests.
Looking for a #1 hotel accounting system? Try Nimble!