When the hotel management has to be considered, you as hotelier should not overlook accounting aspects by just focusing on the increasing number of guests. It’s very important to keenly look into your hotel’s day-to-day accounting and understand the numbers accurately, on a regular time period so only you can comply with the hospitality industry’s broad legal requirements.
Whilst most of the hoteliers still rely on common spreadsheet programs and employ accountants for sharing & maintaining accounting data of hotel manually. But, this digital age is not for such age-old procedures and it’s a bygone era – Now, it’s all the trend of modernized and automated hotel accounting software and bookkeeping solutions. With an exponential advancements in the technology pace, it’s all made hassle-free for hoteliers, accountants and mangers in streamlining business processes and that’s in-fact is a pivotal thing for financial happiness. In the hotel business, there are countless things that an accountant or a bookkeeping professional has to administer. The job is not solely limited to just deriving numbers, but to contribute in bringing up the big figure of revenue and thus profits.
Here’s the list of activities, in which an accountant or a bookkeeping professional handle in a hotel:
• Preparing budgets and planning forecast
• Providing month end reports accurately
• Comparing present profits with the past
• Preparing relevant financial statements
• Crafting periodic cash flow statements
• Generating balance sheet for the period
• Managing Accounts Payables & Receivables
• Reconciling bank financial information
• Configuring entries & recording daily sales
• Performing business planning with analytics
Information derived from an accounting professional has to be relevant and appropriate when shared with managers and hoteliers so that he/she may review & approve them accordingly, and even can decipher the hotel business’s financial health. Besides, accurate numbers will even help you as a hotelier in making quality and diverse assessments like, ‘performing the price comparison with competitors’ or ‘how the earnings been in the past and in the present month’, and many more insights like such.
Being a hotel group owner or a limited-service property owner makes it mandate for you to have all this information consolidated at one place, as it may consume a lot of time if relied manually on various sources and an automated hotel accounting software enabled with front office PMS integration does all this job easy, allowing you to summarize all numbers within short time span and that too, while avoiding errors.
By utilizing an accounting software for the hospitality industry, it becomes really seamless to access hotel’s most important data and financial files from anywhere at any time, lets you stay up-to-data and saves time & efforts, which otherwise would be involved in compiling the hotel accounting books, chart of accounts and financial records.
Hoteliers can always stay connected with their accountants, staff members and bookkeepers so they can get the work streamlined and achieve maximized results.
PMS integration enabled Cloud Based Hotel Accounting Software lets you reap a great deal of benefits to you as a hotel owner and even for your staff.
1. Automation and accuracy in accounting
When you partner with a reliable cloud hosted hotel accounting software which enables integration and behaves with automation functionality, it brings in the maximized reward of making your hotel administration job easy in managing daily sales, generating invoices, maintaining financial records, performing budget & forecast reports, managing receivables & processing payable, while crafting accurate revenue statements and other essential reports, easier than ever before and ever imagined.
2. Provides an uninterrupted access to all happenings
From anywhere, anytime cloud-based hotel accounting software effortlessly lets you access all your financial happenings, insights as the data is uploaded and managed on cloud. No matter you are travelling, or waiting for a meeting you always can have a quick glance at your financial position as the hotel accounting data remains accessible for hotel owners like you from any smart device, within few clicks away.
Besides, your hotel banking activities can be ascertained well and all financial transactions will be on sync. That’s how you can make better business decisions!
3. Makes workflow intuitive and responsive
An accounting software enabled with PMS if chosen is top-notch, it lets you retrieve financial statements and reports real quick. And the UI would be intuitive, you can bring all of them on the responsive dashboard, without even having steep learning curve or knowledge. Furthermore, the data storage issues is never a problem with it as there it’s enabled on the cloud.
4. Enhanced speed and efficiency in accounting
When compared to the manual way of doing accounting, the cloud hosted accounting solution can deliver you fast and accurate results, helping user overcome any possible errors. And cloud-based resources are always secure when compared to locally hosted to hotel owner like you and it even releases more productive space to help hoteliers to perform various imperative tasks, which were earlier difficult to handle on the manual routine.
Thence, without any doubt it’s rightly said and agreed that an integrated cloud-based hotel accounting software has got you many advantages which otherwise would have significant cost involvement and efforts drained. And business owners can opt for simple, plug and play software subscriptions and eradicate all the possibility of accounting errors.
By this means, you will be evading the need to install the sluggish expensive software and non-responsive hardware separately, as PMS integrated solution makes everything readily available on the cloud. Hotelier Books is one the most affordable and best-in-class hotel accounting software available in the U.S. Hospitality World, which provides all the essential features and tailored functionality with regular software updates with exceptional support. Worth trying!