When Makan Hospitality, based in Little Rock, Arkansas, decided it was time to upgrade their back-office and accounting software, they chose the best and only full enterprise resource planning platform for the hotel industry, Hotel Investor Apps (HIA) ERP & Accounting software.
What is a major hurdle to timely and accurate financial statements? For many, it is inefficiency in your purchasing processes. As soon as an order is made, your company has created a new liability. It is impossible to have accurate balance sheets or financial statements when there are unknown liabilities outstanding. Spreadsheets and even stand-alone Purchase Order software cannot compare in efficiency or accuracy to a purchase order module that is tightly integrated with your financial management software.
Merani Hotel Group, an independent hotel management company with hotels and restaurants in Canada and the U.S., has upgraded their back-office software to Hotel Investor Apps ERP & Accounting for Advanced Capabilities, Software Integrations, and International Functionality.
Hospitality leaders know that sharing data across departments and across different software systems is the key to understanding trends and making strategic business decisions. Streamline operations, manage costs, reduce errors, save time, and get more business intelligence with automatic integration of the Point of Sale (POS) system data with your hotel accounting software, while also automatically integrating the Property Management System (PMS) data.
There are many strategic reasons why now may be a good time to sell one of your hotels. But, if you are going to wait for a year or two for hotel market values to increase, you’ll want to start preparing now. There is one often overlooked way to increase your hotel asset value: clear and concise financial statements
Rainmaker Hospitality, a full-service hotel management company based in Kentucky, have moved their portfolio of 18 hotels onto the Hotel Investor Apps (HIA) software, the only cloud Enterprise Resource Planning platform specialized for the hotel industry.
Are your employees wasting time at work? Yes. But, not in the ways that you think. In the accounting department, hours every week may be frittered away doing rote tasks. Your time and your staff’s time is valuable, so why spend it logging into different systems and websites (including bank websites), manually reconciling bank transactions, searching for past records, entering PMS data, or doing any other tedious process.
Hotel Investor Apps Inc. has added R. Mark Woodworth and William H. Reynolds Jr. to its board of directors. “We are excited now to also have the support of such prominent industry leaders as Mark Woodworth and Bill Reynolds”, said Charlie Fritsch, CEO/board member, Hotel Investor Apps.
News Article
Hotel Investor Apps (HIA), the provider of the only hotel-specific Enterprise Resource Planning (ERP) platform and state-of-the-art, next generation accounting software, today announced that Coakley & Williams Management Company (C&W), a leading, nationwide, full-service hotel management company, has converted to its new platform to reduce hotel expenses and gain greater flexibility for its owners and property level management.
By Robin McLaughlin, Lodging Magazine ‘Back of the House’ Winter 2020.
The United States is rebounding from one of the worst economic downturns the country has ever seen. At this pivotal moment in time, every dollar counts. As such, hoteliers and their teams are looking for areas to save money and bolster their businesses. It may seem counter-intuitive to invest in new technology during a downturn, but making the investment now can save both time and money in the long run, and “time is money” according to CEO of Hotel Investor Apps (HIA) Charlie Fritsch.
Stay Cal Hospitality, a hospitality management & development company headquartered in the San Francisco Bay Area, has chosen to expand its use of Hotel Investor Apps ERP & Accounting software with the addition of AP automation software. Stay Cal is leveraging technology to grow their portfolio of select-service hotels, while making smart decisions to be...
According to the HVS presentation at the Lodging Conference, hotel net income, as a percentage of revenue, peaked in 2015 and has declined for 3 years in a row. The dilemma for hotel management companies is how to carry more top line revenues through to bottom line profits.
Every hotelier understands the cost of doing nothing when it comes to maintaining hotel condition and brand standards. If you don’t reinvest, do the PIP, etc., your hotels will, over time, lose market share to competitors who are reinvesting in modern designs and technology. Hoteliers need to apply the same focus on their back-of-house business systems, especially accounting. Here are 7 questions to ask yourself when deciding on an accounting upgrade:
Accounting should be able to provide a hotel owner reliable insight into the operations and financial well-being of their business. Insightful reports must be available without delay all the time to all key personnel without the owner or others waiting for their accountant to get around to creating the reports. To operate your hospitality business efficiently, here are some more features available in a good accounting program:
In my 20 years of experience in the hospitality industry, I have seen thousands of hotel profit and loss statements. Over these years many successful hotel owners have grown their portfolio from 1 or 2 hotels, to 10, 20, or 100 hotels. One challenge of this growth is that certain systems and ways of operating one or two hotels become dysfunctional or obsolete. Almost all hotels have had their front office software updated in the last 5 years, so why would you still operate with the same old accounting program, PC or even web-based, that have not kept up with the fast paced advances of the latest technology?
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