Revenue Management for Hotels: 5 Best Practices to Boost Your Bottom Line

In today’s competitive market, revenue management is key for hotels to optimize revenue opportunities.  With digitally-savvy and cost-conscious travelers on the rise, hotels must maximize profits while providing top-notch service.  That’s why we’ve put together five best practices for revenue management that can help hotels boost their bottom line. From conducting competition analysis to implementing […]

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Vital Daily Hotel Management Reports You Need to Boost Efficiency and Drive Growth (With Examples)

The hospitality industry is a dynamic and evolving landscape, with hotel owners and managers striving to provide top-notch services while ensuring financial stability and growth. One critical aspect of achieving this is understanding and utilizing daily hotel management reports. In this guide, we’ll walk you through the different types of daily hotel management reports to […]

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6 Hotel Dashboard Reporting Solutions to Manage All Your Back of House Needs in 2023

Do you want to know what’s really going on in your hotel? Because if you’re still relying on manual data entry and sending email updates, then some critical information is slipping through the cracks. Today’s hospitality landscape is more competitive than ever, so hotels must leverage data-driven reporting solutions to stay competitive. With real-time insights […]

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Elevate Your Hotel Management Finances with These 5 Best Cloud-Based Accounting Software for Hotels

In today’s digitally driven world, hoteliers no longer need to commit vast amounts of time and energy into juggling multiple spreadsheets and manual data entry—they have cloud-based accounting software to do it for them! If you’re thinking of switching or just trying to streamline your finances, you want to ensure that the software you choose […]

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Excel vs. Cloud Reporting for Hotels: Why You Should Switch to the Cloud

Cloud reporting is the future of hotel analytics whether you’re consolidating your portfolios, running your financials, or conducting labor management.  Yet, many hotels still run their reports through Excel because, well, old habits are hard to break.   Even though Excel comes in handy when your hotel accounting software has limited reporting options, it genuinely lacks […]

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True Cloud vs. Fake Cloud: What’s the Difference?

Modern hoteliers know the importance of finding the best software to grow your business. And you may have already made the wise decision to move your accounting and back-office solutions to the cloud for the increased functionality and security. And you may have expert advice comparing different accounting & back-office solutions, but there is one […]

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Newest Developments in Hotel Business Intelligence and Financial Management

2022 was a year of growth and expansion for HIA, as HIA continues to be recognized by leading hotel management companies as the most advanced and complete hotel ERP & accounting software on the market. HIA also delivered numerous new developments and enhancements to what is already the most modern hotel ERP technology available.

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The Real Cost of a Downed Accounting System

There are many tools that we count on every day, and we assume that they should always be working. But what happens when that is not the case? Take accounting software, which forms the backbone of any business. It is used every day, all day, to pay bills, record revenue, and generate financial reports. It is vital to the success of a hotel business, and if the accounting software is not performing reliably, it affects not just your employees’ frustration level, but it has a real cost to your business.

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HRP Technology Disrupts the Hotel Industry – What You Need to Know

As the hotel management landscape becomes increasingly competitive and economic uncertainty reigns, more management companies are looking to technology to harness their data and inform decisions from cash flow to staffing. Additionally, the hospitality back-of-house is getting increasingly complicated. Hotel companies have more software providers than ever before, each doing small pieces in the management puzzle.

Hoteliers are looking to technology to turn the tables and give themselves a competitive advantage.

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Outperform your Budgets with a Single System of Record, Engagement, and Intelligence

As you make your budgets and update your forecasts, you are probably considering current hospitality OCC and ADR predictions, economic outlook, and past performance at your hotels. It’s a mixed bag with continued pent-up travel demand and possible recession headwinds. If you are looking for strategies to make the most of the opportunities, there is nothing more powerful you could do for your hotel business than consolidate your various systems of record, engagement, and intelligence onto a single back-office platform.

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The Number One Thing You Can do to Control Labor Expense at your Hotel Company

Perhaps there is no topic more talked about in the hotel industry right now than the labor shortage. And there is no shortage of input on how you can address this challenge. Most advice focuses on front of house labor with solutions from robots and self-check in kiosks to cross training and sharing employees between hotels. But are you doing all you can on the back end to manage your labor expense, drive accountability down to the manager level, and even retain employees?

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How Hotels Can Manage HR Communication Across Multiple Locations

From a beachfront oasis to mountaintop resort, unique locations are key to a competitive hospitality portfolio. However, operating multiple hotels poses several HR challenges including communication and compliance. Insufficient HR strategy and lack of communication can lead to low employee satisfaction, regular conflict, and high turnover—all of which contribute to inadequate customer service. Read on to learn best practices to manage HR Communication for your multi-location hotel company.

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The Quickest Way to Consolidate Your Data

In this faced-paced, ever-changing hotel business, you need your data from your various front-of-house and back-of house systems; you need it in one place, and you need it now. The goal is to have your PMS, POS, payroll, time & attendance, AP, purchasing, etc., etc., etc. software integrated to the point that all relevant data can be accessed through a single-login and all departments have accurate, real-time data to make informed decisions. But, how can you achieve this?

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5 Ways Your Legacy System is Costing You

The marketplace and technology are evolving rapidly, but if you’re hanging on to legacy software, you may not evolve with it. You may feel that you have valid reasons for remaining loyal to your legacy software, but the fact is, they pale in comparison to how much the software is costing you.

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The Easiest Way to Reclassify Transactions

Mistakes happen. Invoices are sometimes coded to the wrong account, or summary invoices need to be itemized for more detail. If your hotel accounting software does not have the ability to easily reclassify transactions, then you may have elaborate spreadsheets or superstitious rituals to make sure that your data is entered correctly before it is posted. Instead, skip the spreadsheets and the manual entries and click the easy button, a.k.a. the “Reclassify” button.

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Favorite Features to Get More Done

Compared to other non-ERP software, these features save valuable time and prevent the frustration from having separate data silos. Navigating the system to deliver critical information for data driven decisions and smoother operations becomes a pleasure rather than a frustration. Features such as these save time and create a smooth working experience:

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Using Integrated Budgeting Software

Ahh, summer. Sunshine and . . . budgeting. If the thought of drafting next year’s budget stresses you out, then it may be time to upgrade your hotel budgeting software.

Most hotel companies start out using Excel/ spreadsheets for their budgets, but when your needs mature, your software should too. When using an ERP with built-in budgeting module, what were challenges become strengths. Here are some of the benefits and best practices of using budgeting software that is fully integrated with your accounting:

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What’s the Difference Between Accounting Software and ERP?

Knowing the real time financial health and performance metrics of your hotel company and each hotel property is essential in today’s world.  To maintain that health your accounting team needs the latest high-tech tools. Modern accounting technology has now advanced beyond hotel-specific standalone accounting software to hotel-specific ERP.

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