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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The Value of a Dashboard

Everyone is talking about dashboards, but what is a business dashboard, and what value does it provide? Does your hotel company have the dashboards it needs?
The first thing to understand about dashboards is that it is more than just a pretty picture. Unless there is up-to-date, accurate data behind the dashboard, then it is of no value whatsoever.

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3 Benefits of Integrated Banking

One of the advantages of digital transformation is the integration and synchronization of your data. Your banking data should absolutely be included in this process. Cash management is too important to not have real-time bank balances; and modern banking integration technology makes it easy to access.
See the 3 major benefits:

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Are you spending more time thinking then doing?

There are two reasons you might get stuck spending more time thinking about something than it even takes to do the something. First, you might get stuck in the research phase. Secondly, you might get stuck overthinking and worrying.

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The Real Time Commitment to Change Hotel Accounting Software

When making the move to modern hotel accounting software, the goal is to do things better. To automate tasks and streamline processes. But any new program takes some time to learn the new way of doing things.

When evaluating new technology providers, look for qualities that will make the transition easier on you and your team. Plus, here is a reference of actual approximate training hours by role for a Hotel ERP software.

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Too Busy to Save Time

Is being short staffed a good reason to not upgrade your hotel technology?
Hotel staff are doing double or triple duty. GMs are plunging toilets and corporate accountants are checking-in guests. How can you ask your team to learn a new software right now?
On the other hand, consider what is being sacrificed. Do you have the financial reports on-time to make important operating decisions?

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The Changing Role of the Modern Hotel CFO

The role of the hotel company CFO is changing. There is tremendous pressure on accounting teams to deliver information and financial reporting quickly as operation department leaders depend upon timely financial analysis to take quick action in changing markets.

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4 Steps to a Successful Hotel ERP Implementation

These have been challenging times for hotels. But now, you are ready to upgrade your hotel company’s financial management and accounting software. You’d like a solution that compiles and organizes your data from all your various data sources for clear, actionable insight. You’ve even chosen the Enterprise Resource Planning (ERP) platform. But you may still be daunted by the transition process. You need an implementation plan. Here are 4 steps to follow for a successful ERP implementation.

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Planning Ahead for Success in 2022

January is a great time to look ahead and plan for the growth and achievements we desire for the year. It’s crucial to put thought and intention into business success.
So, what does your company need to succeed? How can technology bring you closer to your goals? What can you do to smooth the implementation of new technologies?

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Top Highlights of 2021

We are very excited about our tremendous growth this year and the growth we have on the books for 2022. Despite, and sometimes because of, challenging times in the industry, more hotel companies are turning to Hotel Investor Apps to modernize their back-office systems and focus on efficiency and success. Our growth demonstrates the demand for hotel-specific, fully integrated ERP platform for hotel ownership, management, and accounting firms.

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Letting Go of Past Processes

Why do we hold onto the past? Whether it’s past experiences or old systems and processes that cause corporate disfunction, we all find it hard to let go. You are ready to implement Hotel Investor Apps ERP and Accounting (HIA) because you realize that holding onto old ways is costing the company. Here are some tips to help you let go of the past and embrace the new.

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Improve Cash Management with Bank Reconciliation

Cash Management is an integral part of financial planning. Bank reconciliation is the most important tool to make sure that your cash account is complete and accurate. Processing your bank reconciliation in a timely manner allows for numerous benefits…

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How Do You Judge Data Security?

The latest news always seems to be breaking a story about a new security breach at some company. If your server is down the hall, or your Quickbooks is on your desktop, you may think you are safe; but the opposite may be true. Control of location is not the same as control over access to your data. When you want security, what you really want is data durability and availability.

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What is Digital Transformation?

You may think your company’s current systems and processes are working for you, but unless you are moving forward, continually improving, your company is falling behind. Digital transformation is about rethinking the way you do things to optimize your business through technology. For hotel companies, digital transformation, via a cloud-based ERP, takes the business from slow and labor intensive to a fully connected business with streamlined processes and integrated data . . .

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The Many Ways Integrated PO Software will Reduce Headaches

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.

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3 Ways to Save with POS and Accounting Integration

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.

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One overlooked way to increase your hotels’ value

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

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