Frustrated with reporting delays and not knowing which numbers to trust? If you know an ERP might be the solution, but aren't sure which one will be the right fit for your operations, this guide is for you. This step-by-step guide will help you evaluate and prioritize your internal needs and ask the right questions...
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Enterprise Resource Planning systems (ERPs) are becoming increasingly popular with hotel management companies that are looking for full portfolio financial oversight with modern tech advantages. ERP’s are attractive because they are built as a consolidated platform, and can often replace multiple other software types. The rub when it comes to implementing an ERP for a...
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This comprehensive checklist helps hoteliers pinpoint essential features to include in their back-office software requirements. Perfect for teams evaluating ERP options!
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How do you determine the best ERP system for your hotel company? Evaluate your options with these 8 selection criteria most relevant for hotel management, ownership, or development firms.
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Choosing the right ERP system for your hospitality business can transform the way you operate, offering streamlined processes, real-time insights, and improved profitability. This comprehensive guide covers essential factors to consider when selecting an ERP tailored to hospitality, from evaluating key features and integration capabilities to understanding total costs and ROI. Whether you’re a third-party management company or a privately owned hotel, these best practices will help you make an informed decision that supports long-term success. Discover how to choose the perfect ERP for your hospitality organization, and get a head start with our free ERP Features Checklist.
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Enter the growing popularity of Enterprise Resource Planning systems (ERPs) for hotels that provide consolidated functionality in one platform. Hotel ERP’s stand out from other software in that they are built to integrate different aspects of the business into one consolidated system.
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In today’s competitive hospitality industry, choosing the right back-office hotel software can significantly impact your hotel company’s efficiency and profitability. You need a system that provides real-time information on the financial health as well as performance of each hotel, and the portfolio. For financial well-being, it often boils down to a choice between specialized hotel accounting software and a comprehensive hotel ERP platform. Each solution has advantages depending on the needs of the hotel management or ownership group. In this blog, we’ll explore the key differences between these two types of software, helping you determine which is best suited to meet the specific needs of your hotel business.
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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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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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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.
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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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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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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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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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?
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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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
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:
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