As portfolios grow and management teams request more real-time reporting, there can be pressure on the hotel accounting and operations teams to produce more intelligence faster.
So then, how do you deliver on increasing demands without driving up staffing or burning out your team?
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Hotel management companies are looking for solutions for boosting efficiency as they juggle challenges of portfolio management including hotels at all different stages of the development and renovation pipelines, as well as larger issues of labor scarcity, rising labor rates, and how to do more with smaller teams. In the hotel back office, legacy systems, error-prone...
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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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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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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 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 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.
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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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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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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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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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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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 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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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.
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.
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.
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