Three Ways Accounting Can Add Value to Your Hotel Business

Hotel Business

As a growing hotel business, what are the accounting factors that would let you stay ahead of the competition? Budget and forecasting? Daily Sales Automation? Reliable financial reports? All of these?

A robust, dedicated, and reliable, back-office hotel accounting system can help you do all that, flawlessly and consistently. With the right accounting partner, your hotel business unleashes space to grow competitively and make enormous cost-savings, concurrently.

Here are three ways enumerated by accounting experts that will contribute and add maximum value to your hotel’s bottom line.

Budgeting Strengthens Your Decision Making

The important practice in accounting is considered to be budgeting as it helps you make better decisions, improves your overall efficiency of the hotel business, letting you spend less than you bring in for future expenses, be it in short term or long term perspective.

You as a hotelier must give prime importance to it to experience financial success, make informed and conscious decisions.

Don’t let yourself run out of funds, where you deal with multiple hotel departments it’s obvious that you will fall short in benchmarking your expenses and forecasting budgets in a hotel for the upcoming periods. Hotel accounting software enables access to a consolidated dashboard, that makes it seamless to plan for hotel’s capital expenditures, prepare your next year’s budgets based on the current year demand and estimation. 

That’s how you’ll operate your hotel or hotel chain more expeditiously by adjusting upward budget% and process your hotel undertakes by easily leveraging the Income Statement, Profit, and Loss reports. 

In order to achieve streamlined operations, a reliable hotel accounting partner also becomes essential as it lets you compare your actual expense figures, and revenue with budget amounts in real-time. With single-screen access, you can analyze and control your entire hotel’s portfolio at one place accessing the Budget & Forecast Comparison report. Another option you can do to manage your budget effectively is to use virtual cards Philippines in monitoring your business expenses. Using a virtual card will also allow you to only spend on important business needs.

Yield better and better results by comparing your hotel budget, future expenses and revenue, driven occupancy rate, ADR, and guest’s outlet historical data.

Daily Sales Automation Adds Immeasurable Value

In the world of automation, if you still rely on the manual process of daily sales entry and approval, then it’s like you’re probably living in the stone age.

It becomes really intimidating for your general managers and accountants to go through the entire process during the audit as well. 

Professional and well-built hotel accounting software lets you leverage the automation and integration to bring in all your hotel sales, booking information, room statistics, receivables at one place automatically. 

Automating daily sales processes and performing revenue analysis enables you to save your valuable time, so you focus more on your guests’ satisfaction.

No more breaking your head on configuring income sheets, daily sales reports, and running schedulers manually.

Hotel-friendly accounting systems lets you integrate with your PMS system within no time and pull in all the details into the system automatically, without wasting your bookkeeping time and efforts.

Hence, embrace the tech-savvy accounting solutions so your life as a hotelier and your staff lives become easy.

Reports To Depict Your Financial Status Flawlessly

With detailed reporting structure available in a consolidated system, you will not only gain better financial transparency, but also the quality of control, uninterrupted operations, and enhanced business growth.

The right accounting and financial reports help you reduce the hotel staff load, critical back-office efforts, human errors, boosts overall productivity.

Financial reports like Profit and Loss, Balance Sheet, Cash Flow, General Ledger when automated, you’ll eventually step-up business and operations, while improving service delivery.

Through strategic hotel-specific reports, businesses can harness the potential and power of their proven systems to replace existing manual capabilities and add value to their guests in offerings. 

Here are the multiple benefits of using hotel-business standard tailored reports, that contribute to your business growth:

  • You no need to worry about purchasing infrastructure or wasting staff efforts.
  • Say good to focus your valuable time on data back-up and manual troubleshooting if something goes wrong.
  • You will never have to worry about data upgrades, accounting updates, and security because the accounting provider has it all.
  • It becomes easy to generate department wise statistics, banking & reconciliation, budget comparison, and hotel chain reports at your fingertips.
  • You can prepare a revenue statement in a customized manner with all your desired budgets and statistics.

Choosing the right hotel accounting software and bookkeeping services provider can help your keep the pace up with your business growth while diving deep insights into your financial happenings.

Read Also: Why Your Business Should Use Outsourced Services

At Nimble, we combine our rich accounting experience with deep bookkeeping expertise to address all your current accounting challenges, so that you manage your guests well and are well-positioned for the better future.

What’s Next?

Learn more about Nimble Property, that combines hoteliers, technology, automation, and integration process, while addressing all facets of accounting and financial complexities.

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