To manage your company correctly -or even to know if it is succeeding- you need to analyze your financial data.
Hotel accounting software is one of the must-have tools specially designed to make hotels of all sizes more efficient and accurate when planning their finances. And yet, hosting companies lose money every year and waste hours of productivity on manual data entry, reporting, and nightly audits that take a lot of time and effort.
What is an accounting system?
In modern hotel management, many companies use cloud-based software to manage finances, track expenses, reconcile payments, and report business performance.
You can use these systems to manage the front-desk operations of the hotel. In addition, accounting software is used for the back-end operations of the hotel, such as cash flow statements, profit, loss accounts, etc. Connect with Opsyte if you are looking for top QSR restaurant reporting software.
What three essential operating systems can you connect with your hotel accounting software?
- Cloud hotel management software
Hotels’ most common tool for day-to-day management is a property or reservation management system (PMS). Connecting it to your accounting software is an obvious choice, as a PMS manages reservations, invoices, services, and guest payment details.
With a PMS, you can post charges while creating a reservation or consuming the service. This information is processed instantly, and you don’t need an overnight audit to do it.
- Points of sale (POS)
Hotels with cafeterias and restaurants on their premises process thousands of invoices yearly, and no manager or owner has time to do that data entry twice. By integrating your accounting software with the POS, you now have a powerful tool to pull reports from and a single place to enter data.
Be sure to look for a point-of-sale (POS) system that can integrate with your property management system (PMS). For example, it will allow you to easily upload bills from the restaurant, bar, or spa to the guest room.
- Customer service management
Hotels must turn every customer touch point into an actual sale. A department dedicated to managing relationships with current, past, and future clients will allow hotels to offer more personalized services.
In addition, the customer information is stored in the CRM, and the record of the expense in the system is beneficial for future marketing campaigns.
Choosing the right accounting package depends entirely on the complexity of your operations. It allows accountants and managers to focus on revenue growth and hotel competitiveness rather than wasting hours on unnecessary and mundane manual tasks. Visit Opsyte if you want to know more about Hospitality Staff Scheduling Software.