The term ‘Accounting’ refers to detailed and systematic recording of hotel financial transactions and it’s commonly heard especially amidst the taxation season.
Regardless of the size of hotel, it becomes really an imperative boon to manage budgets, track expenses, audit finances, and while processing payroll. In the earlier ages, hoteliers and accountants use to rely on spreadsheets to handle their accounts and finances, but now is the age of automation and technology
Hotel Accounting Software of new age lets you not only track you income and expenses, but also lets you accountants ensure statutory compliance, enables quantitative financial information – Altogether helps you make better business decisions.
3 Key Financial Statements For Hotel Industry
*Income Statement, it provide your profit and loss information
* Balance Sheet, it gives you clear picture on your financial position
* Cash flow Statement, lets you view generated cash spent during a particular period of time and it acts as a bridge between a balance sheet and income statement.
There financial records are critical reasons to keep your hotel business afloat. Let us now dive deep into the few more reasons why accounting is important, be it your business is big or small.
Evaluates Your Business Performance
You financial accounting and analytical records reflects your operations results and financial position of your business. In simpler words, it helps you understand what is going on within your business financially.
Clean and up-to-date records are the best way to keep track of your hotel expenses, daily sales, gross margin, banking activities and manage account payables & receivables while letting you compare your current data with your previous accounting data so you can allocate your budget accurately.
Ensure You Stay Compliant
The regulatory regulations and laws vary from country to country and state to state, a reliable hotel accounting system and bookkeeping processes will help your accountants to have records handy and ensure that your business is statutory complaint.
All your liabilities such as tax and VAT are appropriately address when accounting functions are performed flawlessly.
Helps You Create Budgets & Do Future Projections
Budget and forecasting can actually make or break your business, and the way you do your accounting plays a crucial role in it.
Based on your historical financial data, your business projections and trends are to be made that’s how your hotel operations stay profitable.
Well-structured hotel accounting software not only provides you appropriate financial data, but also enables accurate budget and forecasting data.
Preparing Financial Statements
To analyze the most sophisticated business like hotels, you’ll need crisp clear financial statements and that may be countless due to diverse range of departments.
Hotel Accounting Software provides you standardized financial reports and statements that will help you analyze your hotel or hotel chain’s financial status.
Besides regular financial reports, your accountants can seamlessly prepare customized revenue statements with all your desired budgets and statistics/
Altogether, you will experience better financial transparency, control and quality assurance with the dig drill down capabilities.
Extensive reporting becomes mandate for you to do automate your daily sales, and with great integration modern day accounting solution help you in doing it without any hassles.
Department wise statistics, comparison of budgets, banking activities & reconciliation, inter-company reports generation is made at fingertips. Profit & Loss, Balance Sheet, General Ledger, Income Statement and Trial Balance are just to name a few.
Hotelier Books is hotel industry’s leading accounting software and bookkeeping service provider, serving big brands in U.S.
If you desire to add more value to your business, go for it and minimize all your hotel admin efforts, while cutting down your operational costs associated with your hotel management.
It’s a next generation hotel accounting system that’s empowering hoteliers, managers and accountants in consolidating accounts, crafting customizable reports, solving complexity of manual entries and unleashing unparalleled visibility into you hotel business performance.
In this unprecedented times of COVID-19, if you’re interested to pursue a prosperous hotel business future you got to consider an accounting partner like Hotelier Books, reach out specialized support who work dedicatedly for you and make difference in the way you do accounting.
To improve your understanding on Hotelier Books, you can simply visit the site on: https://hotelierbooks.com
Hotel accounting involves the most complex of practices to be handled and a typical accounting solutions will let you handle everything with minimal training.
Besides just doing accounting, you can track your hotel occupancy percentage, average daily rate, guest satisfaction comments.
Be it your hotel of any size, seek out to the latest tech-savvy hotel accounting solutions that will eventually increase your revenue and maximize you profitability without even effecting your service quality.
Go for cloud-based solutions, as they can help you monitor everything in a few clicks away and evades the dependency of multiple resources, financial data, reports, or surveys.
Out across the market, you may find surplus accounting solutions but what fits your industry needs matter the most. It should fit your budget, while aligning to your accounting needs so go for a reliable one because it’s going to stay for a long while. Not about an investment which you can alter!
Hotelier Books is especially designed for hoteliers who are running limited service hotels with lesser number of properties, making it available at an affordable subscription pricing and even if the size of hotel increase – There’s yet another scalable solution Nimble Property. You must have got fed-up by using sluggish software solutions but this is a best buy which will last till you see financial success. Every dollar you spend must be count and accountable, so make a wise move and say goodbye from the unreliable routine of handling your financial happenings.
Simplify you hotel accountants, managers work and get your eyes on financial radar so better decisions can be made.
Streamlined accounting workflow will ease your budgeting, cash flow tracking, during the time of taxation and even in managing your payroll – So never leave it behind the desk!