If you are in the hospitality industry, it’s likely that you’re at least considering using Accounting software for hotels. And for good reason – hotel accounting software can make your life much easier by automating many of the tasks and processes that require manual work, such as daily sales tracking, budgeting, bank reconciliation, accounts payable processing and generating reports, etc. But are all accounting software systems created equally? Is quickbooks for hotels does the job? Read on to find out…
If you’re a hotel business owner, it might come as a surprise to learn that there are many different accounting software programs available on the market. Many of these accounting software systems are designed specifically with the needs of hotel managers and accountants in mind.
One notable example is Nimble Property. This popular software is designed to help hoteliers manage all aspects of their business by providing features such as flexible multi-property management, AP automation, auto bank reconciliation, 60+ hotel specific reporting, KPI dashboard, PMS Integration, GSS Info, Audit Log Tracking, Operational Budget & Forecast Bank Deposits Info, STR Import and Hotel Team Login.
Plus, Nimble comes with an intuitive interface that doesn’t require any special training for employees to use, which means you can easily train new hires or contract out work without having to worry about producing inaccurate numbers.
For many businesses, choosing the right accounting software is a critical decision. Unfortunately, without any experience, it can be tough to figure out which software fits your business needs in the best way possible. One way to make that decision is by staying on top of all of the features available with each program and researching how those features can benefit your hotel business.
In this blog, we’ll give you a general overview of what accounting software can do for you as well as list some of the benefits you might not have known about. Hopefully by learning about these benefits, you’ll be able to better understand what kind of impact accounting software can have on your hotel business in general.
Why use accounting software by hotel managers and accountants?
Here’s a quick list of just a few of the benefits you can experience when using accounting software for your hotel business:
Flexible journal entries
You already know how important it is to keep accurate financial records. With accounting software, your business will have all the flexibility it needs to make well-informed decisions. For example, you’ll have the ability to set up journal entries in multiple ways: in a single month or year, monthly or semi-annually, quarterly or yearly. This flexibility allows you to easily switch between different types of invoices and receivables. Plus, you’ll also be able to customize reporting periods so that you can easily track your revenue and inventory levels over time.
Priority revenue tracking with billing modules
Another key function of accounting software is the ability to manage all of your financial information in one place, no matter where it comes from. This means you’ll be able to easily connect to all of the different versions of your hotel software, such as point-of-sale (POS) and settlement systems. Plus, if you want, you can even connect directly with your customers via email or text message!
This way, accounting software can give you a transparent view of all transactions that have taken place within your business from a single dashboard.
Accounts receivable management using integrated billing modules
The ability to manage unpaid bills is a critical feature for hoteliers. This allows business owners to see the status of all their outstanding invoices, which means they can take prompt action on any outstanding payments and avoid costly penalties or interest charges. One of the great things about accounting software is that it makes it easy to set up automatic reminders when customers don’t pay on time. For example, you might choose to send out a text message or an email reminder that includes details such as the name of the customer and the total invoice amount. This feature can help reduce the number of late payments you may otherwise incur due to customer forgetfulness.
Integrated risk management tools
The importance of security is one of the key reasons that many hoteliers use accounting software in the first place. After all, your financial data shouldn’t just be accessible by anyone in your business. This is where integrated risk management tools come into play. With this feature, you can set up password protection for different sections and records that only certain people have access to, so that you can easily maintain confidentiality around sensitive financial information. Plus, you’ll have the option to create a backup plan just in case your account ever gets hacked.
Let’s look at a few examples of how these benefits can be put to use by hoteliers.
Case Study #1: Fixing Bad Costs with Accounting Software
It’s hard enough to keep track of your expenses when you’re paying them automatically. But imagine having no idea how much was spent on things like cleaning supplies, office supplies, and housekeeping service! If your bookkeeper or accountant is not updating you with the correct information on these costs, you might end up paying for things you don’t need or don’t even have. To avoid this from happening, it requires a close watch on who purchases each type of cleaning product or which one of your staff works in maintenance. This is even more critical for hotels. That explains why it’s so important to have accurate information about who purchased what and when, from your accounting software.
Case Study #2: Tracking Inventory with Accounting Software
Not only will you be able to see the specific details of all of your purchases, you’ll also have access to purchase orders and invoices within your hotel software. This way, you can stay on top of your inventory levels at all times, so you know how much each product has been used. If a hotelier doesn’t manage inventory correctly, it can put their business in financial jeopardy.
Case Study #3: Managing Expenses with Software
Some business owners load up their books with unnecessary expenses to make sure they can report a profit. However, this practice is unproductive and only creates larger mistakes that need to be fixed later. Thankfully, with accounting software, you’ll have access to all of your business expenses, allowing you to allocate funds for each item and compare one expense to another. This way, you can easily spot patterns in unnecessary spending so that you can stop them from happening in the future.
Case Study #4: Maximizing Your Profits with Accounting Software
If you’re not maximizing your profits, it’s hard to know whether the money is being used in other areas of the business. With accounting software, you can easily track and review your expenses in detail for each month of the year. This way, you’ll know exactly where your money is going and what you’re getting back.
Case Study #5: Tracking Your Sales and Customer Relationships with Accounting Software
Accurately tracking all of your sales is crucial for hoteliers who want to maintain healthy relationships with their customers. As it turns out, this can be a bit tricky when you rely on handwritten notes to keep tabs on all of the details. However, accounting software is designed to make it easier for you to track each invoice and automatically assign it to the right customer. This way, you’ll be able to provide better service and keep yourself organized.
Choosing Your Hotel Accounting Software
In order to find the right software for your business, it’s helpful to do a bit of research first. It’s not the case quickbooks for hotels doesn’t fit your requirements. Look at the reviews from different customers who have used the software. You can also visit websites like Software Suggest, Hotel Tech Report to learn about other recommended options. Plus, be sure you check out the price of each program before choosing one that’s too expensive for your budget. Software Suggest is proud to provide hoteliers with a list of the top accounting software available today. This way, you can compare pricing and reviews online and choose the best solution for your needs.
Cloud-based hospitality accounting software is a must for any hotelier or business owner who wants to run a successful operation. It will help you keep all of your expenses organized, which makes it easier for you to see where all of your money is going. Use these benefits to keep track of your profits, inventory levels and expenses, which helps you spot trends in your operation that might otherwise go unnoticed.
Nimble is a comprehensive suite of accounting software for hotels that works seamlessly across limited service property or hotel group. With its intuitive functionality and reports, you can manage everything for your hotel portfolio from one place. It also includes daily sales tracking, accounts payable processing, budgeting, bank reconciliation and more!
The software allows you to manage your hotel on the go. It comes with a neat dashboard interface that provides detailed reports for your entire team, saving you both time and money.
Check out Nimble today – https://nimbleproperty.net