Your team’s goal each month is to get the Income Statement to be a true reflection of how the hotel performed that month so that you can evaluate that performance and make quick decisions on how to improve for the following months. One of the biggest tools for accomplishing this is with end of month accruals! An end of month accrual is an accounting entry used to record an expense you had for the month when you haven’t actually received the invoice or paid for it yet. For ins

Have you ever wondered why your revenue looks the way it does? You have that P&L right there and you think, “Wait a minute...these revenue numbers...where are they coming from? How does this activity get here? Where are the details?” First off, IT'S OKAY! We get that question from our new hotel owners and general managers a lot! You see, 95% of the hotel revenue amounts found on your P&L are coming from your accounting system's Daily Revenue Report Module. Now this is key! Yo

Imagine this: at the end of the month, all the invoices are posted to the Income Statement on time and in the right place. Managers aren’t spinning their wheels figuring out what needs to be reclassed. The hotel’s operations can be evaluated easily because the financials are timely. The managers aren’t stressed out because they aren’t fielding calls from angry vendors or worrying about the cable getting shut off. Nope. Instead the managers are encouraging their team, chatting

Tips for Hotel Accounts Payable (Invoices) Accounts payable processes tend to be overlooked, and training is inadequate, but it is too crucial of a role to let this continue. This week we’re talking about training for the AP team and we’re going to give you a sneak peak into the welcome video of our new AP training! If it feels like this is a big ol' pep rally -that is because it absolutely is! Accounts payable pros need to know how important their job is! They need to know t