5 Hotel Accounting Software Features To Look Out For
There are many hotel accounting software options available for hoteliers. But not all of them are created equal.
So what should you look out for when choosing an accounting system?
Hotel accounting systems come in different shapes and sizes. Some are designed specifically for small hotel portfolios, while others are geared for growth. The best option will depend on your needs, budget, and business model.
Here's a list of five features to consider.
Specific Hotel Accounting Software
Friends, Quickbooks and handmade spreadsheets are great, but they don’t provide you with all of the details that are needed for actually running a hotel. Hotels have a unique chart of accounts which makes up a different type of Profit & Loss Statement than other industries. Not only that, but hotels require different formulas and metrics to gauge their profitability such as Rooms Sold, Average Daily Rate, Revenue Per Available Room. All of these are easily tracked when using a hotel specific accounting software. To learn more about the importance of using hotel accounting software click here: Hotel Accounting Software
Ease of Use
If you're looking for a simple solution, then you might want to check out Hotel Investor Apps (HIA). It's easy to use, has dashboards, and is fast to get started. Plus, you have online access to your data wherever you are. And, as this is an ERP (enterprise resource planning) software you can also easily integrate third-party apps to automate processes and streamline workflow.
If you are looking for a staple in the industry, then M3 Analytics might be for you. This Citrix installed based program allows you to keep control as you must download Citrix to use the system. This system has an easy-to-use report writer functionality.
There are countless other systems but these two mentioned above will provide you and your hotel accounting team everything they need to provide you with the right monthly financials so you can run your hotels.
Ability to Grow
In addition to ease of use, another key feature to consider is how well the software integrates with other systems. For example, if you're using Hotel Investor Apps (HIA), you have an ability to view multiple pages and hotels at once.
If you're looking for a solution that will allow you to grow with you as your hotels grows, then you need to choose a product that offers flexibility. This means being able to add new features as your needs evolve. It also means having the ability to streamline and copy processes from one hotel to another. M3 and HIA are both helpful in this area.
There are times that you may need customizable reports and this is one are in which HIA and M3 differ. M3 provides the ability to move individual accounts throughout the report at ease. HIA on the other hand uses account classes which makes adding new accounts and departments very easy, it can be challenging to update a report once completed. Luckily, with either hotel accounting software, most hotels aren’t making lots of changes once their reports are set.
Integration with Third Party Apps and Dashboards.
If you plan to integrate your accounting system with third party apps, for items like single sign-on bank access or PMS (Property Management Software), such as Fosse, Opera, OnQ, etc., both systems have this availability for your hotels daily reports. You need to ensure though that they can handle an automatic export from the PMS into your accounting system and what the steps are to troubleshoot should the connection be interrupted. When it comes to dashboards, HIA allows for a within the database setup to compare hotels or even day by day comparisons whereas you will need to ask about M3 Insights to have this availability.
Regardless of the hotel accounting system you use, just remember, that if you aren’t reviewing and keeping your hotels monthly financials up to date and using them to assist with real-time operational decisions you are losing money!
So, before you switch to hotel specific software or make any other big investments in your accounting department, you need to truly accept and believe that accounting is not just an expense, it can and should create major costs savings for you! Or at the very least, help you stop bleeding money!
In conclusion, if you would like to learn more about how the right hotel accounting software and team can help you receive timely and accurate monthly hotel financials with an outsource option let’s connect: www.hotelsolutions.info/chat. Remember, you deserve to be confident in your hotels numbers and never stress about your hotel’s monthly financials again.