‘Accounting’ Software For Hospitality Industry is one of the most overlooked aspects of the hospitality industry, but it’s actually has a great significance in running business smoothly, especially in hotels. If you’re a hotelier, then you need to understand the fact that you’ll need an ally to help you stay on track of day-to-day income, expenses, budgets, banking, p & l, daily sales, and with quantitative financial information in place – That’s how you make better business decisions!
Now that you understood accounting becomes crucial to keep your business afloat, but ever wonder how you can get it done? Advanced automated cloud-based hotel accounting software from a reliable company is the answer.
Those olden days of relying on stained spreadsheets are gone, now is the golden age of automation and intelligence-driven modernized accounting software solutions.
Accounting software can be an ally or an agony because it can make or break your hotel business so it is very decisive to find the right and best hotel accounting software, that can actually help you evade the expensive costs and eventually improve the hotel running efficiency while letting you stay ahead of the intense competition across the hospitality industry.
While the marketplace is laid down with countless options for you, we’ve found ‘Nimble Property’ as one of the best tailored, inexpensive and exclusively custom-made Hotel Accounting Software which has been loved by most of the hoteliers in the U.S.
Leverages Automation and Business Intelligence, Nimble is renowned for its impeccable functionality, remarkable insights, and splendid features, which makes it stand tall in reducing the accounting complexities and overhead burdens in the Hospitality Industry.
Now, let’s dive deep into the hotel accounting software benefits, that you as a hotelier must take note of and empower you, your accounting department, and managers to extract maximum advantage out of it.
KPIs for Quick Decision Making
When you have the perfect accounting software for the hospitality industry is in place, enabled with intuitive UI, driven with Business Intelligence – Then you’re in the favour of receiving actionable insights on your hotels at a glance. When you have things accessible side-by-side, on a single screen you’ll be able to analyze the gaps and arrest the revenue leakages, so can run a business profitably.
Here are few intelligent insights enabled on Nimble that allows you to better visualize and utilize your hotels’ data.
Consolidated view on occupancy percentage, ADR, RevPAR, department-wise revenues, GSS info, STR preview, budgets & comparisons, profits & losses, and most importantly real-time view on pending or overdue info makes a big time difference. So look for software that offers you the same!
Have a pulse on all your happenings and gain the pulse of your financial health so you can proactively work around the things that are lagging and make better business decisions.
for more reading: Advantages of Using Accounting Software
Industry-Specific Reporting
Handcrafting reports manually is never a small feat, and it can become an agony, so it really matters how we do it.
With an accounting software in place, you’ll have an access to exclusive reporting module where you can not only get a snapshot of your business but also generate reports like income statements, balance sheets, cash flow reports, general ledger, trial balance, and even combined multi-property financial statements at a go.
Cutting down the time on generating reports manually lets you and your team unleash growth potential while saving enormous amount of time and efforts.
Strategic Planning of Budgets
An accounting solution if it’s advanced one must let you plan budgets better and implement forecasts strategically while letting you control finances.
Dealing with departmental-wise budgets is no easy feat and reading through capital expenditures and forecasting based on current situations using a spreadsheet will never let things happen.
If you desire to grow business and flawlessly adjust upward budget percentages and process undertakes, then you must be able to create budgets accurately with flexible stats.
Evade the burden of importing countless cabinets of historical data and get rid of excel causing discrepancies using an automated multi-property hotel accounting software.
Optimizing Cash Flow for Business Growth
Streamlining and optimizing your in and out cash flow will help you in running your hotel operations swiftly while maintaining a healthy vendor-customer relationship and scoring faster profits.
So, an accounting software to be chosen that helps you master your hotel business’s Cashflow and automate accounts payable processing and simplifying accounts receivable, while stays on top of aging or overdue receipts and payments.
Besides, tracking and managing daily sales is an intimidating task for you general managers and accountants so help them save effort and time during the time of audits.
Final Thoughts
We’re living in the age of COVID like unprecedented times, and the disasters become unpredictable so to survive in such phase requires an advanced software solution that can ease the workload and does smart work so business runs smooth.
But, it really matters the one you choose must possess cutting-edge technology and automation functionality, integration capabilities to reduce time, efforts and ensure sustainable profits.