When it comes to hotel management, an owner can simply not overlook the area of hotel accounting software. The importance of hotel accounting can be easily identified when there is a need to understand accurate numbers for a given period and the need to comply with legal requirements.

While most hotels used to employ common spreadsheet programs for maintaining and sharing accounting data related to their hotel, nowadays the trend has moved on to the use of sophisticated hotel management and accounting software. With the advancing pace of technology, it is pivotal for a hotelier to streamline his business processes with the changing technology.

In the hotel industry, there is a lot that an accountant has to oversee. His job is not limited to deriving the figure of revenue and profit.

Here are some of the focus activities that an accountant has to overlook when delivering their services:

• Provide accurate month end account statements
• Prepare monthly, and annual budgets
• Make a comparison of past and present profits, along with budgeting a profit figure for the coming months.
• Preparing relevant financial statements and balance sheet for the period.
• Preparing periodic cash flow statements
• Managing payroll system
• Performing business planning

While all this information may have consumed a lot of time, had it been sourced manually, automated hotel accounting software allows summarising of these numbers in a short time and that too, all the while avoiding making errors.

Also, Read: Top 7 Strategies for Optimizing Accounts Payable Process

Benefits of Using Hotel Accounting Software

1. Intelligent Insights for Quick Decisions

Enabled with an Intuitive User Interface, Nimble Property leverage Business Intelligence to give actionable insights on your Hotel or Hotel Chain side-by-side. The insights give one single screen that helps you in analyzing the gaps so that you can detect revenue leakage and run the hotel profitably. 

Here are a few intelligent insights enabled on Nimble that allow you to visualize better and utilize your hotels’ data.

• Real-time Occupancy %, ADR & RevPAR
• Consolidated Department-wise Revenue Analytics
• Competitor and Guest Satisfaction Review
• Budgets Comparison & Profitability Check
• Alerts on Pending/Overdue AP & AR

When you’ve got updated information on all happenings, you will the known pulse of your hotel, so you can act proactively without missing anything.

2. Hotel Specific Reporting for Financial Success

Generating Reports manually is not a small feat, it can become evil or an angel, so it matters how we do it.

In Nimble, there’s seamless access to 60+ Reports on an exclusive widget to keep your operations smooth, give financial position snapshots, let you focus on the big picture, and make your life easier as a hotelier. 

Be it for a limited-service or full-service hotel, the reports get created, and accounts & finances get tracked in a matter of minutes. 

Here is the list of crucial reports offered by Nimble Property that helps you save enormous time and effort for your accountants, managers, co-owners, and also departmental heads. 

• Profit and Loss Report
• Balance Sheet
• General Ledger
• Trial Balance
• Vendors
• STR & GSS
• Reconciliation
• Daily Sales
• Intercompany

All these reports lend a great portion in analyzing the Hotel’s Performance, ultimately helping you to experience financial success.

3. Budget & Forecasting for Strategic Planning

When you have perfect Budget & Forecasting procedures implemented, you’ll be able to control finances, determine your profitability, and plan strategically for a better future.

Nimble Property’s Budget & Forecasting module gives you a sigh of relief when dealing with departmental-wise budget creation and readying for capital expenditures through forecasting current situations. 

Flawlessly, you can adjust the upward percentages of the budget and process the hotel undertakes with easily handy reports. 

Here’s the maximum advantage of the Budget & Forecasting module

• Create budgets with flexible statistics
• Make adjustments & processes the hotel undertakes
• Import historical budget & get rid of excel
• Evade the data collation necessity
• Fetch comparisons via guests’ outlet history
• Compare, export, and review budget reports

4. Cash Flow Optimization for Business Growth 

The streamlined In & Out of Cash Flow will help you run your operations swiftly while ensuring healthy vendor relationships and receiving faster profits. 

Cash is King – Nimble Property helps you master cash flow optimization by letting you keep a tab on Account Payables and Receivables while alerting you on your pending or overdue payments as well as receipts.

Here are the Highlights

• Automated Bill Entry by OCR Scanning
• Alerts on Overdue Payments/Receipts
• PMS Integration for Account Receivables
• Cash Flow Forecast Generation
• Built-In AP and AR Approval

The aforementioned will add value to helping you rein the cash flow problems and avoid your hotel business move off beyond your control. 

5. Achieving Automation in Daily Sales

It’s an intimidating task for your General Manage to enter and track daily sales manually during the time of the audit, as it’s involved a lot of time and effort.

Even the accountants face hassles in juggling between the sheets for verifying the books and approving. 

Using Nimble Property – Hotel Accounting Software, the advantage can go maximum by automating the arduous routine through PMS integration. The accuracy percentage is 100, and the error percentage is zero. 

Basically, the experts at Nimble take the burden off your shoulders in configuring the income sheets and daily sales to enable access to automated reports. 

Salient Features & Benefits Indulged in the process

• Daily Sales & Night Audit
• Income Sheet Configuration 
• Exclusive Manager Login
• Seamless Activity Tracking
• Effortless PMS Integration

6. Speed & Efficiency in the Entire Back Office

Being one of the most trusted and leading Back Office Accounting Software, ‘Nimble Property’ helps you cut down entire back-office costs by 50% and save time in handling bookkeeping.

When you have control of your accounts and finances, you can concentrate more on improving your guest satisfaction. So back-office automation is indispensable!

Back Office Accounting Made Easy with these features

• Payroll Import & Preview
• Bank Accounts Reconciliation
• Revenue & Expenses Summarization
• Multi-property Management

Benefits of integrating Hotel Accounting System with Cloud PMS

Here are some of the major benefits that will accrue to the hotel owner and staff by integrating their hotel accounting software with a cloud PMS:

1. Achieving automation and accuracy 

Using a cloud PMS based hotel accounting software has the advantage of making the job of generating invoices, maintaining account statements, producing payslips, and producing revenue statements, and more, easier than can be imagined. Even routine jobs have been easily automated which has helped in eliminating the problem of manual errors. One can achieve greater accuracy in the work performed by him when the data is entered correctly and processed faster than ever before.

2. Provide easy access from anywhere

The data which is uploaded on a cloud PMS can be accessed from any point and anywhere when needed. Hence, accounting data remains accessible from any device, no matter what your location may be.

3. Obtain information in real time

As the entire data is available at one place, a user can obtain all the related information at any time and check the most up-to-date figures of the data sought by him. Thus, data like accounts receivable, cash, and bank balance can be ascertained easily.

4. Simple to use

The process involved in entering data and retrieving reports is quite simple. Thus, a user with basic knowledge of using computer hardware and software can easily extract the relevant reports and present it at any hour. Plus, data storage is never a problem as there is ample storage available with a cloud PMS.

5. Increased speed and efficiency

As compared to the manual system, a cloud PMS integrated with the hotel accounting system can present faster results and help in overcoming errors.

Final Thoughts

An Accounting Software that enables cutting-edge technology will make a difference in the Hospitality Industry. It’s about Nimble Property, be it any the Hotel Accounting Software must help you reduce revenue leakages and ensure sustainable, higher profits through intelligent analytics and advanced technology.

Most importantly, it should be crafted perfectly for the Hospitality Industry, and Nimble Property takes pride in bagging renowned and leading brands up to 200+ so far.