Accounting should be able to provide a hotel owner reliable insight into the operations and financial well-being of their business. Insightful reports must be available without delay all the time to all key personnel without the owner or others waiting for their accountant to get around to creating the reports. To operate your hospitality business efficiently, here are some more features available in a good accounting program:
- Strong Security
With a web-based accounting program you want to know that your data is secure. Data should be kept only on the server and there should be added security measures like encrypted communications and database encryption. Also, advanced security features within the software should allow you to control when and where your staff access the system. Your accounting software should also have the ability to let you assign specific roles and limitations to deny or grant access to individual line item accounts and processes. This specificity of control allows you to delegate more efficiently without compromising confidential information. You control who sees what.
- Drill Down Reporting
Have you ever been reviewing past profit and loss statements, and seen an unusually high expense? If you have to go track down invoices, you’re wasting your time. You need a program that has drill down reporting. ‘Drill down’ means you can easily click on one journal entry and it seamlessly opens another inquiry screen until the original line item entry and even the document is revealed, and you can see who made the entry, or who approved it if it’s approved. Perhaps there was a large party which required extra supplies for that time period. With drill down report, you can accelerate your decision-making with quick access to past information and provide insights into future needs.
- General Ledger Consolidation
You can integrate financial reports across multiple hotels, still keeping separate books, to get consolidated financial reports. Use these reports to get an overview of your entire portfolio’s performance in any period, or one grouping of hotels, with support for multiple ledgers. Also, it’s a great tool to compare hotel sets within your portfolio. To do this, maintain the three C’s, same Chart of Accounts, same Calendar year, same Currency, at the hotels to be rolled up into consolidated reports.
- Advanced Financial Reporting
Programs with advanced financial reporting offer integrated reporting tools which are customizable so you can design financial statements that are tailored to your hotel(s) and create multiple budgets for different scenarios. Take advantage of built in financial reports which provide year-over-year comparison and budgets versus actuals, or show expenses as PAR or POR, for a deeper understanding of operations.
Consolidate the tools you use to manage your business more efficiently with other products which integrate with a true-cloud ERP accounting program. For instance, manage employ functions with an employee portal. Other simplifying integrations available include Accounts Payable Automation, Microsoft Office 365 and Power BI, to list a few.
Hotel Investor Apps ERP & Accounting software is the true-cloud modern accounting solution. Hotel Investor Apps is hosted on AWS servers for reliability. All your information is automatically saved and backed up, in triplicate, so you will always have access to your data. Bank-level security protects your data and user defined security settings restricts access to a granular level. Plus, full audit capabilities to track all activity and for peace of mind.
Hotel Investor Apps offers drill-down reporting, general ledger consolidation, full ERP moduals, as well as many more integrated software solutions. Save time with automated functions like Automated PMS importing and automating key processes with Workflows. Gain real-time visibility into your business performance with dozens of out-of-the box financial reports and personalized dashboards designed for hotel owning and management companies.
See What an accounting software upgrade can do for your company:
Jaime Goss has over a decade of marketing experience in the hospitality industry. At Hotel Investor Apps, Jaime heads up marketing initiatives including brand strategy, website design, content, email marketing, advertising and press relations.