Both small and large portfolios often face a similar conundrum: continue with current accounting software or select a hotel-specific accounting system?

For hoteliers with small to mid-sized portfolios, they may have been using a solution such as Quickbooks, but there comes a crossroads in their growth journey when generic software can’t deliver the metrics they need to manage a multi-property portfolio. 

On the other end of the spectrum, hoteliers with large portfolios need the features and workflows of an ERP solution, but since ERP software is not hotel specific, in looking for new software they are faced with the expensive and time-consuming proposition of modifying it to deliver the hospitality metrics and reporting they need. (That is, unless they select HIA software which is both hotel-specific and comes out of the box with enterprise level technology – but more on that later!) 

This significant decision to go with general accounting or hotel-specific software can greatly impact operations, efficiency, and scalability going forward. This article addresses this crucial juncture and the reasons to consider a timely switch to hotel-specific software.

Why Hotels Need Specific Accounting Software

Operating a hotel involves an intricate dance of managing a multitude of operations. Generic software lacks the capability to accurately track and present the specific key performance indicators (KPIs) you need to gauge a hotel’s performance and make sound business decisions.

In addition to simplifying and streamlining your daily operations, the benefits of hotel-specific software  are numerous, including:

Automation of Routine Tasks

One of the standout benefits of this software is the opportunity to automate many of your routine tasks. From entering daily property management system (PMS) information to producing financial statements, the software takes over these tasks, reducing manual labor and room for error.

Simplified Bank Reconciliation

The high volume of daily transactions that hotels handle can make bank reconciliations a nightmare. However, hotel-specific software simplifies this process by keeping everything tracked, organized, and reconciled, fostering accuracy and accountability.

Customized Reporting Capabilities

Rather than struggling to fit your data into generic templates, you’ll have the freedom to create reports that focus on the unique operational metrics and KPIs you want to track. 

The customization feature empowers you to make informed decisions, spot trends, and proactively address issues that are crucial to your growing portfolio.

Future-proofing Your Business

Lastly, making the switch to hotel-specific accounting software is an investment in the future of your portfolio. As your company continues to scale, the software grows with you, ensuring you remain efficient, accurate, and ready to tackle the challenges of your expanding business.

When It’s Time to Make the Change

If you face any of the following hurdles, it might be a good time to consider making the change:

• You plan to expand your hotel portfolio or diversify into other areas such as restaurants, shops, golf courses, or entertainment. 
• You aren’t able to make timely decisions due to inefficient data management or manual entry processes.
• Your current software doesn’t integrate well with other systems.
• Your reporting capabilities are inadequate to manage a multi-property portfolio.
• Your current system doesn’t have the modern functionality that you need, such as customizable dashboards and reports, remote access, automation, etc. 

Things to Consider Before You Make the Change

When you make the change from one system to another, it’s always going to be a challenge. There are a few critical things you should do before you make the switch:

Select the Right Software for Your Needs

There are many different types of hotel accounting software available with varying capabilities and functionality. Your internal or third party accountant company can help you choose the right platform for your needs based on your property count, the complexity of your financials, and other factors. 

They might even have a preferred platform that they are familiar with, but the final decision should still be based on your specific requirements. 

Prepare Your Team

Transitioning to a new platform is not a solo endeavor. It requires a team effort, and everyone involved in your financial operations should be part of the transition process. 

The process also might involve importing data, reordering charts of accounts, or other detailed tasks that require specialized knowledge.

Just remember that this step is a big one, and you will need help along the way. Making sure your team is prepared for the transition will only help the process go smoother. 

Grow Your Portfolio with Confidence

While recognizing that it’s time to make the change is the first step, investing in the right solution is key to successfully transitioning to a more efficient, scalable business model. After all, you want to choose the best accounting software for your hotel’s unique intricacies. 

At HIA, our accounting software is custom-designed to handle the unique financial demands of the hospitality industry as well as offering enterprise level functionality. Key features include:

• One Integrated Platform: With HIA, all your accounting and operations data are combined in one place, enabling easy integration of your existing front and back house systems. 
• Role-Based Dashboards: Whether it’s a general manager needing to see overall hotel performance or a CFO requiring detailed financial metrics, there’s a role-based dashboard for them.
• Customizable Reports: Track what you want and how you want. HIA has pre-built reports that are ready to go out of the box, or you can build ones that align with your unique operational needs. 
• BankConnect: Our BankConnect feature ensures your financial records are always accurate and up-to-date, fostering accountability and transparency across your portfolio.

With our hotel-specific accounting software, you can navigate your expansion journey with confidence, knowing that you have a robust, reliable, and scalable financial solution by your side. Schedule a demo today, and let HIA guide your business toward a more efficient and prosperous future.

Chip Fritsch

Co-founder and COO

Chip Fritsch, instrumental in overseeing HIA’s daily operations, brings 15+ years of hospitality industry experience to his role. His responsibilities span from product development to business growth strategies and client onboarding. A former full-service hotel General Manager, Chip knows the in-and-outs of hotel operations and that motivates him to develop new products and services to best support hoteliers. The past 7 years have seen Chip immersed in hospitality software where he has been pivotal in helping HIA win the Acumatica Development Award.