The hotel industry is estimated to be over a trillion-dollar market worldwide. With the hospitality business growing every day, it is important for smaller hotels to keep up with larger chains through efficient bookkeeping practices. One of the most popular ways to do this today are cloud-based hotel accounting software systems. They give access to your data in real-time wherever you are, allowing your staff members to simplify all their hotel accounting challenges.
The most popular accounting software for small businesses in 2014 was QuickBooks Online, which includes features like online banking, invoicing, expense tracking, inventory management and customer relationship management (CRM). It also works offline so users can access files without an Internet connection on their computer or mobile device.
But there’re limitations when we use the same legacy accounting software to handle hotel accounting. The workflow here is different so the accounting medium has to be. Hotelier Books like accounting solution could be a great help for hoteliers, who are looking out for an authentic tailored made partner.
Let’s now dwell into the subject of article.
5 Reasons to Move Your Hotel Accounting to the Cloud
1. 24/7 Access
Today’s society is always connected, whether it be through social media or mobile phones. When you manage your own hotel accounting, you need to do the same in order to take advantage of opportunities when they arise. This is why cloud-based accounting software allows users access at all financial data and financial KPIs of the day from various devices. With Hotelier Books, for example, hoteliers, managers and accountants can use their smart phones or tablets in addition to their home computer in order to keep up with daily tasks while on-the-go.
2. Proactive Alerts
The best way for a business owner to increase profits are by being proactive rather than reactive. Cloud accounting allows users to receive alerts for various events, such as payment due dates, checks to be printed, sales & journals to be approved and more. This ensures that your business is always up-to-date with important happenings so you can plan accordingly rather than waiting until the last minute.
For most hotel businesses, their resources are limited when it comes to employees. This is especially true in the hospitality industry where schedules may be difficult to coordinate with inconsistent hours of operation. Cloud accounting software provides tools for collaboration among team members with live access wherever they are within the world. With Hotelier Books, users are able to share files, review financial statements or view pending transactions through real-time editing capabilities. Additionally, managers can create separate logins for each employee under their account if they are assigned tasks on the company’s behalf.
4. Improved Data Accuracy
With cloud-based accounting software, you receive live access to all of your important financial data no matter where you are in the world. This further ensures accuracy while also giving you the ability to catch any mistakes before filing time arrives. With Hotelier Books, users have an opportunity to view their transactions real-time and can even download the reports for the desired timeframe directly from their account. Business owners can also track cash flow with this program’s easy-to-read reports and graphs that provide a snapshot of daily sales and expenses filtered by property category. Any discrepancies in numbers will be immediately caught in the Financial Snapshot, which will point out problems with totals or missing transactions.
5. Tracking Opportunities for Growth
Cloud accounting software is designed to offer business owners an easier way to manage tasks and focus on opportunities that can help their businesses grow. With Hotelier Books, users have access to information about guests and competition through tools like STR & GSS import. This helps prioritize sales efforts so you can move forward with those who are most likely to close a deal based on previous purchases and other behaviours. Additionally, cloud-based accounting software provides insight into what initiatives your business should pursue so you can maximize profits and continue expansion without worry of not being able to keep up with orders down the road.
Cloud accounting software is a new way of doing things that combines old school values with new technology. Hoteliers can use the system to get a streamlined view of their finances without worrying about backups, outages, or maintenance. In other words, they can focus on growing and expanding their business while leaving the tedious work to the cloud accounting software provider.
Thecloud-based hotel accounting system is cheaper, simpler, and more secure than traditional accounting. The system easily integrates with other systems in the company and can be managed through one central location. Plus, the software leaves behind little to no paper trail when an error is made.
It’s users also have a personal experience that helps them build trust with clients in a way that traditional accountants cannot, leading to greater loyalty from their clientele and accepting new businesses without any conversion fee. These systems tend to be more affordable and competitive through the use of cutting edge technology. Typically built around one centralized program, these systems offer increased integration and lower costs for the business owner.
Cloud accounting software is also more reliable as it allows business owners to access, view, and even modify their accounting information from almost anywhere, giving companies the flexibility to work anytime and anyplace they want. The cost of business use of cloud-based accounting systems is less than half the cost of running a traditional system with the same services.
The combination of centralizing data and eliminating the need for expensive upgrades eliminates the need to update your system often. Because cloud-based systems are internet based, they eliminate the cost of paying for an IT specialist to maintain the software or hardware. Cloud-based accounting includes software as a service (SaaS) which costs less than a comparable on-premise system or what most traditional accounting firms would charge for their services.
Checkout the most affordable, yet effective hotel accounting software hosted on cloud ‘Hotelier Books’. It has all that you need!
More info@ https://hotelierbooks.com