COVID-19 has touched wide-areas of hospitality on the heels of costing 240$ billion revenue loss and more than 10% of hotels permanently closed after the 1st year’s pandemic restrictions. The hotels which have survived are now in a distress mode of operations and more like traumatized.
After the forced sabbatical hospitality industry has experienced, hotels are now in the great rest position in this Post-COVID business phenomenon. It’s like looking for new way to operate hotels resiliently and creatively, embracing technology, expertise and insights which many have not felt the need before.
And, an accounting solution is a specialist which can render major support. Hotels now are receptive towards partnering with accounting firms for bookkeeping support, analyzing financial data and other administrative tasks. That’s evident of the future wave!
As hotels were closed or less operative, hoteliers, accountants and mangers hopefully transitioned to connect remotely and go paperless in handling finances & accounting processes. To ensure longevity of hotel business, it has become extremely important to consider making changes.
Accounting solutions find this opportunity which they’ve been waiting for, to add more value for hotels and position themselves as a difference-making agents by enabling valuable automation and intelligence. The ongoing storm is unpredictable now, and becomes indispensable for hotels to partner with reliable new-age accounting solutions.
Financial Data Digitalization
If your hotel hasn’t gone down the path of automation, it’s strongly recommended to start leveraging it to best support your hotels. Hotel Accounting Software lets you go beyond manual financial calculations by using technology to increase financial department’s efficiency and reduce errors. To save more hours for productivity, you’ll need better expertise to get the accounting analysis done.
Accounting software for hotels gives you an ability to digitize your financial data of larger volumes in short time period, while giving you flexibility to dig deep into the numbers and uncover great opportunity for cost savings.
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Introduction Of More Efficiency
Hotel businesses that are bogged down by spreadsheet dependency tend to lose out on deep data analysis opportunities. An accounting software for hospitality industry lets you digitize to increase efficiency for your accountants and managers, while uncovering opportunities to cut the fat.
Labour costs account for anywhere around 20 to 30 percent of a hotel’s total sales and that’s a significant amount of spend. With readily available documentation, as a hotelier one can take a serious look at the financial health and determine what is and isn’t worthy of time.
With no end in the sight of the pandemic, better investing in accounting solutions fuels up chances to organize and grow despite of labour shortage.
Offers Business Intelligence
Perfect hotelier accounting software enables you to control what was once uncontrollable. Besides labour costs, inventory is yet another story.
The cost of inventory items varies from day-to-day or hourly basis, based on seasonality and demand. COVID has made inventory items cost difficult to estimate. Increased by 3.4 percent from last year to this, the price creep has terrified hoteliers.
So, it’s the best practice to partner with Hotel Accounting Software and automate accounts payable process to engage and build strong relationships with vendors. Which in turn puts you as a hotelier in a better position and lets you secure contract pricing. Even a few pennies saved can add up to a lot to the hotel’s financial bottom line.
Accounting automation helps you go beyond bookkeeping and lets you focus more on analysis instead of administrative work. Hotelier Books is the most cost-effective, yet an effective accounting solution for hospitality industry which has been helping hoteliers and their departments to reduce efforts by 50% and save time by 75% so they can focus more on strategic approach.
Ready to leap into the next step of automated accounting? Schedule a demo of Hotelier Books and start making difference!