If you’re one among those who are running a hotel or chain of business since 1990 or even before, then you must most probably and likely using an outdated or sluggish hotel accounting software.
Prior to the Hotel Back Office System technology boom, it was a common practice across hotels to use a simplistic manual accounting and bookkeeping procedures to keep track of finances and report goings.
While your outdated accounting system and bookkeeping routine may have kept financial records, and did mere calculations that were needed at the time, can you now say with 100% certainty that it’s continuing to show up efficiency in handling all your hotel accounting needs in this contemporary world?
Well, here is the deal: As a hotelier, if you trust an outdated hotel accounting system to track and manage your property’s finances then you may land in big trouble.
The truth is, older accounting systems may be adequate to do simple match, run tentative reports, or calculate near forecasts, but when you keep using this aged method in today’s contemporary world to manage your financial accounts, then you’re missing out on making better financial decisions and streamlining operations.
Creating brand value, increasing the bottom line, capturing guest data and determining hotel’s ADR, RevPAR and Occupancy % becomes a difficult thing, making your survival impossible.
Migrating to a cloud-based hotel accounting system will save your time and lot of efforts on the long journey of a hotelier.
Here are 5 sensible benefits achieved by switching from your outdated accounting software to a cloud-based solution:
Usage & Convenience
Manual processes will obviously restrict when, how, and where you access your accounting system.
But, as a hotelier it is alpha to stay up-to-date on what’s happening across your properties and portfolio whether you’re there or not.
With a cloud-based hotel accounting system, you’ll no need to wait until the front-office system is logged in with approved access and availability. Gone are those days!
Cloud-based system lets you login to the system within few clicks on your smart device and check all the hotel happenings, from anywhere at any time.
With the comfort of your living room, or while you travel. Not only can you access all financial data, you can also stay on top of your department wise reports in real-time.
Hoteliers who run on-premise or legacy accounting systems have really found that cloud systems are way lot easier on their wallet.
Subscription based accounting models for cloud accounting systems allows you as a hotelier to pay for only what you need, you’ll shift the high costs from a capital expense simply to an affordable operational cost.
By eliminating large expenses required of maintaining a server, and paying your IT department to handle that accounting server, you’ll save a lot – That’s the reason Cloud-based accounting systems are becoming the front-runner rapidly in the hotel technology space.
When you integrate your property’s PMS system to a cloud-based hotel accounting medium, you are automating your daily sales and the information goes on a superhighway!
Cloud-based systems allow real-time view on your hotel’s revenue, receipts and payments. Get all your hotels’ sales, account receivables and statistical data into consolidated system. Automatically.
Customized solution lets you integrate with your front-office PMS software just within in few clicks, so you will evade from those double entry errors and seamlessly configure your multiple hotel reports at a go.
Cloud-based accounting systems allows hoteliers to easily communicate and share the info with all their hotel staff members. Whereas, an outdated systems create a gaps in enabling account privileges and system access restrictions to your staff, and interrupts the way they communicate with them.
Ancient Accounting Software make it difficult to share a great deal of information amongst the accountants as it creates taxation blues.
With a cloud-based hotel accounting software, anyone who has master access easily login and get up-to-date financial information as soon as logged in.
Increased Competitor Analysis & Guest Satisfaction
Cloud-based Accounting system allows you to import and connect with your guests satisfaction surveys and STR reports.
It plays a significant role in improving guest satisfaction, while analysing competitor analysis including Competitive Set & Market Penetration Index (MPI), which is related to your hotel’s Occupancy%, Average Daily Rate and Revenue Per Available Room.
Let’s face it, at the end of the day, these are the most important metrics to track. The better the insights, the more you bring in efficiency and generate more revenue.
Make a smart move and take your property to the cloud. If your hotel needs a facelift, try Nimble Property – It’s a leading accounting technology provider for the hotel industry.
For over many years, Nimble has delivering best hotelier experiences with innovative automation and integration technology to deliver all-in-one solution that empowers hotels to improve bottom line, and increase profits.
So far, we have been helping to manage over thousands of properties across the U.S. Nimble develops scalable accounting solutions that fit it perfect to hotelier needs.