For each sector of hotel management, various techniques are applied to ensure the growth of the business and the care of the guest. Just as much, when it comes to choosing the best accounting software that will work, various things are considered and put into place. These things may go round all the sectors of hotel management, and also, they may be peculiar to some. One such thing to consider which is of utmost importance is the features which would be included in the software. The features help to guide users as well as hotel managers to what they can achieve with the software.
11 Must-have Features of Accounting Software (Sec. Keyword)
Like many other sectors also require, the accounting software for hospitality must be able to help the hotel to save cost, save time, and it should be able to prove its efficiency when it comes to calculation and budgeting. It should also be safe and secured while being hotel-use oriented. Also, the software should be easy to access and be able to analyze revenue and services, which have generated the highest and lowest figures, as well as services and the various factors or seasons which have affected their use. This way, the hotel management can know where to focus and what type of innovation to bring in to boost service. Basically, it should be a guide, helping the hotel makes decisions for the benefit of the customers.
To achieve all of these, certain features have to be present in the software. Some of those features are listed below
1. Relationship Management Features
One of the core goals of hotels in the hospitality business is to ensure that customers are satisfied and that they get whatever they want in the long run. As a result, one of the features account software for hospitality must possess is the ability to help this relationship. It should be able to keep records that will help the hotel forge a relationship with the customers beyond a one-time contact. It should also be able to store accounting records that can be used for research or marketing focused on strengthening the hotelier-customer relationship. For example, If a hotel is to take into consideration the fact that orange juice sells more than apple juice during summer, having noticed via the accounts, they'll be prepared and stocked up for subsequent times. They may even be able to offer varieties to boost business and entertain customers.
2. Collaboration features
Despite being account software for hospitality, it should be able to connect with other departments and work with them. The marketing, advertisement, and even cleaning department of the hotel all need information from one another. As a result, it is very important that each software can pass messages from its analysis and deduction to another department, which might find it useful to use. This, it should also be able to do in no time while being accurate and precise. Then, the exchange point or connection point is the point where the customers' satisfaction will be granted.
3. Automation and Integration
Other essential features that must be present in account software for hospitality is the automation and integration features. First, one of the advantages of using software is the fact that it provides automation. Therefore, accounting software for hospitality will be useless if it cannot carry out basic activities automatically. It is also necessary that the software can integrate other features which are essential for the maintenance of the hotel business. There should be room for communication with other add-ons, which would help the software do its job. A sole account software for hospitality may not be able to survive or work effectively.
4. Reporting Features
Just like the relationship management features, accounting software for hospitality should have a reporting feature that helps the manager to understand certain information at first glance. It should monitor trends, purchases, indulges, and expenses as they fluctuate in the hotel business. Have customers been avoiding a particular room for months? The report or purchases made from that room will definitely below, thereby raising the suspicion of management to certain irregularities. From the reports, a lot can be said and done about improvement.
5. Reservation Monitoring Feature
Alongside the basic accounting features, account software for hospitality could also have the reservation feature. This helps to make things even more manageable as two processes are brought into a place. People can book a room from there while also paying, making it easy to track where each payment is from. This way, the management can calculate total reservation revenue as at when necessary. Along with the hotel reservation feature, a number of other features that allow customers to pay for services can also be included. It's one of the perks that come with the software.
6. A Good interface
Accounting software for hospitality would not be complete without a significant dashboard as well as other interfaces. The job of these – the dashboard and other interfaces are to bring ease to the entire process involved in making use of the accounting software for hospitality. Of what good is software if using it is hard? To help the software achieve its goal of easy to use and time-saving, an excellent interface is required. When it is available, maneuvering between sections and carrying out activities would not require too much energy or technical know-how.
7. Expense monitoring features
While trying to satisfy customers, the hotel management must not forget to take care of the hotel too. That is why it is necessary to have an expense monitoring feature installed. The amount spent on repairs, how much workers receive, the replacements made or done, things bought, and other vital things are monitored to help the management make decisions and avoid loss.
8. Budgeting Features
Whether it is for food, towels, or other things, accounting software for hospitality must be able to help with budgeting. This it can do from using information from over the years. How much food is usually consumed at a specific time of the year, what type or amount of food go to waste, when was the menu changed, and how did it affect incomes? If software can answer all of this, then it can easily be used for budgeting. In fact, it can even go-ahead to serve as a means of taking inventory of goods. In the end, the budgeting feature will help to achieve maximum control over wastage or unnecessary expenses incurred in the hotel management.
9. Accessibility Features
One of the many things that accounting software for hospitality must be able to achieve is the ability to be accessed at any time, from anywhere. To be able to do this, features that allow it to be accessible must be added. The software cannot be built such that it can only be accessed by one system at a particular place. Of course, the job of the developer comes in here, but it is necessary that the hotel management does not fail to emphasize what they want and the ability of the software. Appropriate parties should be able to use it and remove the stress of waiting.
10. Security features
To safe against unauthorized access and also prevent attacks, features that will ensure the security of the software should be in place. People with no knowledge of software operation puts it at risk as they can delete important information which may be useful with time. Therefore, the best way to ensure that accidents are minimal is having a sound security system in place. Only certain persons who should have access are then able to go into the data available. Backup could also be made into cloud storage to ensure there's something to fall back on in case of a crash.
11. Effective Planning and forecast
With many of the features, like the budgeting and relationship management features in place, a hotel should be able to plan its future or set goals for the coming year. When the reports are viewed, loopholes should be detected easily so that corrections can be made for the future, and planning can take place. Of course, the process of getting the results should not be laborious as it is an important aspect.
Benefits of Using Accounting Software for Hospitality
The development of cloud-based accounting software to help hospitality providers with revenue management is a result of the current trend in enterprise management solutions toward the cloud.
Along with all of the characteristics mentioned above, cloud accounting software also has these advantages:
Management of food costs
If not carefully controlled, food consumption and wastage can lead to significant costs.
Some accounting software has forecasting and budgeting features that enable managers to anticipate demands, special occasions, or menu modifications based on differences between anticipated and actual ingredient usage, spoilage, orders placed in error, and other inefficiencies.
A food expense control component that is incorporated into the bookkeeping system is crucial for hotels that have diners or provide catering and beverage services.
Convenience and accuracy
The preparation of invoices, account statements, and payslips is automated by a next-generation accounting solution, making them considerably more controllable and accurate. All following calculations will be flawless if the data is entered correctly, eliminating normal manual errors.
Ease of use
Adaptation time for accounting professionals to the new technology is drastically shortened by the ease of use of succeeding accounting software, which has formulas and a user interface that is similar to a number of standard financial analysis tools.
Accessibility from anywhere and at anytime
No matter the size of the hospitality business, cloud accounting software is the preferred option because of its customizable payment plan and the availability of high-quality real-time information from any mobile device.
Performance and effectiveness
The bookkeeping department will function at a much faster speed, with greater accuracy, and with increased production because of its capacity to automate manual operations.
Innovative hoteliers have embraced cloud property management solutions, which come with integrated advanced accounting features that can help businesses save time, effort, and money while boosting efficiency.
Types of Accounting Software (Sec. Keyword)
Spreadsheets
Small businesses frequently use spreadsheet applications like Microsoft Excel, Google Sheets, or OpenOffice to assist with accounting. A spreadsheet can be modified to almost any simple accounting requirement.
Spreadsheet programs can be used, for instance, to list expenses, sales, or other pertinent financial data, as well as to manage more complex accounting operations.
Spreadsheets are typically used in conjunction with other accounting processes; only extremely simple businesses should rely completely on them to manage accounting.
Commercial Accounting Software
Majority, if not all, of a micro to midsize business's accounting requirements can be met by commercial accounting systems like TurboCash,QuickBooks, FreshBooks.
Accounting software integrates with virtually every type of organization and enables you to design bespoke features to meet your unique requirements.
Commercial accounting software frequently contains reports that give a view of a company's health and the forms required for taxes, as well as graphs that summarize data. The merits and limitations of each form of commercial accounting software are different.
Enterprise Accounting Software
Enterprise accounting software helps manage the operational complexity that larger businesses may have.
Accounting software for larger businesses sometimes incorporates bookkeeping with additional software services including project planning, business analytics, and workflow management.
When a large business chooses this kind of accounting software, it frequently follows a multistage routine that involves asking accounting software vendors for information, seeing the product in action, and speaking with other businesses that also use the software.
Enterprise software is frequently based on database systems as opposed to two-dimensional spreadsheets because these databases can show the connections between various sets of information, such as the volume of sales from all clients with respect to their regions or the number of workers at each company.
SAP, Oracle, or Microsoft Dynamics GP are three examples of popular accounting software for businesses.
Custom Accounting Software
A company will occasionally develop its own accounting software. This frequently occurs more or less by accident: as a company expands, skilled employees may be asked to develop software to manage multiple accounting situations.
Eventually, the company may discover that it has written its own unique accounting software. In other cases, a company develops its own software since no existing commercial accounting tools can satisfy its requirements.
The Ultimate Solution (Booking Ninjas PMS)
The Booking Ninjas Property Management System features unique solutions that help you meet the above requirements without so much as a sweat. Our digital tools and integrations ensure you and your tenants enjoy the many benefits of digital property experience. You can save time, money, and resources by focusing on the more important tasks, leaving the others to the Booking Ninjas application.
Key Takeaways
Account software for hospitality serves various purposes for the hotel as, in the end, the hotel is able to keep its customers and satisfy them. Customers then come back and become regular patronizers when they are convinced that their affairs are of topmost importance.
In the aspect of growth and development, too, the hotel is able to find its feet as it may recover from loss or damages faster when the management sees through it all using automation.
Account software generally is essential as it is an aspect that every hotelier should look into if they want to build the business and put all resources into use.
To learn more about Booking Ninjas and what we do, schedule a free call with us right now!
