Hospitality Management
21 Dec 2018

Hospitality Management: Do You Keep Your Finances On Track?

Do you operate multi-property hotels, restaurant chains, entertainment venues, resorts, clubs, or other hospitality businesses? Do you leverage a sophisticated hotel management system to keep your accounting and finances on track? With the special demands placed on financial management for entities in the hospitality segment, it’s no wonder cloud accounting software is gaining adoption, with benefits that include, real-time integration with leading POS systems, standard and user-defined dimensions to support individual units and locations, centralized purchasing and vendor performance tracking, contract management capabilities for financial management and revenue realization and more, including but not limited to:

Cloud-based Personnel Reporting: Hotel employees range from guest-facing staff at the front-desk, hotel restaurant, and in housekeeping to back office and IT staff. One hotel can have part-time, full-time, and tipped employees. Managing payroll is a 24/7 challenge. Adopting a cloud-based accounting system can offer advanced reporting monitoring to manage transactions in real time. With the cloud’s unique security amenities, cloud-based hospitality accounting software is accelerating in adoption.

Automated Visibility – Ideal for Multi-Entity Reporting: Fully automated accounting and financial management to gives greater visibility into hotel, restaurant, or related hospitality entities, creating opportunities for more informed business decisions. Enter and view information for specific properties and locations, without seeing the financials for other sites and businesses – including franchise operations, fractional ownership, global business units, and other complex holding structures, all while managing consolidations from the parent company.

Cash Flow Vision: Track real-time performance centrally and across all your hotel and hospitality locations. View your accounting and finance information by individual location, groups of locations, concept, region – or other dimensions you use to measure performance. Improve cash flow and revenue forecasting with real-time visibility into current inflows, outflows, and revenue streams.

Whether it’s for hotel accounting, restaurant accounting, or POS accounting, cloud-based integration with leading applications for payroll, time/attendance, and more provide, secure, web-based access to real-time information. The hospitality industry is pushing toward must-have software functionality, including everything from analytics and forecasting software to loyalty program management, loss prevention tools, mobile payment applications, and workforce management. The hospitality industry is moving forward with demands for more automated point of sale applications, back-office software, corporate enterprise software and more – digital leaders in hospitality are embracing the functionality, efficiency and performance of new and emerging digital technologies. Right now, with strides to digitize even further today’s successful hospitality companies, the adoption of cloud accounting software is no exception.

Let CompuData show you how Sage Intacct can help you focus on growing your business – and exceeding the expectations of your guests! Automate your financial processes, gain more insight into your hospitality business, and make decisions that will boost profitability. Get started!