Published on October 3rd, 2019 | by Bibhuranjan0
4 Challenges Hoteliers Face & Actionable Strategies to Overcome
Although the recession ended over a few years from now, many hospitality companies in the US report that they still feel the same as if they’re stuck in it.
Reason for it is evidently accounting and operational challenges being faced on a daily basis.
Let’s get you through them in detail and also explain how to confront your business challenges with a focused approach.
Daily Sales Management
In a hotel during the audit, it becomes a daunting task for a manager to enter & track day-to-day sales as its time & efforts consuming.
Even for accountants, it’s even more complicated to keep track of the accounts and approve manually, once the audit is complete. Rely on a traditional system is not an easy go!
Gone are the days of excel, now it’s time for ‘Automation’. To manage well and live up to the expectations, switch to an accounting software tailored for Hotel Business. When your managers and accountants have a hawk-eyed visibility on all your daily sales on a single screen, it becomes easy to manage ‘em.
Nimble Property – Being the most hotelier friendly Accounting Solution seamlessly leverages the automation and integration with front office hotel PMS.
As a result, all your hotel or hotel chain daily sales, booking info, room statistics and receivables falls into the system inevitably. By which, everything becomes easy!
Staying loose on keeping your books up-to-date may result in taxation blues. Yes, it’s quite natural that you miss an eye on bookkeeping, while focusing on guests.
But, ever thought it can cost fortune? You got to stay accountable for every transaction, be it of payables or receivables.
In the same way, it’s also crucial to create entries and map them accordingly to right chart of accounts; including accommodations, food & beverages and housekeeping supplies, much more.
So, isn’t it a lot? Relying on an individual bookkeeping or an accountant will not help in this juggling process.
Either, using excel to manage your books is not an ideal practice. Accuracy matters in AP & AR management and you can’t afford to miss an entry as it might burnout during the audit.
Therefore, it’s better to outsource your Hotel Bookkeeping!
Nimble Property, as a bookkeeping service provider helps you deal with daily sales & night audit preparation, provides accurate budget & forecasting reports, financial advice, month-on-month reports and thoughtful advice on business health year-on-year.
Altogether helps you avoid taxation blues!
The impact of unnoticed revenue loss is always intense! It may come from both, expenses or revenue side, so staying top on the billing is must.
A poorly run payables processing result problems and you may face consequences. So, it becomes imperative for you to automate bill entry & approvals, when you’re running a Hotel or Hotel Chain.
Make a move to Nimble Property – With the ‘OCR Upload Feature’, you can seamlessly scan your vendor invoices and let your hotel staff approve it later on.
Also to be noted that, Nimble Alerts you on Account Receivables, so you can follow up with your customers. Get Paid. Arrest Revenue Leakages.
No matter how complex your hotel business structure is, automating your AP & AR helps you stay away from pitfalls and allows you to put an end for revenue leak.
Automation empowers you by providing instant access to seamless configurable options of AP & AR, so you stay worry-free with Nimble!
Bank Accounts Sync Errors
When you’re living in the Hospitality World, you got to stay connect with your hotel accounts and reconcile them, when and wherever. That’s how you avoid mismatches!
On a regular basis, if you can’t compare your records against your bank statements, the unusual transactions caused by accounting errors go unrecognized.
Doing it manually has a great chance to prone to errors, you accountant’s productivity can often lag, get lost in multiple excel sheets, might miss on important records and become more complex due to its higher error rate.
Nimble Property lets you keep all your bank accounts in sync, reconcile as or when required and get feeds on the go.
Besides, there could be more challenges you may face in the Hotel Business, for which a Hotel Accounting Software can answer.
Switch to Nimble Property, which is being used by renowned brands in the market. It’s the game changer and Accounting Innovation, emerged for the hospitality industry.
Join the pack and make a Difference in your Accounting!