Hotel Accounting

Hotel Accounting Challenges Happening Right Now

Many industries are experiencing an upheaval when it comes to the accounting sphere, but the hospitality industry is experiencing specific and unique challenges. Hotel owners and operators know that solid accounting software is a must to manage the many unique dilemmas that tend to crop up.

Among these challenges are enterprise resource planning, working with a variety of employee types, outsourcing, and managing data.

Enterprise resource planning

It would be nice if every hotel company could build an enterprise system to manage its unique accounting needs, but this isn’t always the most realistic approach. Many management companies, in fact, deal with a variety of expectations, timelines, and processes, rendering a one-size-fits-all enterprise system virtually useless.

According to HotelManagement.net, building partnerships is the most reasonable method of managing this issue. Month-to-month subscriptions to hotel-specific solutions allow users to onboard quickly using user-friendly interfaces and familiar concepts.

Employee types

Hotels tend to employ a variety of employee types–full-timers, part-timers, employees who work for tips, etc. And some may work at multiple locations, where staffing requirements may vary.

Establishing a balance is necessary: hoteliers must be able to monitor labor costs, manage overtime, oversee payroll transactions, and run and distribute financial reports. A robust, cloud-based accounting solution like Flexi can accommodate these unique needs.

To outsource or not to outsource?

Unsurprisingly, hoteliers often have competing priorities, from sales to customer service to asset management and beyond. As a best practice, consider outsourcing. Managing all aspects of hotel accounting is a big ask and resources are finite.

Data, data, data

Analysis paralysis is a living, breathing thing. Hotels collect a lot of data, but the struggle is how to track and interpret that data. For this reason,, a centralized platform is key. Being able to import data to a centralized hub and slice and dice it from there helps to not only create, but also to analyze, a variety of reports to keep your hotel’s performance in tip-top shape.

Flexi for hotel accounting

Flexi solutions enable companies in various industries, including the hospitality industry, to streamline accounting processes.

Flexible posting and open architecture, with rules-driven engines, enable you to manage your accounting processes in a cost-effective and highly efficient manner.

With Flexi, access a fully integrated suite of applications, including general ledger, accounts payables, fixed assets, purchasing, and capital projects, and analyze financial statements and track performance of your lines of business, profit centers, and locations.

Learn more about Flexi accounting software solutions, or call 800-353-9492 to set up a demo today.