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Jordan Hollander
CEO @ HotelTechReport
Jordan is the co-founder of Hotel Tech Report, the hotel industry's app store where millions of professionals discover tech tools to transform their businesses. He was previously on the Global Partnerships team at Starwood Hotels & Resorts. Prior to his work with SPG, Jordan was Director of Business Development at MWT Hospitality and an equity analyst at Wells Capital Management. Jordan received his MBA from Northwestern’s Kellogg School of Management where he was a Zell Global Entrepreneurship Scholar and a Pritzker Group Venture Fellow.
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Here at HotelTechReport our job is to help you find the best fit hotel accounting software for your business as quickly and painlessly as possible. Using off the shelf accounting software can turn into a nightmare for hotel owners because of very specialized accounting needs and bookkeeping requirements making it absolutely vital to select the right partner.
We know that finding the perfect hotel accounting software for your business is tough - that's why we surveyed 1258 hoteliers across 36 countries to create this in-depth guide and help you find the best fit hotel accounting software for your business. Inside you’ll find everything you need to know including top vendors, feature comparisons, price benchmarking, required integrations and more.
Hotel Accounting Software Shortlist
Here are 10 of top hotel accounting software that are covered in this in-depth guide:
Choosing the right Hotel Accounting Software for your hotel depends on several variables some of which come down to personal preference but most of which come down to the characteristics of your property. Is your hotel a small property with limited budget? Or is your property a luxury resort with lots of outlets and high ADR? Below are HTR’s defined key personas based on common property characteristics that typically indicate similar product choices.
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Accounting software will pull information from multiple sources via strong integration networks and put that information on an easy to consume dashboard where a user can process and act on information gleaned in seconds instead of hours. Back-office daily tasks like payroll and property management can be sped up through automation in line with standard accounting procedures – and more importantly those daily tasks can be streamlined among multiple users in a consistent and manageable process. Dashboards with powerful reporting capabilities can give valuable insight into trends and desired baselines, and the user can then use those reports to develop actionable insights on expenses such as labor bloat or overpriced operating items, but can also provide clarity on what increases profits and allows for a higher Per Occupied Room. Overhead can essentially be reduced and bottom-lines increased.
Hospitality companies must oversee and manage a bevy of departments, revenue streams, and expenses. Reservations, room service, food and beverage and banquets, sundries and any number of guest amenities have to be managed as well as operational costs itemized to the line. A strong accounting platform will help hoteliers track and analyze these data points as well as allow for more transparency within their operations including where costs can be slashed, and profit maximized.
Accounting software can help hoteliers identify trouble spots which can be eliminated or mitigated, as well as efficiencies which can be mimicked and replicated. This allows for common-sense revenue increases. 2Increase Revenue By having your data protected and accumulated in a software system, reporting functionality is easier to consume and yet the capabilities of the system are more complex than ever before. With powerful technology, you can more easily study trends and take action based on the trends your data shows.
Every hotel in the hospitality industry should consider investing in hotel accounting software right now. Hotel accounting software offers essential functionality tailored to the specific needs of the hotel business, making it a valuable asset for hoteliers and hotel management.
Here are some key reasons why hotel accounting software is crucial for the hotel industry:
Streamline Accounting Processes: Hotel accounting software automates accounting tasks, including invoicing, accounts payable, and accounts receivable. This automation saves time and reduces the risk of human error, allowing hoteliers to focus on core operations.
Real-time Financial Management: Hotel accounting software provides real-time access to financial data, enabling hotel owners and managers to monitor cash flow, track revenue streams, and make informed decisions promptly.
Forecasting and Budgeting: With advanced forecasting and budgeting tools, hotel accounting software helps in predicting future revenue, occupancy rates, and operational costs. This assists in setting room rates and budget planning for maximum profitability.
Business Intelligence: Hotel accounting software offers business intelligence tools that analyze data from various sources, including point of sale (POS) systems and property management systems. This data-driven approach helps in optimizing pricing strategies and increasing revenue per available room (RevPAR).
Customizable Chart of Accounts: Hotel accounting software allows for customizable chart of accounts tailored to the specific needs of different hotel chains and properties, ensuring accurate financial reporting.
Consolidation and Reporting: For hotel chains with multiple properties, hotel accounting software simplifies consolidation of financial data from various locations, providing a comprehensive view of the entire business. It also generates detailed financial reports, including balance sheets and profit and loss statements.
Ease of Use: Many hotel accounting software solutions are designed with an intuitive interface, making it accessible to small business owners and hoteliers with varying levels of accounting expertise.
Case Studies and Success Stories: Numerous case studies highlight the benefits of hotel accounting software like Sage Intacct, QuickBooks, M3 Accounting, and others, showcasing improved profitability and streamlined back-office operations.
Hotel accounting software is a powerful tool for the hotel industry. It helps hoteliers manage their finances efficiently, make data-driven decisions, and ultimately improve the bottom line. Investing in hotel accounting software can be a game-changer for hotel businesses looking to thrive in a competitive market.
Customized Reporting: Allows customers to report data in a way that makes sense for their organization. Consolidated reporting at the enterprise level, department specific reporting, and line item reporting all matter to different people at various levels of the organziational chart.
Intercompany functionality: When management companies can enter expenses at the enterprise levels and those inputs funnel down to the property level. Shared expenses can divided out between properties at the appropriate level and don’t require property level input.
Intelligent Imaging: OCR technology that reads the invoices, and then the module learns the customized workflow for invoice entry which saves time, money, and ensures accurate invoices for payment. The invoice can then be emailed to a specific email which automatically uploads it into the accounting core application.
Permissions based access and reporting: This gives organizations the ability to see accounts that influence and matter to their day-to-day needs versus those that need limited access to protect confidential information.
Implementation Expense. There shouldn’t be any implementation costs at all unless you require custom integrations.
Implementation can vary by property. Make sure you understand the time, pain points and costs associated with an implementation. It is often during this process where you will quickly understand if you have a true partnership, or catch and release program.
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