There are many different hotel accounting software tools available for businesses and business travelers today. This article will discuss some of the most common reasons companies choose to use a particular type of accounting software and the features these tools offer.
Below you can also find the list of best hotel accounting software available on the market today.
Our Top 5 Hotel Accounting Software
Hotel Accounting Software Reviews
1. Best Overall: Sage Intacct
Sage Intacct is cloud-based accounting software that brings the power of the cloud to your company. It combines hotel accountants and business managers in one, so they can access it from any device. What’s nice about Sage Intacct is that it does so many things for you.
Intacct is the latest version of a product that was originally developed with hotel accountants in mind. But it can also be used by small businesses, and even larger ones, as well. As a result, you can do a lot of things with Intacct that you probably couldn’t do before because you needed to have your accounting staff.
In addition, Intacct offers mobile apps for Mac and Windows platforms that make it easy for your employees to access it on their own devices. It works on all tablets and phones, starting with iPads.
So if you’re looking for cloud-based accounting software, then Sage Intacct might be right for you.
2. Best for Scheduling & Labor Management: M3 Accounting Core
M3 Accounting Core is a premier cloud-based hotel accounting software. This includes entering revenue from rooms, bar sales, restaurant sales, gift shop sales, etc., as well as any related taxes which you might incur.
The M3 system will also calculate your total revenues automatically based on this information and show you any discrepancies in your balance sheet accounts versus your income statement accounts (income vs expenses).
The M3 system can help many different management companies, including boutique luxury hotels, full-service luxury hotels, resort hotels, and more.
This hotel accounting software also provides a simple and easy way to do month-end close by providing users with an account reconciliation report. This report allows users to quickly check the accuracy of their journal entries against accounting entries on their general ledger.
The M3 system automatically brings overall transactions from your journals to your general ledger at month-end, allowing users to see any discrepancies between the two. If there are any discrepancies, users can correct them using a simple line-by-line review method.
3. Best Feature Rich: Nimble Property
Nimble Property is a property management software that allows you to manage many properties all in one place. With a web-based interface, you can have multiple users who can access the program anywhere with their login and password.
You can also share your account with other people so that they can see what you’re doing without having to email or contact each other.
Nimble Property comes with several different features, making it one of the most popular property management software in the market. These features include:
- Real-time reporting of all your properties, including revenue and expenses, as well as maintenance reports.
- Inclusion of a door lock system where you can assign a specific ID to each person who has access to your house. This way, you can grant or restrict tenant’s access to particular areas in your property according to their needs.
- A software that allows for backup and synchronization with other Nimble users means that you’ll be able to update information for a certain property, and others will immediately see these new changes.
4. Best User-Friendly Customization Options: FreshBooks
FreshBooks is accounting software that allows you to manage your company’s expenses in a paperless and mobile-friendly interface. It manages receipts, payments, invoices, bills, contacts, and more.
This simple tool can help power your business and handle all financial aspects of running a business while offering powerful tools for clients with ease. With Freshbooks, there are no complicated options or expensive contracts; it’s simply one of the best products on the market today for small businesses looking to be their manager.
FreshBooks is one of the top accounting applications on the market today. It and it offers many different features that simplify the day-to-day operations of a small business or freelancer. These features include invoicing, time tracking tasks, client tracking (with sign-in reports), and project management tools such as due dates, reminders, tasks, and notes, all in one convenient interface.
Other features include optional integrated expense reimbursement from PayPal and automatic categorization for deadlines, invoices, expenses. This product simplifies all financial aspects of running a business for both clients and employees.
5. Best for Streamline Operations: Inn-Flow Accounting
Inn-Flow Accounting is a hotel management accounting software that lets you track occupancy and rate revenue for your hotel.
Hotels have always been an industry full of numbers. There’s always something to keep track of when it comes to hotels, from guest and room counts to charge rates, taxes, service fees, and tipping percentages. But what if all those numbers could be managed in one place? Enter Inn-Flow Accounting or IFA.
According to a recent journal published by AC Hotels, over 60% of all international hotel reservations were made online in 2017 alone, and this number continues to increase with no sign of slowing down. This statistic is just one evidence proving that online reservations have completely altered the hotel booking process.
By lookinghighly at this statistic, you can see why businesses and business travelers need specialized tools to help them manage their reservations, customer relationships, staff scheduling, and reporting.
For those unfamiliar, accounting software is a program designed to help businesses better manage their finances.
In many cases, accounting software offers advanced features that help businesses and business travelers track expenses, create reports based on specific search criteria and produce materials for tax time. Many accounting software products have been designed specifically for industries like event management, travel, and hospitality, manufacturing, and healthcare.
However, choosing a product to purchase can be extremely challenging. That is why I provide you this buyer’s guide to consider the best accounting software for your business.
What Is Hospitality Accounting Software?
This term is used to describe any type of accounting software product that has been designed specifically for businesses and business travelers in the hospitality industry.
Due to the nature of this industry, accounting software products designed for hospitality tend to provide better functionality when it comes to making and managing reservations, customer relationships, and staff scheduling.
Several different types of accounting software fall under this category, including Guest Management Systems, Business Management Systems, and Employee Scheduling Systems. In many cases, these are also referred to as ERPs (Enterprise Resource Planning).
Common Features Of Hotel Accounting Software
In this section, I’ll explain the most common features offered by hospitality accounting software. Many hotel accounting software packages listed today provide these features. This is not a comprehensive list, so I encourage you to investigate the various products listed above to find one that meets your needs while considering your personal preferences.
One of the most important elements of the hospitality industry is reservations. Business travelers need to make and manage reservations quickly while making sure they are getting the best possible price.
Because of this, businesses and business travelers often try to avoid the extra costs that come with traditional reservations. But, unfortunately, this is exactly why so many people turn to new reservations like mobile apps and online comparison sites.
If your business or business travelers are struggling with how to manage their reservations in the modern age, then you may want to consider a hospitality accounting software tool that offers better functionality when it comes to making and managing reservations.
Customer Relationship Management
As the world of hospitality accounting software continues to grow, more and more products are available that help businesses and business travelers better manage their customers.
In many cases, these tools include features that help them track customer relationships and contact lists.
The benefit of this is obvious since it helps businesses and business travelers improve their processes, improve reporting and ultimately reduce costs by reducing the number of phone calls they need to make as well as the number of times they need to respond to customer inquiries.
Because hospitality accounting software is designed to help them better manage customers, these tools often offer various additional features that can save time when it comes time to create reports or other materials based on customer data.
If your business has employees, you will want to track employee schedules before and during a booking process. Let me explain why this is so important. For example, if you book a reservation for 8 guests one year and then the next year are booked for only 5 guests, you may be forced to cancel the booking or use fewer rooms on average, leading to more rooms being vacant at any given time in the future.
With this said, hospitality accounting software that includes scheduling functionality can help reduce guest satisfaction and waste in many cases. In some cases, you may even be able to manage entire hotel blocks of rooms by using an automotive scheduling system.
For you to make the most informed decisions regarding managing reservations, managing employees, and managing customers, your hospitality accounting software should support a variety of reports. In many cases, you may even produce customized reports that provide specific information based on your business needs.
For example, if you run a hotel with a spa, your hospitality accounting software may have a report that allows you to show the benefits of various treatments for your guests and how much each treatment costs.
Do Hotels Use Accounting Software?
Hotels use accounting software for general ledger, accounts payable, accounts receivable, payroll, and human resources. It may also include tax compliance. There are apps to track taxes and other expenses, but most big companies have their accounting system. This accounting software helps hotels manage their money better by having an up-to-date record of all income and costs incurred and help keep them on top of any state laws they might need to follow for sales tax or payroll taxes.
What Is The Best Hotel Accounting Software?
There are many different types of hotel accounting software, each with its strengths and weaknesses. However, a few key features need to be taken into account when considering which is best suited to your business needs. These include the number of transactions processed per year, how broad they cover different areas such as reservations, inventory management, costs and profitability analysis, staff time management, etc., and how user-friendly they are for the end-user.
Does Hotel Accounting Software Worth It?
The short answer is yes. Hotel accounting software is worth it and for a couple of reasons. First, a hotel management system can save time and money by automating tasks such as inventory checks, posting purchases, taking payments, and more. Those in charge of keeping the books can do their work without spending hours manually recording numbers later. Plus, they should know that many reputable hotel accounting software providers help with their needs, no matter how complex or simple they may be.