Up-to-date data is a vital tool in increasing profitability and for effective management of businesses, especially in hotels. With all the monitoring of guest movements, daily customer transactions as well as managing staff and supplies, the volume of data acquired and stored can grow exponentially.
Historic Hotel Accounting
Hotel data was traditionally managed using spreadsheets producing historic information. This was useful for forecasting trends and analysing financial results, but these methods aren't as useful for planning as real-time information.
Using spreadsheets relies on the extraction and analysis of data and only ever gives a picture that is days or weeks out of date. Many systems only provide data up to 20 days after the end of the previous month. However, in a fast-moving business such as in the hotel industry, this situation is never going to be as effective as real-time financial insight tailored to a hotel’s needs. It is very important to get real-time financial information very speedily, but context and analysis is the key.
Real-Time Hotel Accounting
Real-time insight is vital to management since it is essential to drive efficiency improvements and retain margin. Analysis and benchmarking of financial and non-financial information immediately becomes of greater use when delivered in real time in an easily understood format, allowing for informed decisions to be taken on a hour by hour basis. Such accounting systems can be easily accessed from anywhere, at any time, giving management teams greater clarity and control, which can lead to improved efficiency and profit.
Research by the Aberdeen Group shows that when companies use real-time hotel accounting rather than relying solely on historic data, their control of budgeted revenue is up to 24% higher while they were able to close their financial books 24 times faster than previously. Instantly, strategic planning becomes easier allowing the right actions to be taken at the right time and in the right place.
With AccountsIQ powerful financial management software, clients can analyse data as it is received. It is easy to create bespoke reports that meet the needs of individual hotels and hotel groups with dashboards presenting data in easy to understand formats. Hotel management can keep track of what is happening at all times while user access settings ensure sensitive data is stored securely. With this information, tasks can be prioritised, supplies managed and budgets controlled, and bookings maximised so both occupancy levels and therefore revenue, are increased.
Scottish Accounting Firm Wins Bigger Business in the International Hotel Sector With AccountsIQ
With a long-standing reputation for providing tailored accounting services to the hotel industry, scottish practice French Duncan needed a more advanced accounting solution to attract business from larger, multinational hotel groups. Evaluating a shortlist of three Cloud-based applications, French Duncan’s Director of Hotel Accounting Ian Bremner ruled out both NetSuite and Twinfield in favour of AccountsIQ based on its functionality and ease of use.
Subscribing to Software-as-a-Service (Saas) solution Xero to meet the needs of smaller clients, staff at French Duncan were already converts to the efficiencies, flexibility and cost advantages of Cloud accounting. However, Xero – designed for small enterprises – couldn’t give them the level of complexity, reporting and consolidation needed to win business at the higher end of the market. Ian Bremner says,
We needed a solution to meet the needs of mid-market, international clients. NetSuite was too costly and it would have taken a long time before we would have seen a return on that level of investment. Twinfield didn’t have the right user interface and seemed tricky to navigate compared to AccountsIQ which seemed the least complicated system of them all.
Surprisingly, we found AccountsIQ performed better against our list of requirements than either NetSuite or Twinfield.” Ian Bremner, Director of Hotel Accounting, French Duncan.
In our video case study listen to AccountsIQ's client, Ian Bremner, Director of Hotel Accounting at scottish accounting practice, French Duncan, explain how AccountsIQ has helped them grow bigger business in the Hotel sector through the reporting capability AccountsIQ provides as well as its easy integration with other cloud systems.