Why hotels should move from ‘Excel’ to ‘Bookkeeping Software’?
There are so many areas of business that rely on data entry. In fact, according to the Bureau of Labour Statistics, between 80 and 90 percent of all businesses use some form of spreadsheets. However, a hotel with hundreds or thousands of hotel rooms will find it difficult to satisfy their needs using spreadsheets alone. This is because every time a new guest checks in for the first time, their room number changes and it’s likely that abundance new records are entered into the database. It would be far simpler for these hotels to move from Excel to bookkeeping software like Nimble or M3. This post takes a look at some of the benefits that hotels can enjoy from switching from Excel to bookkeeping software.
- Improved data collection and management
First, let’s take a look at the benefits for hotels when it comes to data collection and management. It’s not unusual for problem areas in a hotel to be identified because of finances misplaced. Since spreadsheets aren’t designed to handle large quantities of data, it’s typically very difficult for hotel owners to identify any specific problems without spending hours sifting through hundreds or thousands of records. However, a hotel can easily identify and resolve these issues if they use bookkeeping software that’s designed for businesses. For example, Nimble allows users to create filters to display specific data. If a hotel owner wants to see which of their properties are non-performing, they can simply hover on to the dashboard and drill-down to the transaction level.
- Reduced need for adding new data fields
As mentioned above, a single guest staying at a hotel will often generate several new records in the database. In fact, the number of records goes up with each new guest that checks into the hotel. Bookkeeping software is designed to create new customer accounts automatically. There’s no longer any need to add dozens of redundant fields like a customer’s address or contact information. All hotel owners have to do is enter the information in one field, and the bookkeeping software automatically copies this data into new fields so that all of the records are consistent.
- Better customer service
In addition to solving problems and helping with inventory control, bookkeeping software can also help increase the level of customer service that a hotel provides. For example, if a customer forgets their key card and needs emergency access, it’s very difficult for an employee to remember what room they stayed in unless they have access to detailed records that are easy to search through. Bookkeeping software will allow hotel staff to look up a customer’s account quickly. Then they can share this information with the maintenance crew so they can quickly provide access to the guest’s room.
- Better financial data
On a related note, hotels that use bookkeeping software are able to track their sales, expenses and other financial data more easily. This can be especially important for business owners who want to focus on the numbers or need data for internal audits or accounting purposes. For example, Nimble creates 60 different reports for companies that want to analyse their financial records more closely.
- Instant access to customers info
While hotels often get confused by Excel spreadsheets, most of them realize that they’re not the best tool for tracking customer accounting info. For example, if a guest asks for information on their check out time or room number at check-in, there’s no way for the hotel staff to find it unless they spend hours searching through hundreds or thousands of records. However, bookkeeping software is designed to handle all types of data with ease.
Right from A/R Aging Summary by transaction date, Customer Summary, Transaction &Customer Contact List, along with Invoice Summary.
- Easy budgeting
Another benefit that’s often overlooked is that hotels can easily track all of their expenses for a particular month. Since bookkeeping software integrates with PMS, hotel managers can easily enter each expense as it happens. This process helps make sure that the money being spent on supplies, guest rooms and other expenses is being carefully monitored and tracked.
In fact, Nimble provides Hotel Business Owners with and easy way to create a monthly budget or forecast for their company and then follow up on this budget at the end of the month. This provides a level of accountability that’s difficult to maintain when managing business expenses using spreadsheets alone.
- Easy customization
Finally, one of the best benefits of bookkeeping software is that it can be customized to work in a way that meets your business’ specific needs. For example, if a hotel uses one system for handling sales and another for managing the rest of their financial records, they’ll likely find that bookkeeping software is a great way to streamline everything into one place. In fact,
Nimble seamlessly integrates with your front-office PMS, you can easily import all of your daily sales data into Nimble. This provides you with instant access to all of your financial information from multiple sources in one place.
Furthermore, all of your financial data will be synchronized across multiple systems in real-time, so all of your data is always up-to-date and reliable.
Bookkeeping software can make all of the difference when it comes to managing your company’s finances and helping you meet various accounting needs.
Nimble is the best hotel accounting software because of its tailored features, ease of use and reliability.
It’s a suite that offers a variety of features that are tailored to suit the accounting needs and bookkeeping of hotel businesses. It’s able to streamline tasks like managing expenses, generating financial reports, reconciling bank accounts and more.
Nimble’s features such as task lists, alerts and reminders makeaccounting more efficient. The module on financial reports allows users to generate a variety of financial reports tailored to suit the needs of their business.
The software’s compatibility with other PMS software, banking makes it easier and faster to integrate with other business applications. As an added advantage, the cloud-based hospitality accounting software allows users to access the program from any PC or mobile device that has an internet connection.
It’s simple interface also makes it easy for all users to navigate as well as train others on using it. It does not have complicated terms or functions that may confuse new users.
Nimble is perfect for small, medium or large-scale hotel business because of its budget friendly pricing.
To learn more about how Nimble accounting software, get in touch with their consultant today.