If you want to see your hotel’s financial health and make sure you aren’t missing out on anything, you should look at your cash flow statement first. This will tell you whether you have enough money to meet your needs and if you are on track. If you haven’t yet mastered the art of creating a balanced budget, you should…
You’ve managed to make it through the early stages of start-up. You have a solid product, you’re generating revenue, and your future looks bright. But no matter how well things are going in other areas of your business, there’s one place where they will always be difficult—bookkeeping. There are just too many moving parts in any hotel operation to do…
Hotels and banks tend to be the most popular business partners. But when it comes to reconciling their accounts, the number of errors rises considerably because agreements between hotels and their financial institutions are often insufficiently clear. This is why we have come up with nine tips on how you can reconcile your accounts more efficiently: 1) Keep control over…
We at hotelier books are Certified Bookkeeping Experts and have been analyzing and reporting financial data for over a decade. In the journey we’ve seen things happen to even the best run businesses. Financial issues pop up out-of-the-blue when you least expect them. Some are due to management missteps while others stem from external factors. In this blog we will…
There are four main steps in hotel bookkeeping, which include: recording transactions; classifying transactions; posting the recorded transactions to journals and ledgers; and preparing financial statements. Step 1: Recording Transactions Recording transactions includes every action taken by the hotel’s employees and owners during their day-to-day operations. For instance, receiving payments from checking out guests or paying bills for supplies. All…
Maintaining accurate hotel accounts is an important part of any business, and hotels are no exception. There are a few key steps you can take to make sure your hotel’s accounts are always up-to-date: 1. Make a chart of accounts. This will help you keep track of all your hotel’s expenses and income. 2. Use a good accounting software. This…
A hotel bookkeeper is responsible for complete hotel bookkeeping tasks which consists of keeping track of all transactions pertaining to the hotel, including guest activity and purchases made in the hotel. The bookkeeper must balance total receipts with total expenditures at regular intervals throughout the day; this includes tracking cash brought into or removed from the premises. If money goes…
Bookkeeping is the back bone of financial management for hotel business. It enables managers and owners to take informed decisions and successfully plan for better future. From a mere number crunching process, it has become much more than that now: It’s an exercise in interpretation and decision making that uses powerful tools like variance analysis and budgeting which enhances cash…
5 ways hotel accounting software can benefit your business. Hotel accounting software is a type of computerized system designed to assist hotels in their daily business’s financial and operational matters. While this may mean checking an incoming daily sales or running reports, the most beneficial use of hotel accounting software is as a tool for automating accounts management and perform…
Hotels have accounting needs just as other business do. They have accounting for budgeting, accounting for income and expenditure, accounting for assets and liabilities – all of which is crucial to running a hotel successfully. In this article we’ll be focusing on accounting automation for hotels, specifically addressing the accounting software that can help your hotel manage its accounts more…