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…
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…
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…
Hotel accounting and hotel bookkeeping are different will all types of hotels and companies, but for the sake of this article we will focus on a traditional large-scale hotel. Hotel bookkeeping primarily entails recording everyday transactions such as taking reservations at the front desk or food and drink orders from guests; these transactions then need to be posted into the…
Hotel accounting can be a difficult, time-consuming job that requires a lot of attention to detail. It’s not always easy for hotel owners and managers to get the accounting right when they have so many other things on their to-do list. But it is important to get your hotel accounting done correctly, because if you don’t know where your business…
If you’re a hotelier, who is aspiring to grow your business and reduce financial risk while scalping up, do you know what you need the most? A financial dashboard ‘YES’, that’s how you’ll make better business decisions by acting faster on the high performing and non performing properties. Let’s get into the detail. Financial dashboard is the one which allows…