Finding software can be overwhelming. We've helped many hospitality companies choose the right accounting software so they can manage reservation transactions and track internal spending.
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NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read more
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Deployments: Cloud
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Deskera ERP is designed as a powerful and intuitive suite of business solutions with one goal in mind – to make digital transformation simple. This transformation has to be simple and economical. It is why Deskera has trusted users... Read more
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For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read more
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Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read more
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FINSYNC provides multi-user cash flow management in the cloud to US-based small and medium-sized businesses. Businesses can upgrade from payments to invoicing, bill pay, payroll, project tracking, time tracking, expense reimbursement,... Read more
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Sage Fixed Assets is a hybrid asset management solution that helps businesses track and manage the fixed assets through different steps of asset lifecycle. The solution offers integrated accounting features and multiple methods to... Read more
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FinancialForce Financial Management
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read more
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Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and manufacturing... Read more
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Deskera’s business app and the first B2B super app is designed for today’s workforce that’s always on the go. Built for all platforms the DESK App is available for iOS and Android and is feature rich at no cost. Desk Mobile... Read more
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nQativ’s Activity HD is an accounting and payroll solution suitable for small to mid-size companies. It offers tools to sort, filter and present data, plus security features to satisfy data confidentiality requirements. Activity... Read more
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Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It delivers... Read more
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Workday is a cloud-based enterprise resource management (ERP) suite suitable for global businesses of all sizes in a variety of industry verticals. Workday delivers user and administrative tools across financials, HR, planning, talent,... Read more
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QuickBooks Enterprise is an accounting solution suitable for small to midsize businesses across several industry verticals including construction, distribution, manufacturing, and retail. The solution offers functionality to manage... Read more
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QuickBooks Online is a web-based accounting solution that caters to individual accountants and small businesses. The solution helps with bank reconciliation, tracking expenses, drafting invoices and monitoring financial reports, among... Read more
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QuickBooks Online Advanced is a cloud-based accounting solution that helps small to large enterprises manage expenses, projects, invoices and more. It comes with a centralized dashboard, which enables users to gain insights into business... Read more
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FreshBooks is a web-based accounting solution that caters to small businesses. FreshBooks serves various industries, such as marketing, legal services and business consulting, trades and home services and information technology (IT). Key... Read more
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Established in 2006, Xero is a web-based accounting system designed for small and growing businesses. Xero connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial... Read more
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Concur is a cloud-based expense and travel management software solution that enables executives to manage travel expenses. It allows finance executives to monitor expenses and cash flows related to travel expenditures. Concur’s... Read more
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Wave is a web-based integrated accounting solution exclusively designed for small businesses, freelancers, and consultants. Wave provides features including accounting, invoicing, billing, payment tracking, payroll management, finance... Read more
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Happay is a cloud-based expense management solution that helps medium to large businesses manage and track expenses. It uses AI and machine learning technologies to automate processes related to expense claims management, reimbursement,... Read more
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There are several revenue streams hospitality companies must manage, from reservation transactions, upgrades, room service, food and beverage sales, spa appointments and more. Without an automated way to view, track and analyze these data, a general manager and revenue management professionals have no clear sense of how operations are going and where to cut costs.
Accounting software for hospitality helps corral all the incoming financial data into one system and offers a dashboard view to see operations at a glance. In addition to assisting with the daily tasks of reservation and room service transactions, software gives managers tools to handle back office financial duties, like maintenance, payroll, food and housekeeping costs.
Reporting capabilities turn these data into actionable insights; see where your property drives the most revenue, find out which service areas are dragging or reveal which maintenance tasks are eating into your bottom line.
This guide will help software seekers determine which features they need to reach organizational goals. We’ll discuss:
What Is Hospitality Accounting Software?
Common Features of Hotel and Hospitality Accounting Software
Top Hotel Accounting KPIs
Evaluating Hospitality, Hotel and Restaurant Accounting Software
What Is Hospitality Accounting Software?
With huge turnover rates of customers, the hospitality industry, including hotels and restaurants, process a lot of data. Software designed specifically for hotels and restaurants, in addition to standard accounting functions, will accept and process reservations and include other features to manage daily operations, such as labor scheduling, food cost control and billing customers based on room charges and additional services.
We've written this guide to help guide hospitality professionals as they research solutions. We'll cover functionality specific to the hospitality industry, as well as best practices for evaluating these systems.
Common Features of Hotel and Hospitality Accounting Software
Hospitality and hotel accounting systems will include the following industry-specific features:
| Reservations | Whether online, over the phone or both, managing reservations is one of the foremost functions of software for the hospitality industry. Tying directly to your website, the accounting and reservations functions should be integrated so that deposits and payments can go directly into the system once the reservation has been made. |
| Customer relationship management | Particularly in the hospitality industry, it’s crucial to turn every lead into a sale. Hospitality software manages leads from initial contact to final reservation, and stores customer (or potential customer) data for future marketing campaigns. The more robust systems for hotels and resorts expand this into “tour management,” offering the user an online tour. |
| Daily operations | Front desk, concierge, room charges, housekeeping, security, special events, facilities maintenance and all the other aspects of managing the hotel should integrate seamlessly with the accounting functions. This enables costs and revenues to be tied directly to the relevant department. |
| Labor scheduling | For most hospitality companies, labor is the number one expense. Scheduling systems offers basic graphs, and advanced programs can even create those schedules for you based on sales trends, history and employee availability. Helping managers streamline operations, this feature can also cut labor costs by scheduling employees based on fluctuations in activity, contain overtime costs, ensure the best employees are serving at peak times and facilitate scheduling of routine tasks during lulls. |
| Food cost control | One of a restaurant’s largest controllable expenses is the cost of the food. Certain restaurant management programs help control food costs by identifying variances in actual versus ideal food usage, excessive waste, theft, margins and other inefficiencies. They may also include budget & forecasting capabilities to support the decision-making for menu changes, specials or promotions. |
| Reporting | Data is gathered as transactions are processed through the system. Users can then generate reports that show revenues and expenditures, as well as average daily rates and occupancy levels. Looking at historical information, you can reveal seasonal trends in bookings and optimize rates. View reports in a list format or in a graphical chart. |
Top Hotel Accounting KPIs
The hospitality industry relies on specific key performance indicators to ensure that room rates are optimized and the hotel is earning maximum revenue per square foot. Some of these KPIs include:
- RevPAR: Revenue per available room, calculated by dividing total room revenue by number of rooms (for a particular period of time).
- TRevPAR: Total revenue per available room, calculated by dividing the total revenue of an entire property by the total available rooms. Because hotels also earn revenue from restaurants, conferences and other services, this KPI is often preferred by hotel accountants because it offers the overall financial health of a property.
- GOPPAR: Gross operating profit per available room, calculated by dividing the gross profits by the number of rooms. This offers an even more realistic view by factoring in operational costs instead of just revenues.
- REVPAM: Revenue per available square meter, calculated by dividing the total revenue by the available banquet or conference space. This offers a view of space utilization.
- REVPASH: Revenue per available seat hour, calculated by dividing the total restaurant revenues by the available seats multiplied by opening hours. This can be used to calculate revenues per hour of on-property bars or cafes as well. Many hotel accounting systems are designed to help calculate these KPIs quickly and present them in an accounting dashboard. Evaluate a system’s reporting capabilities to find one that can offer the most comprehensive view of financial operations so you can focus on reducing costs.
Evaluating Hospitality, Hotel and Restaurant Accounting Software
The challenge in finding software today is to locate a program that offers a solution that deals specifically with your company’s needs. Resorts, hotels and restaurants all have different challenges that need to be addressed. A fine dining establishment will have different needs than a fast food joint.
Specific questions to ask when these systems are:
- Do you need reservation capabilities? Will this need to be integrated into your website?
- About how many employees do you have to schedule, and how many shifts need to be covered?
- What kind of customer data are you looking to collect? Does the software store that data? How many records will it let you have?
- Are your frontline employees using the software in day-to-day operations?