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Hotel Accounting Software


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NetSuite logo
 
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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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
 
Sage Intacct logo
 
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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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
 
Multiview logo
 
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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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
 
Deskera ERP logo
 
Deskera ERP is a cloud-based enterprise business management suite that automates sales, billing, fulfillment, distribution (including pick, pack and ship process), sales commission calculations, purchasing, payment processing, product... Read More
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Deskera ERP is a cloud-based enterprise business management suite that automates sales, billing, fulfillment, distribution (including pick, pack and ship process), sales commission calculations, purchasing, payment processing, product... Read More
 
Sage Fixed Assets logo
 
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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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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Acumatica ERP logo
 
Acumatica is a cloud-based enterprise resource planning (ERP) solution that offers a platform designed for midsize customers with a complete, real-time view across the business. The Acumatica suite of integrated business management... Read More
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Acumatica is a cloud-based enterprise resource planning (ERP) solution that offers a platform designed for midsize customers with a complete, real-time view across the business. The Acumatica suite of integrated business management... Read More
 
SAP ERP Core Finance logo
 
SAP S/4HANA is an integrated enterprise resource planning (ERP) software suite designed to serve businesses of size and kinds. SAP ERP is used to address the needs of many industry verticals including manufacturing, retail, service... Read More
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SAP S/4HANA is an integrated enterprise resource planning (ERP) software suite designed to serve businesses of size and kinds. SAP ERP is used to address the needs of many industry verticals including manufacturing, retail, service... Read More
 
Sage Business Cloud Enterprise Management logo
 
Sage Business Cloud Enterprise Management, formerly known as Sage X3, is an ERP software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and... Read More
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Sage Business Cloud Enterprise Management, formerly known as Sage X3, is an ERP software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and... Read More
 
Activity HD logo
 
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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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
 
Oracle JD Edwards logo
 
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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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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FinancialForce Financial Management logo
 
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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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
 
Xledger logo
 
Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses that helps them to manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry.... Read More
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Xledger is a cloud-based enterprise resource planning (ERP) solution that caters to midsize and large businesses that helps them to manage day-to-day operations by automating routines ranging from bank reconciliation to invoice entry.... Read More
 
QuickBooks Enterprise logo
 
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 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
 
Microsoft Dynamics AX logo
 
Microsoft Dynamics AX 2012 is an ERP system suitable for midsize to large enterprises. The solution has particular strengths in manufacturing and distribution but is also capable of serving buyers across multiple industry verticals.... Read More
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Microsoft Dynamics AX 2012 is an ERP system suitable for midsize to large enterprises. The solution has particular strengths in manufacturing and distribution but is also capable of serving buyers across multiple industry verticals.... Read More
 
Freshbooks logo
 
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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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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QuickBooks Online logo
 
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 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
 
Xero logo
 
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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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
 
Wave logo
 
Wave is a web-based integrated accounting solution exclusively designed for small organizations. Collectively, the solution features accounting, invoicing, billing, payment tracking, payroll management, finance management and receipts. With... Read More
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Wave is a web-based integrated accounting solution exclusively designed for small organizations. Collectively, the solution features accounting, invoicing, billing, payment tracking, payroll management, finance management and receipts. With... Read More
 
Zoho Books logo
 
Zoho Books is a cloud-based accounting solution suitable for small organizations. It features contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho Books comes with... Read More
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Zoho Books is a cloud-based accounting solution suitable for small organizations. It features contact management, invoices, expenses, sales and purchase orders, project time tracking and inventory management. Zoho Books comes with... Read More
 
Shoeboxed logo
 
Shoeboxed is a cloud-based expense management solution that captures information from physical documents and converts it to digital data. The solution is used by small businesses, freelancers, contract workers, accountants and bookkeepers. Shoeboxed... Read More
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Shoeboxed is a cloud-based expense management solution that captures information from physical documents and converts it to digital data. The solution is used by small businesses, freelancers, contract workers, accountants and bookkeepers. Shoeboxed... Read More
 

Buyer's Guide

by Zach Hale,

Last Updated: August 17, 2018


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.
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    • 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.
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    • 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?

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