Whether you have a 500 room hotel or a ten room hotel, you need to have a fully integrated property management software to manage the hotel operations. When considering the installation, you need to make sure the requirements of both front office (check-in, check-out, room booking) and supporting departments (reports, housekeeping, night audit) are met. Not only does a property management system save time but it also streamlines operations, manages functions and increases the hotel’s bookings.
There are many integrations a property management system offers but one of the most crucial integrations is that of accounting which is helpful in simplifying your day-to-day billing and transactional worries.
Advantages of an integrated accounting system with your PMS:
Saves Time: Many hotels, especially small and mid-sized, spend their valuable time reconciling their bank records with the hotelfolios. If you set up an accounting system with your existing PMS, this will subsequently reduce the time spent on reconciliation. A well-integrated PMS holds all the information about the hotel’s revenue, receipts and payments that can be seamlessly integrated with the accounting system. This can save the hoteliers a lot of time and bandwidth.
Streamlines Account: An accounting system is usually versatile as it easily connects to your bank and Paypal to import the statements. All accounting work such as credit card, cash, cheques, point of sale receipts, refunds, discounts, offers, travel agents accounts, corporate accounts etc. can be directly reconciled with the bank statements. The book-keeping incorporates with PMS to get City Ledger data, track the due date according to payment terms and keep up cost payable for commissions in the wake of considering any deductions (tax/surcharge).
Reduces errors: Having an accounting system integrated with a PMS excludes double entry and decreases errors. All data is fed directly through the PMS, consequently eliminating the risk of manual entries.
Helps Get Information & Analyze Reports: Hoteliers can access real-time information if the accounting system is integrated with the PMS. Real-time information lets hoteliers deal with issues instantly. Multiple reports can be fully configurable at a single click from the PMS to the accounting system.