There are many processes that a property management system helps simplify and add efficiency to, but one of the most crucial is that of accounting which is helpful in easing your day-to-day billing and transactional worries. Many hotels, especially small and mid-sized, spend their valuable time reconciling hotel folios for room rates, packages, taxes and more. Using a property management system like Hotelogix, where rates and packages have a direct link to accounts, subsequently reduces 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.
Take for example a simple package posted by the hotel including room and free breakfast. This would have a frontend rate of $ 100 but at the backend $15 is for Food and Beverages (F&B) and $85 for the room. F&B attracts taxes that are different from the room taxes. When it goes into accounting system, it has to be reflected correctly. Reconciling rates and packages correctly for tax related calculations is extremely essential but a cumbersome task for the hotelier who works without any system.
How does Hotelogix help?
Hotelogix is able to efficiently simplify this task because of inbuilt POS within the system. When packages are created on Hotelogix PMS, room rates and inclusions are treated as separate entities.
Inclusions are items under POS and room is under front desk and they can be clubbed together. The hoteliers can easily add as many inclusions as they want, like breakfast, Wi-Fi, pickup and drop, spa and more services from a POS to a package. Additionally, inclusions can be added from multiple POSs. For example, breakfast can be an inclusion added from the POS restaurant, massage from the spa POS, pickup and drop from the travel desk POS and so on.
Room rents are created on the system with different taxes, whereas items on the POS are configured with applicable taxes. While configuring the point of sale, the user has the flexibility of specifying the heads in which the different items will get billed in accounting and the different discounts associated with them.
With Hotelogix, once a guest selects a package with multiple inclusions, separate entities get posted appropriately at the backend to different Points of Sale and Accounting Heads. Posting of charges to appropriate heads happens in real time and with 100% accuracy.
When information is posted from the property management system to an accounting system, the management no longer has to filter the price as the data has already been posted under appropriate heads, saving a lot of effort, time and errors.
Having tightly integrated accounting and Rate Management excludes double entry and decreases errors during reconciliation to accounts. All data is fed directly through the PMS and POS, consequently eliminating the risk of manual entries.
Having a property management system that seamlessly integrates the rates and packages to the accounting system has a lot of advantages in increasing the overall efficiency and accuracy within the hotel.