Staying ahead in the hospitality industry is not easy. With different travelling seasons and peaks, you need to be agile and flexible enough to meet your customers’ demands. However, before we talk business, let’s first set our numbers straight with accounting software. It’s like hiring an accountant, bookkeeper and personal assistant all at once. So, what are some of the benefits of using accounting software?
Offers Real-time Data
Accounting software allows you to stay on track with your actual earnings, amounts owed and debts. You get a bird-eye view of your company’s financial standing through your P&L statement, expense report, income report, balance statement, payroll summary and sales tax summary. By comparing seasons and months of different years, you can track your company’s performance and also benchmark against the hospitality industry. That allows you to also identify gaps and grow.
Invoices are the ball that gets a business rolling. And you don’t want to delay that. Using accounting software means that there will be less manual work, and reduces chances of error. The best part is that you get paid correctly and quickly. Ka-ching!
Provides Data of Customers and Suppliers
With accounting software, you can track your customers’ profile. What are your customers’ buying patterns and preferences? By understanding their behaviour, you get to customise unique marketing efforts towards them. As for your suppliers, you can identify the sale figures achieved for each of them. These solid numbers would help you to renegotiate for a better commission with high profit-making suppliers.
Automates Accounts Payable
Some accounting software comes with an accounts payable feature. If not, most allow integration with an account payable software. From receiving an invoice, the accounts payable software can link it to a purchase order and move it into your accounting software. At this point, you will need to approve (check whether there’s a discrepancy or not) and your accounting software will pay the bill. Easy-peasy.
Prepares for Audit
An accounting software assists to maintain financial books to-date, which minimises errors to almost zero. Because auditors can have access to the computerised records, an audit process becomes more efficient and shorter. A win-win for both sides.
Provides Multi-currency Feature
For your worldwide customers and suppliers, a multi-currency feature helps track your money in real time. Changing it to your local currency, you get a clear picture of how your hospitality business is doing.
Tracks Staffs’ Performance
Accounting software allows you to track your staffs’ performance. By allowing them to issue invoices under their username, you can see the real-time revenue and margin each staff generates. This allows you to award your staffs to increase retention rate properly. We know how high turnover is in the hospitality industry.
Instead of getting your hands into the nitty-gritty business of accounting (and worse, recounting), you can spend your time strategising, networking and expanding your hospitality business. There is free accounting software available. Just try one and see.