Hotel Bookkeeping is not only essential to track your business’s financial position, but also lets you adhere to regulatory compliance.
It consumes a lot of time and efforts to build and maintain hotel financial books and accounting records so to help your charted accountants & managers you would require hotel accounting software and bookkeeping services.
Before dwelling into the best player in the market, let’s first deeply understand what is a hotel bookkeeping services, what does it contribute and how it benefits in your business.
What is a Hotel Bookkeeping Service?
Bookkeeping service in a hotel revolved around a practice of recording and tracking of financial transactions of your business. And, bookkeepers play a vital role in summarizing your business activity regularly into the accurate financial reports. By which the financial position of your hotel and business performance can be showcased.
Besides just maintaining financial records, hotel bookkeeping services also take the responsibilities like:
- Cleaning-up books of accounts
- Daily Sales processing
- Undertaking Budgeting & Cashflow analysis
- Financial reporting generation
- Reconciling bank statements
- Maintaining accounts receivables & payables
- Monitoring key performance indicators
- Preparing tax & compliance reports
- Income Sheet configuration
- Providing strategic Financial Advice
However, it’s important to understand that hotel bookkeeping service variably differs from accounting service. When it comes to Bookkeeping, it relates to maintaining day-to-day financial records, wherein bookkeepers collect your financial information and with its help books of accounts and financial statements are prepared.
On the other hand, Hotel Accounting refers to analyzing, reporting, summarizing and preparing financial data collected by the bookkeeping team. The hotel accounting reports give you a snapshot of your financial position, as well as insights on your business performance.
Typically, the hotel bookkeeping follows a double-entry routine in which every event or financial transaction gets recorded in ledger accounts.
Bookkeeping services take the responsibility of providing accurate and up-to-date financial data as or when required so that your accountants can prepare annual financial reports as well as plan for tax returns for your hotel business.
And, these accounting reports can be used by you as a hotelier as well as other stakeholders, managers and make better business decisions.
Let’s have a glance at the activities handled by a bookkeeper for your hotel business:
Data Entry, Tracking, Configuring & Reporting
The procedure of recording financial transactions, and maintaining them to provide you is handled by a bookkeeper, so you’ll know what’s coming in and going out of your hotel business. Accurate financial data becomes a crucial thing for preparing hotel financial statement. This is which helps you as business owner to get a true & fair view of your business performance.
Besides daily sales entry and mapping them to the right chart of accounts saves your accountants time as well as manager efforts during the time of audits.
Even the budgeting and income sheets are configured by a professional bookkeeper, so operational budgets can be created department wise and the forecasting report can be crafted with ease for futuristic insights. Financial projections are made with precision and utmost accuracy, which altogether improves your hotel well-being.
Reconciliation, GSS & STR Import and Review:
It’s easy when you rely on a bookkeeping service for your bank reconciliation. So, any ongoing discrepancies can be identified and existing errors can be rectified.
Bank account transactions mismatch could lead unwanted expenses, revenue loss and excess fees spent, a bookkeeper can help you in that.
GSS & STR import and review by a hotel bookkeeping service enables a consolidated view on your guest comments and even competitor performance analysis becomes simplified.
Accounts Payables, Receivables, Expenses Management
Partnering with bookkeeping services could relieve your burden involved in managing your accounts receivable and payable management, which unleashing power to gain control on your revenue and expenses.
Assess your financial performance better by accessing your crucial reports and statements, which include income statement, balance sheet, general ledger, journals or Cashflow.
Besides books clean-up is yet another complex task you face as a hotelier, and that’s covered under hotel bookkeeping services. And, gaining strategic financial advice on a timely basis is a bonus hiring a professional and experience bookkeeper.
Custom reports are made, weekly financial reporting is possible so you wouldn’t be worrying about number crunching or data entry errors.
Nimble Property has been in the hospitality industry since a long while now, providing best-in-class bookkeeping services for hoteliers. Handover your raw data and they turn it into meaningful tidy financial reports, while letting you access the most insightful data you’ll ever need.
Holding 4 consecutive years of successful partnership with AAHOA, Nimble Property is even exhibiting consistently at 2021 AAHOA Convention & Trade Show.
If interested connect with them and get a demonstration on how Nimble helps you in automating your hotel bookkeeping and orchestrate operational finances, while witnessing 3X financial performance.
More info@ https://nimbleproperty.net
