COVID-19 has pushed the hospitality industry to leverage technology and accelerate digital transformation. It’s been a tough time for those hotels that have not begun their transition to the digital world.
Many hotels realize that delaying the digital transformation and outsourcing will get them caught with high overhead expenses and off-guard from smooth operating.
In the age of COVID-19, perhaps there’s a silver lining for hotels as guests demand for digital hotel management, booking solutions. Likewise, the accounting and bookkeeping outsource mediums has grown considerably. Thus, many smart players in the market are already embracing the digital transformation era by switching to Hotel Accounting Systems and Bookkeeping Outsource Providers. So, it has been greater than anything less, relying on age-old procedures.
According to the recent survey, digital cloud and outsourcing solutions are at the forefront and top priority for most hoteliers. The survey revealed almost 73% of Hotel Management Teams are expecting to accelerate or maintain the subscription solutions and rely on outsource platforms.
As hotels search for affordable, agile and more effective ways to achieve hike in streamlined operations, outsourcing bookkeeping could be an excellent and a viable option.
1. Pool of skilled bookkeeping personnel
Outsourcing your bookkeeping gives you an access to the world-class financial specialists in both maturity and new productive space. Further, it allows your flexibility in hiring business-health analysing personnel to supplement your lacking expertise and capabilities. Above and beyond just being accountant, the CROs/Bookkeeping experts can be a significant help in giving strategic financial business advice on your hotel happenings, so you can make better business decisions.
Thus, you may unleash the opportunity to take on just one dedicated CRO with a particular skill or use a fully dedicated bookkeeping team, which will be accountable to your financial activities.
2. Cost-saving & scalability
Outsourcing bookkeeping eliminates your need to invest in expensive IT infrastructure, purchase expensive licenses, overheads and pay for additional office facilities. Moreover, a hotel accounting and bookkeeping outsourcing partner gives you the flexibility to scale your accounting functions based on your hotel business demand and even the internal requirements. Thus, scalable bookkeeping resources will fill any existing technology gaps you’re having and saves both money and your valuable time.
3. Helps mitigate risks
Navigating an automated accounting system or digital bookkeeping solutions comes up with a structured deployment strategy. There are many challenges you face in in-house bookkeeping. An outsourcing accounting partner brings in industry knowledge, financial expertise, and accounting experience, allowing you to accelerate better business models, while mitigate financial risks and taxation blues.
4. You’ll leverage the utmost security
Digital accounting solutions is everything about shedding your outdated accounting processes and legacy bookkeeping technology as it is now all about embracing accounting experience, latest technology and automation. An outsourced hotel bookkeeping solution helps you innovate by leveraging the latest integration technologies and best automation practices – Everything in a secured environment. By combining the power of intelligence, analytics, mobility, automation, integration and cloud, hotels can run operations in a timely and effective manner.
5. Vetted hotel accounting experience
Financial accounting cannot be tackled efficiently with solely in-house administration resources, who often lack expertise and experience in emerging technologies.
Outsourcing your books provides you connect with vetted experts who have hands-on experience in accounting technologies, critical to digital hospitality world, from budgeting, configuring accounts, handling data, and providing insightful reports.
Financial accounting is intense and different in hospitality industry and therefore requires industry-specific experience. Outsourced bookkeepers provide significant value to you both in scalability and speed of cash flow in your company.
6. Financial reporting for better performance
To assess your hotel financial performance better, the main is key to access the crucial accounting reports and financial statements. Starting from balance sheet to income statement, trial balance to cash flow, and then general ledger to journal reports.
Outsourced accounting solutions are always accessible for you to create weekly, monthly and yearly reports, which helps you in evaluating your hotel portfolio’s financial health and the true earning potential.
Hotel Industry Specific Reports provided by the Bookkeeping Providers are the main reason why you as a hotelier is able to focus more important segment of business, guests. Books placed in order with safe hands are prone to reap HIGHER hotel business GROWTH opportunities.
Outsourcing bookkeeping is not optional – it’s essential to continued success as a hotelier. The COVID-19 unprecedented crisis has showcased the value of cloud technology. As hotel businesses adapt to the new normal, you outsourcing your books will be key to your success. We at Hotelier Books help hoteliers integrate people, processes, and insight to re-engineer the financial accounting experiences you deal with in day-to-day.
Learn more about how Hotelier Books can accelerate your financial growth.
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