3 Ways to Work Smarter, Not Harder with the Right Hotel Accounting

Posted by Erica Burles on Jan 21, 2020 7:45:00 AM

As your company grows through either acquisitions or organic expansion, how will your current hotel accounting software hold up? If you’re working nights and weekends to keep up with the demands now, what will your life be like when you must add new entities, manually consolidate, and provide better reporting?

New call-to-actionYou can work smarter, not harder, and avoid the clunky, error-prone processes in place today. With Sage Intacct hotel accounting software, you get world-class multi-entity management, push-button consolidations, and real-time reporting that will enable strategic company growth and may help you actually avoid hiring new accounting staff to keep up.

Multi-Entity Management
Sage Intacct automates the new entity setup so you can easily configure rules for inter-entity transactions, bank accounts, etc. Consolidations are journaled, so your audits are easy. And Sage Intacct automatically processes currency conversions, inter-entity transactions, and local tax reporting with continuous consolidation.

Regardless of the complexity of your entity, you can quickly set up procedures, rules, workflows, and reporting. It’s easy to configure each new entity with unique definitions or instantly apply existing definitions across entities for a standard configuration spanning the entire organization. And with multi-currency automation, your hotel accounting system will update to the most current exchange rates and provide reporting in your headquarters’ currency, or the local currency of the entity.

Streamlined Consolidations
With Sage Intacct hospitality software, you’ll get the granular visibility you need including eliminations and currency impacts. Because it’s all automatically recorded as journal entries, your audits are easy and quick. And it’s easy to make post-consolidation adjustments when necessary.

You’ll also save time because Sage Intacct automates inter-company eliminations at the point of consolidation. Complex ownership structures like partial or minority ownerships will be easy to manage with unlimited hierarchies. No more waiting until the month or period ends to run mission-critical reports for your decision makers.

Deeper Reporting
How many “reporting” accounts are cluttering up your chart of accounts. Sage Intacct hotel accounting software simplifies this problem with “dimensions” you use to tag transactions including location, program, or department. Using these dimensions, you can then filter, group, and organize the data they need with just a few clicks. Here are just a few examples of the types of views you can easily build in Sage Intacct:

  • Guests per hotel per weekend
  • Number of covers by restaurant by month
  • Revenue by location, service type, or event

And with full drill-down capability, staff and auditors can see all the relevant data all the way to the transaction.

Intacct’s dashboards are visual, so you get the big picture at a glance. Spotting trends and opportunities is much easier with miniature line graphs, conditional color coding, grouping, functions, logic, rolling sums, and pivot tables. Something you simply can’t do with QuickBooks or Excel.

Growing hospitality companies just like yours have saved hundreds of hours a year on manual consolidations, shortened monthly close from one month to one week, and usually avoided hiring 2 additional employees after implementation. It’s time to stop reacting to and get ahead of your company’s growth with Sage Intacct.

Contact us if you have questions about business care or need personalized support from our team of Sage Intacct technical experts.

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Topics: Hospitality Software, Sage Intacct

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