4 hotel accounting challenges and solutions | Hotel Management - 0 views
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shared by cwilliamsiona on 08 Feb 20
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Watson shared with Hotel Management four of the most common challenges he sees when it comes to hotel finances and accounting and offers advice on how to solve them
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The real challenge then becomes how hoteliers can implement affordable and scalable solutions without enormous cost that will also meet owner expectations
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can leverage best-of-breed accounting and financial technology at a fraction of the cost of ownership
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“Adopting solutions that are developed by hoteliers exclusively for hoteliers gives users a critical leg up over their competition,
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How can hoteliers meet the labor demands of the peaks without overstaffing for the valleys and also stay within budget?
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“Guest service, sales, operations, financial management, accounting, cash management, asset management, balance sheet performance, maintenance—these are just a few of the priorities on every hotelier’s to-do list,
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In this article, the author discusses four hotel accounting challenges and solutions with Scott Watson, Executive Vice President of Sales and marketing from M3. According to this VP, hotel finances and accounting can be complex and come with challenges. We will discuss the challenge and solutions to the four listed issues: Enterprise Resource Planning, Staff Variations, Data Overload and Core Challenges. Firstly, the challenge with enterprise resource planning is how do hotels implement affordable and scalable solutions. Scott believes partnering up can cut costs. Secondly, staff variations and labor demands and the importance of staying within the budget. Scott's solution to this is real-time monitoring for labor. Cloud- based reporting can help manager monitor the daily labor costs and other payroll functions in real-time. Thirdly, data overload. The challenge here is how to do hotels present that data collected. According to Scott, the solution here is having a centralized platform. This allows for a check and balance system and may assist in monitoring cash flows, etc. Lastly, the fourth challenge are core challenges such as guest service, sales, operations and cash management. The main challenge here is how to hotels monitor the core competencies that generate revenue. The answer, according to Scott, is to outsource it. Outsourcing can be an efficient and cost-effective solution but it is not for everyone.