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anonymous

Technology: Accountancy systems for hotels and restaurants - 3/13/2006 - Caterer and Ho... - 1 views

www.caterersearch.com/...for-hotels-and-restaurants.htm

shared by anonymous on 18 Oct 12 - No Cached
  • The best course of action for smaller hotels and restaurants at present is to use generic accounting software for small businesses, populated with data from other specialist software packages designed for their specific sector. Hotels may find themselves using reservation data from property management systems, for example, while restaurants will want to use data from food and beverage control software packages to feed their accounting software.
  • It took hours and hours. On Sunday morning it now takes me half an hour.”
  • The best course of action for smaller hotels and restaurants at present is to use generic accounting software for small businesses, populated with data from other specialist software packages designed for their specific sector. Hotels may find themselves using reservation data from property management systems, for example, while restaurants will want to use data from food and beverage control software packages to feed their accounting software.
  • ...1 more annotation...
  • Restaurants need an accounting system that addresses issues like excess wastage on different product lines, and consumption of different products, rather than mere stock control. In hotels, accounting systems need to cope with everything from varying room rates, different ways of charging for phone calls, customer discounts, loyalty programmes and everything in between.
  • Minghui Zheng on 18 Oct 12
     
    Accountancy system is the necessary for both restaurants and hotels. Restaurants need an accounting system that addresses issues like excess wastage on different product lines, and consumption of different products, rather than mere stock control. In hotels, accounting systems need to cope with everything from varying room rates, different ways of charging for phone calls, customer discounts, loyalty programs and everything in between. Accounting system has following features. First, accounting system can back up data quickly and easily. Second, it has comprehensive reporting capabilities, which enable you to monitor ongoing trends within your business. Third, it is easy to use. The last one is automation. You should be able to automate common tasks such as producing invoices and running regular custom reports.
  • anonymous on 20 Oct 12
     
    The accounting systems are really different in restaurant and hospitality. but all of them are make work more and more easier and efficiency. In restaurant, the accounting system contain different product lines, the consumption of different products and stock control. In hotels, accounting system should contain varying room rates, defferent ways of charging for phone calls, customer discounts, loyalty programmes and so on. If the accounting system software is fit for your hotel or restaurant, it will save not only time but labor cost.
acarter001

Expanding global footprint with accounting software for hotels. ~ Friday, 13th July 201... - 0 views

www.4hoteliers.com/...10212

shared by acarter001 on 08 Feb 17 - No Cached
  • What should hotels look for in their financial management system then?Handling currency complexityRapid globalisation means that hotels are likely to report in more than one currency. Thus it would be a tremendous help if hotel accounting software can handle multiple currencies. However, it is worth noting that currency translation is not as simple as it looks. Complexity arises when different categories of exchange rates are required depending on circumstances. This is especially problematic when hotels have to follow more than one set of accounting and business rules. Handling multiple languagesEven though English is the default business language globally, it is not necessarily the case that everyone in an organisation grasps all English terminology and statutory reports, especially those that handle day-to-day operations. They are more likely to do the work in their own language. Moreover, different countries have different units of measurements and formats, which need to be reported as well. Hence, it is vital that hotels’ financial management software can handle all of these. Handling multiple entitiesA hotel chain with various branches in different countries or jurisdictions has the extra workload that entails complexity. As a helping tool, a hotel financial management system should be capable of consolidating results from discrete entities for statutory reporting and tax purposes. In other words, it should help the mother company and its subsidiaries keeping track of one another’s financials without interfering with their various legal structures.Supporting multiple charts of accountsAccording to Ventana Research 2011, “maintaining multiple charts of accounts may prove to be both simpler in the long run and more productive” despite some saying that it is best to have one chart of accounts only. The rigid approach of a single chart of accounts is especially unsuitable for companies with different lines of businesses, those in joint-venture arrangements or those acquiring businesses in different countries. Thus, accounting software for hotels should be able to handle simultaneous charts of accounts.Handling multiple calendarsIt is a fact that businesses around the world do not operate on the same fiscal year. To save time from having to recast figures into different calendars, hotels with multinational operations should implement a financial management system that can create local, regional and consolidated reports as needed for management or statutory purposes.Handling tax complexitiesFor hotels operating in various countries, their accounting software should be able to handle the complexities associated with different tax regulations and help defending tax audits. Apart from addressing issues such as multiple entities, charts of accounts, calendars and depreciation schedules, their system should be configured to be tax-aware. In other words, it should provide hotels with automated maintenance of rules and rates.Reporting using multiple accounting standardsGAAP, IFRS and local accounting standards require different accounting treatments. Thus, accounting software for hotels should allow different books for recording transactions under these various accounting rules. Automating the process from closing these books to creating financial statements and reports using multiple accounting standards also helps hotels save time and effort without risks of errors.Supporting different levels of corporate reportingA multinational hotel’s accounting system should be able to create a consolidated headquarters view as well a consolidated statement of several subsidiaries at an intermediate level. Management should be able to view and analyse these reports right at the source.Supporting global accessFinancial management software that allows web-based access can help hotels avoid incurring costs from installing the system individually at all branches or at branches with limited on-premise support. Having a system that can be installed locally, deployed centrally and accessed globally gives hotels a competitive advantage without compromising security and reliability.
  • acarter001 on 08 Feb 17
     
    It is interesting to see in this article that investing in the proper accounting software in the hospitality saves the hotels more money. You would not think about the time lost by the accounting department simply by correcting errors. This article states that there are also several things that should be required of accounting software to ensure overall productivity. Interestingly, one of the most important aspects that I had not thought of is the need to handle multiple languages. By doing this, you are allowing users to enter data in their own language and be more productive.
Panpan Xie

Aptech Launches New Hospitality Accounting Software - 2 views

nreionline.com/...ality_accounting_software_0621

hospitality accounting software

shared by Panpan Xie on 14 Jul 12 - No Cached
  • “This solution will lift hotel operations into the next decade of financial accounting,”
  • Competition became greater as technology became more affordable
  • with the Internet’s ease of use, anyone can access the best kinds of tools for an affordable price by signing up for a subscription for those tools
  • ...5 more annotations...
  • Aptech Computer Systems, a provider of hospitality software and enterprise financial accounting, has developed an advanced hospitality financial accounting system called the Aptech Next Generation Accounting Solution.
  • “This solution will lift hotel operations into the next decade of financial accounting,” says Cam Troutman, vice president of Aptech
  • Aptech Computer Systems, a provider of hospitality software and enterprise financial accounting, has developed an advanced hospitality financial accounting system called the Aptech Next Generation Accounting Solution.
  • The system is Web-based and developed in Microsoft’s VB.NET technology that leverages a Structured Query Language (SQL) database
  • Aptech developed its Execuvue Business Intelligence system in 1997. The system is now used by La Quinta Inns & Suites, Extended Stay Hotels, Hershey Entertainment, Dolce International, Concord Hospitality Enterprises Co., Starwood Hotels and Resorts, Benchmark Hospitality and Highpointe Hotel Corp.
  • david swatscheno on 14 Jul 12
     
    This article is all about Aptech and their new software. This is a web based software and able to work with just one company or be linked to multiple building or properties if you would like. They really see this software helping out in the hotel industry. This is a big tihng in the industry and will help out a lot of companies.
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  • Franc Pulido on 23 Sep 12
     
    As the title indicates, this article briefly discusses the release of a web-based, financial accounting system specifically targeting the hospitality industry. Created by Aptech, the Next Generation Accounting Solution system is bound to reduce payroll costs and drastically minimize the manual workload put into financial accounting. Thanks to this system, users will be able to monitor their daily numbers more efficiently and access data at any time from any computer with Internet access. Another advantage of the ANGAS system is that it fully supports sole proprietorships as well as corporations. In other words, hotel companies of different sizes should be able to utilize this web-based accounting tool. In summary, this article confirms how the use of cloud-based applications has allowed companies in the hospitality industry to simultaneously keep operating costs down and maximize their productivity levels.
  • frank rodriguez on 19 Oct 12
     
    Aptech Computer Systems, a provider of hospitality software and enterprise financial accounting, has developed a system that has the ability to help a hotel enterprise or the common Innkeeper. The is system is Web-based and was developed by the company Microsoft. The Company Ap tech has been around for 40 years and have been hotels with their performance management tools. Originally, they started working on interstate motel with their technology and from then on have been a huge success. I am sure people will be very sceptical when using this product because it is Web-based, however it does seem to be much easier to use and if something were to happen you have access to 24/7 customer service. For a business just starting out, this seems like a perfect tool.
  • Panpan Xie on 25 Feb 13
     
    An advanced hospitality financial accounting system is launched by Aptech Computer Systems, which is a hospitality software and financial accounting company. The system is based on internet and can be used by both individual and multi-property hotel companies. The president of the company thinks that with the help of internet, hospitality staff can access to the tools more easily. Also, he has positive attitude towards using new technology by more hotels. There is also an example for the technology's expanding role in hospitality industry. Smith Travel sent its research reports from two to three weeks a time to once a day. I think a good accounting system is very important for a hotel. In the globalized world, many hotels expand themselves in the world, and this system can bring convenience to multi-property hotels.
Ashley Reed

Restaurant Accounting Software - Business Guides & Articles - Business.com - 2 views

www.business.com/...urant-accounting-software-2651

restaurant accounting software business guides

shared by Ashley Reed on 23 Oct 12 - No Cached
  • Restaurant accounting software systems address two categories: kitchen operations and point of sale (POS) systems. Kitchen software is used by the chef for recipe management, inventory and ordering. POS restaurant acc
  • ounting programs handle a wide range of accounting functions that may include credit card payments, gift card purchases, time clock, payroll, special pricing (lunch and happy hour), reporting and more.
  • When shopping for restaurant accounting applications, consider the following:1. Restaurant accounting programs that cost out kitchen operations, including inventory control, recipe and menu costing, purchasing and ordering.2. POS systems that integrate with foodservice accounting software.3. Restaurant accounting programs that integrate kitchen and POS systems.4. Multi-site and corporate restaurant accounting software.
  • Ashley Reed on 23 Oct 12
     
    This article discusses the accounting application needs for restaurants. Restaurant accounting systems need to "address two categories: kitchen operations and POS. These programs can map the costs of "kitchen operations, inventory control, recipe and menu costing". The accounting software is usually integrated with POS for a seamless solution. There seem to be many options for businesses to have detailed, comprehensive, and complete accounting overview of their operations. Utilizing integrated accounting software would allow managers to quickly analyze ways to save money, what needs improvement, and to understand their basic financial reports.
lderi004

The Disadvantages of Computerized Accounting Systems | Bizfluent - 0 views

bizfluent.com/erized-accounting-systems.html

disadvantages accounting systems Hospitality software business

shared by lderi004 on 28 Feb 18 - No Cached
  • But it’s easy to become excessively reliant on computerized accounting and to overlook the potential pitfalls of allowing a machine and a software program to store all your data and calculate essential numerical relationships.
  • Although computerized accounting systems use technology to calculate sums and store information, this data must be entered by humans, and these humans must be trained
  • Training staff on software programs can be expensive, and knowledge needs to be updated regularly because computerized accounting systems change, sometimes every year.
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  • Virtually every aspect of a computerized accounting system is costly.
  • You may also have to shell out funds for repairs, or hire professionals for training, custom software or to untangle especially complex mishaps.
  • Computerized accounting systems are vulnerable to cyber security issues.
  • lderi004 on 28 Feb 18
     
    As this week we are talking about electronic accounting systems, I found this article on the disadvantages of computerized accounting systems to be rather interesting. As mentioned in the article, many companies tend to become too reliant on computerized systems, which leads to them forgetting about the negative outcomes that may arise from using such systems. These disadvantages include high cost, from training staff to repairing/replacing the electronic systems. In addition, like any cloud-based system, a computerized accounting system can also make a company vulnerable to cyber security issues, such as hacking. Overall, while very advantageous, computerized accounting systems still have certain risks companies must address before deciding whether, or not to use them. 
  • bdolman on 01 Mar 18
     
    I believe you found a very interesting article on electronic accounting systems. Even though the tendency is all about the positive aspects on electronic accounting systems, I enjoyed reading the perspective on this article which focuses on its drawbacks. Companies need to evaluate whether this investment is functional for them and weight the pros versus the cons. Additionally, the information on an electronic accounting system is sensitive, and it can make the company vulnerable to hacking and data breaches. These are very important points for managers to take into consideration while finding the right accounting system for them.
Charlesque Moses

Accounting Jobs - Driving Force of Hospitality Industry - 0 views

ezinearticles.com/?Accounting-Jobs---Driving-Force-of-Hospitality-Industry&id=4908653

shared by Charlesque Moses on 10 Mar 12 - No Cached
  • "accounting" is the key drive of the hospitality industry as it has a crucial role to play if industry has to sustain its high growth.
  • accounting is very essential for smooth running of the business.
  • The hospitality manager can know the following information from accounting:- How much cash is available to pay bills? - What was the total amount on payroll last pay period? - What amount of food inventory is on hand at the beginning of the month? - What is the ratio of various departments, sale?
  • Diane Cacho on 10 Mar 12
     
    Accounting has a crucial role in the hospitality industry in money management, which is essential for any business to operate efficiently. It's the core of the business. No hotel, restaurant or any business whatsoever can get started without a good accounting system. So as the article mentions the success of the business depends upon an adequate return in its investments. All branches of accounting are used in the hospitality industry such as cost accounting and financial accounting. With a well running accounting system you will know: how much cash is available to pay bills, what is the total amount on payroll last pay period, what is the ratio of various departments and sales and what amount of food inventory is on hand at the beginning of the month, all of this is necessary information to the success of your business.
  • Charlesque Moses on 02 Jul 13
     
    This article contains information about how accounting is a key force in the hospitality industry. The article continues with what accounting actually is in business and how it is significant in a business in order for it to run smoothly. The article concludes with information that can be accessed through accounting, such as the amount of available funds in the company and the payroll amounts. I agree that accounting is an essential part of a business. Accounting covers the important part of a business: the finances. When finances are accurate, the business runs smoothly. When finances are not balanced properly, the business will fail to thrive. Accounting can be somewhat considered as the lifeline of a business. Besides the finances, accounting links with many more departments and can provide answers to many questions. The accounting jobs should not be underestimated.
Xiaoxiao Wang

Hotel Accounting Software - 0 views

ezinearticles.com/?Hotel-Accounting-Software&id=5345128

shared by Xiaoxiao Wang on 19 Sep 12 - No Cached
  • Hotel accounting software is designed for hotel and property managers/owners to quickly see the numbers of your business. For hotel businesses, it is important to keep track of costs, sales, inventory, etc. By identifying these numbers, hotel businesses are able to keep track of which actions are profitable, and which actions should be stopped because they are costing your business too much money. Once your system is set up, tracking these actions becomes pretty easy.
  • Karl Koenitzer on 19 Sep 12
     
    This article points out the key features that standard hotel accounting software should have, like keeping track of costs, sales and inventory. It also points out the advantage having these features fully integrated. For example, a fully integrated system can let you make reservations, make sales, take payments, process room charges and manage accounting with one click of a button. The convenience of having a fully integrated system, along with its detialed reporting system, can make hotel accounting software a critical tool for daily hotel operations. In addition to integrated sales/revenue tracking features, you should also be able to track accounts payable to guests and vendors. Overall, hotel accounting software is essential in today's technology-driven Hospitality Industry. With the right software, you can basically run your entire hotel operation from one screen.
  • Ting Li on 17 Oct 12
     
    The Hotel Accounting System helps hotel owners and managers a lot to mange their cost and profit. That's also pretty easy for them to operate. First, Accounting system can help them keep track of the costs, sales, inventory, etc. Keeping tracking is a valuable way of managing hotel's profit. Second, Owners and managers can view reports and numbers all from one system which will give them huge return on investment. Viewing reports from one system is much easier and more convenience than from multiple. Third, hotel managers can also copy credit card or gift card information from one system to another automatically through the accounting system. That's helps them see all sales information easily. Last but not least, accounting system help managers to manage accounts receivable and accounts payable. By checking the A/P and A/R, they can easily see the sales information and invoices. All in all, accounting software for hotel is a valuable tool that improve the efficiency and even profit of the hotel.
  • Xiaoxiao Wang on 20 Feb 13
     
    This article tells us what is hotel accounting software and it can be used for different parts of the hotel businesses. And at the same time, it shows us the importance of hotel accounting software for hotel businesses. At last, what benefits we can get from those softwares. 
Jia Kim

4 Questions To Ask Before Choosing Cloud Accounting Software - 0 views

www.gcecloud.com/...sing-cloud-accounting-software

SaaS accounting system

shared by Jia Kim on 18 Oct 13 - No Cached
  • One advantage of today’s cloud accounting softwareis that they make it easy to provide users like your CFO and accounting managers with secure access to your accounting system through an Internet browser or remote connection.
  • make sure they will offer you the flexibility to meet your specialized needs
  • “front end” systems
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  • Interfacing with a company’scurrent systems is key when selecting a cloud accounting system and should be explored when evaluating a new service.
  • integrate or at least interface with my accounts receivable or CRM
  • reconcile this SaaS system to my subledger system
  • operational reports
  • intuitive
  • Jia Kim on 18 Oct 13
     
    This article is about the accounting trends and cloud SaaS. Accounting softwares make it easy to provide managers and operators with secure access to the accounting system through an Internet browser and remote connection. The cloud based softwares are as known as software as a service(SaaS). When selecting the SaaS program, flexibility that could be tailored the company's needs should be considered. In other words, that system should be interfacted with current systems. Several consideration should be necessary before selecting the cloud SaaS. The accounting system should be interface with accounts receivable or CRM. The possibility to reconcile the SaaS systems to subledger system. The types of operational reports the systems provide such as cash management reports, AR aging reports and budgetary forecast reports, possibility of making customizable reports. The way and kinds of training to utilize the systems, how to setup, training and data conversion.
Henrique Rodrigues

9 Advantages of Computerized Accounting | Clever Accounting - 0 views

www.cleveraccounting.com/ntages-computerized-accounting

technology accounting Networking tech hospitality business software advantages

shared by Henrique Rodrigues on 05 Mar 18 - No Cached
  • Accounting has been done manually till the 1980s, when the advent of fast computers and easy-to-use, accurate and reliable software started.
  • Computerized Accounting involves making use of computers and accounting software to record, store and analyze financial data. A computerized accounting system brings with it many advantages that are unavailable to analog accounting systems.
  • Henrique Rodrigues on 05 Mar 18
     
    This article shares the importance of electronic/computerized accounting and how it has shaped the industry since the 80's. It does not try to diminish accounting that is done manually, but it does lost many different benefits from using such systems. Some of the benefits are: data access (being able to access data outside of the office), automation (the software handles all the calculations from transactions), speed (saves much more time than manual accounting), and cost-effective (many labor hours are saved from manual accounting). There are many other benefits to this list, and nowadays it is really a no-brainer why computerized accounting shouldn't already been running in all businesses.
anonymous

Must-Have Features of Accounting Software for Hospitality - 0 views

blog.trginternational.com/nting-software-for-hospitality

shared by anonymous on 27 Sep 20 - No Cached
  • Hospitality faces unique challenges and has specific requirements, making conventional accounting systems unfit for this industry.  
  • Accounting software for hospitality, specifically for hotels, needs to be powerful enough to handle the influx of data hotels generate on a daily basis, and then extract insights from these data to make strategic business decisions. 
  • 1. Dashboard and reporting  The reporting tool is essential in showcasing daily rates, occupancy levels, seasonal trends.
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  • 2. Automated data integration and consolidation  Hotel chains that manage multiple business units require to see the bigger picture via one standardised, integrated report.
  • 3. Business planning  This feature allows managers to compare data through different variables (time, department, cost centre) and different scenarios, thus, enables them to plan for the future in details. 
  • 4. Collaboration tool 
  • An accounting software that allows simultaneous connection across the organisation can minimise the time and effort needed to send documents back and forth, ensure that only relevant personnel will be involved in the process, correct data/ documents are forwarded to the right managers for approval, and more importantly, guarantee reports are done on-time and complied to industry standards. 
  • 5. Reservations 
  • The accounting and reservations functions should be tightly integrated to ensure all inflow of data and money is captured whenever a booking is made, and deposits/payments are done. 
  • The customer's information stored in CRM feature and their spending recorded in the accounting software is also useful for future marketing campaigns. 
  • 7. Food cost control 
  • 8. Customer relationship management (CRM) 
  • 6. Labour scheduling  Integrating labour scheduling into accounting software allows managers to control costs and employee expenses better by ensuring minimum staffing, containing overtime hours, and scheduling the best performing staff during the busiest times/ seasons. 
  • Cloud accounting software not only offers all of the aforementioned features but also contains these four “impossible to ignore” benefits: 
  • Automation and accuracy:
  • Anywhere, anytime access:
  • Ease of use:
  • Speed and efficiency
  • anonymous on 27 Sep 20
     
    The article states that the hospitality industry has specific requirements in the area of accounting systems and that conventional accounting systems are therefore not appropriate. The author then outlines the 8 key features that a hotel accounting system must have. Finally, the author lists 4 "impossible to ignore" benefits of hosting the accounting system via cloud computing.
hankunli

Hotel Accounting Software: Why Do Hotels Need Specialized Vendors Like M3? - 0 views

hoteltechreport.com/...hotel-accounting-software-m3

technology hospitality hotel software accounting

shared by hankunli on 11 Feb 20 - No Cached
  • Accounting as a hotelier is a time and resource intensive process. Finding the right hotel accounting software can make or break your business – and potentially lead to efficiencies and cost-saving that can vault you ahead of your competitors.
  • Built by hoteliers, exclusively for hoteliers, the platform allows franchisees access to their financial and operating information in real-time with user-friendly reports
  • Accounting and business intelligence were burdensome processes that were preventing the brand from reaching their growth goals. Rather than continuing to focus on the older, expensive computer infrastructure, the company was interested in taking a proactive approach to manage assets and generate returns for owners
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  • Working to handle the needs of 24 properties, Coakley & Williams Hotel Management Company's two-person IT department found it was spending much of its time responding to simple requests for information
  • Additionally, by utilizing the Benchmarking tool in Operations Management when considering new properties, HP was able to view a quick snapshot of where the potential hotel compares with like brands in the system
  • After adopting a streamlined staffing model, HP Hotels needed to manage the bulk of their accounting above property, which would eliminate the need for full-service accounting staff at the hotel level
  • The solution directly addressed C&W’s needs by allowing each of its managed hotels to access its financial information directly and providing the ability to look at the day-to-day performance of each hote
  • Prior to the adoption of the M3 platform, the IT department, was spending up to 50 to 60 percent of their time serving as backups for information requests. Now, C&W’s IT staff says it spends less than 5% of its time on hotel-related issues, allowing the department to offer its services to other clients as a way to generate revenue for the company
  • Functionality: Allows each hotel to access its financial information directly and provides the ability to look at the day-to-day performance of each hotel. Business impact: The access to real time and individual hotel-specific information led to a 55% reduction in resources spent by IT on property-specific requests. This allowed IT to offer additional services to clients and generate additional revenue for the compan
  • On August 29, 2005, everything changed. Hurricane Katrina tore through the Mississippi Gulf Coast, destroying much of the Biloxi office of Encore Hospitality as well as flooding their IT room. Deploying their disaster-recovery plan, the team righted ship and ultimately moved to Dallas, TX, deciding on a location that was less at-risk for natural disaste
  • By implementing M3’s products and solutions, Encore was able to downsize its IT department to just two team members, and the offshore accounting team has been reduced to a few associates who input hotel accounting data remotely into Accounting Core
  • It’s evident that M3’s platform allows for resource efficiency as well as real time business intelligence and analytics, and the outcomes above speak to that fact. Adopting the M3 platform allowed for each company to streamline their headcount and accounting process, compare properties in real time, and secure their data in the event of a natural disaster. In the ultra-competitive landscape of hotel management, M3 has provided a leg up to HP Hotels, Coakley & Williams, and Encore and helps to ensure each company will stay ahead of the pack for years to come
  • ggara004 on 11 Feb 20
     
    This article references the specifics of the M3 platform, which is a more efficient accounting software for hoteliers. After several test runs, M3 has proven to help several properties streamline their accounting process, track data in real time and cut costs where possible.
  • hankunli on 02 Jul 20
     
    M3 is a useful hotel accounting software that can be used on mobile devices, according to the illustrations. As mentioned in this article, accounting software can do things that generic providers can't, like delivering actionable business intelligence. For M3, it also gains the property managers more benchmarking insight and turned a management company's IT department into a profit center that offers service. Furthermore, by replacing the IT department with two employees and a cloud-based accounting system, it saved a large sum for a management company.
Siyu Ma

Top 11 accounting technology productivity features - 0 views

www.accountingweb.com/...chnology-productivity-features

technology accounting systems

shared by Siyu Ma on 16 Oct 12 - No Cached
  • Chenchen zheng on 16 Oct 12
     
    This article is talked about top 11 productivity features in accounting software that can multiply revenue for hotels. 1. Accounting software that grows with you. The ability of accounting software to grow with your practice, known as software scalability, makes this possible. As a practice grows, multiple operating systems may be in use within the firm. 2. The option to operate in heads-down data entry or a mouse-driven mode. 3. Import and Export transactions from QuickBooks and other software. 4. Integration with tax preparation software. The ability to integrate with multiple vendors' tax preparation software means having the flexibility and capability to shift from one vendor's tax software to another, or work with multiple programs on a client-by-client basis. 5. Direct import of bank-cleared transactions. 6. General ledger auto-fill and auto-populate features. These features improve accuracy and significantly reduce typing keystrokes for the bookkeeper. 7. Customizable reports. The best accounting software products allow custom report criteria to be set. Accounting software customizable reports should also support multi-level consolidations. 8. Reporting flexibility. 9. Direct delivery of reports in real time. Reports that are generated and automatically delivered in real time [via e-mail] ensure uniformity and eliminate human error, such as developing reports that are not needed. 10. The ability to automate processes whenever you need or want them to be automated. It also is very important to be able to run a report (such as a trial balance) across some grouping of your clients, instead of having to go in to each client to tell the software you want to print the report, which can save an accountant what could be days of administrative work. 11. Cloud friendly. The cloud will allow you to take advantage of significant productivity multipliers and make you a leader in client/prospect mindset perception. Be sure that your software provider is
  • Siyu Ma on 04 Mar 13
     
    Demand the top 11 productivity features in your accounting software and give your practice the opportunity to grow and multiply revenue. Accounting software that grows with you. Whether you serve the basic accounting needs of 25 clients or the highly complex needs of thousands, there is peace of mind in knowing your accounting software will grow with your business for decades into the future. The option to operate in heads-down data entry or a mouse-driven mode. Highly productive software will allow you to work in a heads-down data entry mode or in a drop-down mouse-driven mode. Import and Export transactions from QuickBooks and other software. Having your accounting software integrate well with mass market client-oriented accounting programs like QuickBooks is critical to productivity. The ability to automate processes whenever you need or want them to be automated. A key to productivity and getting it right in an accounting practice is having accounting software that will require only one step to run a predefined series of reports on one or multiple clients, with the option of automatically e-mailing of the reports to the client.
Nivia Butler

Accounting Software for Restaurants | Chron.com - 1 views

smallbusiness.chron.com/oftware-restaurants-48087.html

shared by Nivia Butler on 19 Oct 12 - No Cached
  • ff-the-shelf checkbook software through tightly integrated point-of-sale restaurant management systems
  • Restaurant accounting systems vary from simple
  • At the foundation of every accounting system lies a general ledger listing assets and liabilities (what the restaurant owns and what it owes) and accounts to track profit and loss
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  • These bookkeeping functions can be performed with a checkbook and a ledger pad (not recommended), a general-purpose accounting package like QuickBooks or Sage 50, or with special-purpose financial systems designed specifically for restaurants. High-end packages include point-of-sale terminals, menu planning, cost accounting, inventory, payables, receivables and other food service-specific features.
  • A general-purpose, off-the-shelf package like QuickBooks costs several hundred dollars and covers all of the basics: general ledger, profit and loss, cash flow, basic inventory, payables and receivables. The software takes little time to learn
  • Point-of-sale terminals or software act as cash registers, transmit orders to the kitchen, track inventory and monitor costs
  • full-featured point-of-sale system may look attractive, the same amount invested in kitchen equipment, fixtures
  • point-of-sale system, the vendor can also provide software that posts the results to a number of standard accounting package
  • ordered over the Internet or through restaurant supply stores, it makes sense to pay a little more to find a contractor who can install the system
  • With all the choices and such a wide range of costs, it may be difficult to determine what a new restaurant really needs. Start by looking at the business plan
  • Talk with an accountant to find out what will be needed for tax reporting, license renewals and other legal requirements. Ask what others are using and how much they spent up front and each month.
  • "middleware" merges the details tracked by point-of-sale and lets you know when it's time to reorder supplies, alerts you when menu item costs get out of line and keeps the restaurant profitable
  • every restaurant must turn a profit and control costs to stay in business.
  • yet every restaurant must turn a profit and control costs to stay in business
  • surroundings. Few will mention finance or accounting,
  • dly
  • yet every restaurant must turn a profit and control costs to stay in business .
  • laura kaczkowski on 19 Oct 12
     
    The article I read was called "Accounting Software for Restaurants" in the article it said that many restaurants owners opened their business for their desire of food or their love for friendly surroundings. Most restaurant owners highly ever talk about their finances or accounting systems, yet they all should know how much money they are making and what percent of that money is profit. Every accounting system has a general list of assets and liabilities for the restaurant, which in other words means what the restaurant owns and what it owes. "These bookkeeping functions can be performed with a checkbook and a ledger pad (not recommended), a general-purpose accounting package like QuickBooks or Sage 50, or with special-purpose financial systems designed specifically for restaurants. High-end packages include point-of-sale terminals, menu planning, cost accounting, inventory, payables, receivables and other food service-specific features." Accounting software's allow you to see the general ledger, profit and loss, cash flow, and basic inventory. These software's are not only easy to use but they also save you a lot of time in the long run. When choosing software for your restaurant, start by looking at the business plans and see what your business can afford. It's best to talk with an accountant to find out what will be needed for tax reporting and license renewals, they will help you find out how much to spent up front and each month.
herzencortes

Bridging the Gap Between Hotel Asset Management and Accounting - 1 views

lodgingmagazine.com/sset-management-and-accounting

shared by herzencortes on 28 Feb 19 - No Cached
  • the only third-party hotel asset management company offering full owner-entity accounting capabilities
  • most hotel operators account solely for hotel operations and miss what’s happening with the investment at the owner level, including fixed-asset accounting, debt and equity activity, and managing cash flow after debt service.
  • We also work closely with asset management. There’s no double communication; when you’ve communicated with asset management, you’ve communicated with us and when you send reports to asset management, you send reports to us.
  • ...8 more annotations...
  • general, asset managers can focus a lot on the P&L [Profit and Loss Statement] and Budget Vs. Actual [Variance]. We spend a lot of time training our asset managers on what’s going on with the balance sheet. Sometimes, when there are cash flow problems, we’re able to help find cash in other places.
  • owners have fewer problems on an audit because we’re well informed and able to produce good financial statements.
  • blending asset management with accounting knowledge to proactively solve problems for hotel owner
  • Celeste Cloutier Ledoux, CPA, CHMWarnick’s chief financial officer and managing director, says that over the past 18 years, CHMWarnick has provided various accounting services upon request, but this latest move marks its formal entry into the accounting space
    • herzencortes
      herzencortes on 28 Feb 19
       
      Accounting is often seen as a necessary evil something that is just a fact of business, however, accounting can make ort break a business, having a reliable system to aid in the process can be vital to a company.
  • “That kind of accounting is typically not done by a management company, so you have this gap,”
    • herzencortes
      herzencortes on 28 Feb 19
       
      in particular when there isa management company it is important that the books are kept clean, and open
  • We become the person who these owners trust. The thing I’m most proud of is the relationships that I’ve had and the experiences I’ve had in dealing with owners and their families and finding out what’s important to people.
    • herzencortes
      herzencortes on 28 Feb 19
       
      It's interesting to see a human side of accounting, it is not often that we get the opportunity to see this side and we see accounting as just something else.
  • You can’t do accounting in a bubble. You can’t sit in an office with no relation to the business and do the accounting. Hotels can get complicated. Sometimes you have a simple LLC and it’s easy enough. But when you start getting into REIT structures, there’s an operating lease to account for; somebody needs to read that agreement, understand how it works, and get all the expenses in the right set of books.
    • herzencortes
      herzencortes on 28 Feb 19
       
      This is what accounting should be getting involved in operations and seeing where the costs are, where the revenue streams are and getting a grasp on the business
  • First of all, there’s the boring stuff: they’re in compliance. We get their audits done and they don’t have any more issues. They file tax returns on time and quickly. They’re not at risk of REIT non-compliance because everything’s in the right place.
    • herzencortes
      herzencortes on 28 Feb 19
       
      In the case of asset management companies it is specially important to keep updated books and for them to be clear and open in order to nourish a relationship with owners.
zeyupu

What Are The Benefits of E-accounting? - Education - 0 views

www.sooperarticles.com/...fits-e-accounting-1716844.html

shared by zeyupu on 05 Mar 20 - No Cached
  • 1. Speed We can expect a quick result by using the software. The accounting software has in-built data and formatted screens. This is big plus for the organizations. It's obvious that manual work delivers slow results. Therefore, one looks up to E-accounting for managing the data effortlessly. 2. Precision There is less scope for errors; it however reduces the possibility of errors. The accounting software makes our task simpler. We need only one accounting system to manage the transactions. So, it provides no room to errors. The input is precise and to-the-point. 3. Information is updated automatically:- The information pertaining to accounts are recorded in the journal. The recorded items could be anything from transactions to customer accounts. Since it has in-built data, customer accounts are updated automatically. 4. Availability of Information:- The data serves the accounting purpose. It is made available to vast number of people simultaneously. This happens because the data is connected to the internet. Customers can access the web pages or web links to find information about the products or services. 5. Productivity Level:- With accounting software, better resources are used. It saves time and energy. There is an increase in the cash flow and the debt is managed effectively. Conclusion To excel in the accounting field, it is vital to take training from the right institute. The focal point is to appoint people who are familiar with internet. They should know the basic function of computers as well. If they don't fulfil such criteria, they are definitely not fit to enter into the accounting world. E-accounting training institute in Delhi, Ncr takes initiative to turn you into a successful accountant. The experienced trainers guide you to reach the zenith of accountancy.
    • zeyupu
      zeyupu on 05 Mar 20
       
      Electronic accounting system will become more and more common
mknig011

How Technology Is Changing The Accounting And Bookkeeping Industry - 1 views

www.forbes.com/...nting-and-bookkeeping-industry

technology business hospitality

shared by mknig011 on 01 Oct 17 - No Cached
  • In recent years, technology has become a vital component of the accounting and bookkeeping industry.
  • Today’s technological advances have surpassed the thought of outdated financials, lack of real-time data, remote control sessions, and even basic desktop-based software.
  • In addition to the general ledger, traditional payroll practices have also evolved into full-service payroll options through online services such as Gusto, formally known as ZenPayroll.
  • ...8 more annotations...
  • The software also offers calendar reminders of important dates, events, birthdays, and anniversaries as a way of keeping business owners connected to their employees and outside contractors.
  • This automated feature instantly saves the small business owner from the hassles that come with payroll complexities and other compliance matters.
  • Xero is an accounting solutions software, it allows for bank feeds to become integrated in real time so that both bookkeeper and client can view, edit and add notes to statements as they please. Xero also enables bookkeepers to directly download transactions from a client’s bank and credit card financial accounts to compose the most accurate statements and invoices.
  • The days of consistent on-site consulting have morphed into brief off-site meetings, with a plethora of additional software now serving as accompaniment for visibility and accountability of business tasks.
  • The ability to leverage the latest in cloud-based technology through platforms -- such as Xero ’s accounting software -- has completely transformed our firm and even the entire accounting and bookkeeping industry.
  • For example, it has changed the way that business-to-business on-site consultations function, since frequent visits were often implied as a means of connection between client and bookkeeper.
  • Another development is that payroll departments are not only operating within their sector: the entire management of employees and subcontractors both contribute to the most accurate pay-by-pay insurance quotes and invoices.
  • many companies turn to these new platforms in order to ensure their success and implement new ways of conducting accounting and bookkeeping practices.
  • lkastwood on 01 Oct 17
     
    In this week's lecture we learned that hospitality accounting is really no different than business accounting. This particular article is not specific to the hospitality industry; however, it provides insight on how new technology is shaping accounting which will also shape hospitality accounting. In this article written for Forbes it discusses the important role technology has played in accounting and bookkeeping. "Today's technological advances have surpassed the thought of outdated financials, lack of real-time data, remote control sessions, and even basic desktop-based software". Meaning what once took up hundreds of filing cabinets and boxes and usually hard to access and now at your finger tip. Xero's is one of the newest accounting software. This software changes the way business to business consultation are handled. They software eliminates the need for constant face to face meeting as "it allows for bank feeds to become integrated in real time so that bookkeepers and client can view, edit and add notes to statements as they please". Not only has technology changed the way your books are kept, but also how payroll is done. Software like Gusto has changed the traditional payroll into full-service payroll options available online. "This automated feature instantly saves the small business owner from the hassles that come with payroll complexities and other compliance matters."
mtedd003

Top 9 Benefits of using Hotel Accounting Software - Nimble Property Blog - 1 views

nimbleproperty.net/...sing-hotel-accounting-software

Hospitality technology software

shared by mtedd003 on 21 Sep 20 - No Cached
  • Irrespective of industry, the importance & significance of Automated Accounting is always there. Because, it’s a phenomenon that plays a vital role in decision making.
  • As a hotelier, you need to adopt new technologies by integrating your cloud PMS with ’em to effectively streamline your businesses.
  • monetary health of your hotel business, financial statements of each department becomes vital.
  • ...10 more annotations...
  • An automated accounting system makes it easy for you to generate invoices, daily sales, produce balance sheets, analyze expenses, estimate budget & forecast and much more.
  • When integrated your cloud-based Hotel PMS with an accounting software, it becomes easier for you to access all your accounting data from anywhere
  • real-time view of your cash flow – accounts receivable, and accounts payable etc.
  • Real-time Information:
  • The data entry process become simple and hassle- free
  • accounting process will work at a faster speed
  • automated hotel accounting software will save an enormous amount of time
  • Operational costs associated with your hospitality management can be minimized with a next-generation hospitality accounting software.
  • maximize the revenue by analyzing profits,
  • altogether optimizes your cash flow.
  • mtedd003 on 21 Sep 20
     
    Hotel Accounting software allows fore more streamlined and accurate activities. A hotel owner or management needs to be able to access information such as room occupancy, rates, and profits. Accounting software allows this information to be accurately received and transferred into reports. Information is received in real time anywhere. Accounting processes are made simpler and more user friendly for employees and allowing for higher quality data storage. The software are cost and time saving, making them an important integration to any hotel's PMS.
Jiabao Han

Selecting a Hospitality Call Accounting System - 1 views

www.business-phone-tools.com/spitality-call-accounting.html

shared by Jiabao Han on 08 Feb 12 - No Cached
  • The trick to selecting a hospitality call accounting system is to know how to eliminate unsuitable options quickly by asking the right questions.
  • The trick to selecting a hospitality call accounting system is to know how to eliminate unsuitable options quickly by asking the right questions. There's no shortage of supply just suitable solutions. Different properties have different requirements and we have yet to find a solution that fits every type of property from a hotel chain through to a single location motel. The best way to choose between the dozens of call accounting systems is to have a checklist identifying requirements in descending order from mandatory through to "nice to have." If a short-listed candidate doesn't satisfy a critical requirement waste no more time, move onto the next and repeat the cycle. The objective is to identify one or more call accounting systems that satisfy all mandatory requirements. It's only at that stage that cost should be considered. Cost is irrelevant if a "solution" can't do the job. If you're lucky enough to find two or more options that are fully compliant then cost becomes the final consideration.
  • Yu Zhai on 08 Feb 12
     
    This article introduces brief suggestions about how to select a hospitality call accounting system. And the best way is to have a checklist identifying requirements in descending order from mandatory through to "nice to have." Such as, (1). A call accounting software package must be proven and specific to the hospitality industry. (2). Because of the VoIP (Voice over Internet Protocol) PBX (private branch exchange) has now superseded the TDM (time-division-multiplexing) PBX, so the solution needs to be compatible with hotels' existing PBX and whatever comes along in the future. (3). Hotels should choose different call accounting systems based on Single-site or multi-site businesses they have. (4). And the hospitality call accounting systems should integrate seamlessly with all major accounting software packages. (5). Software updates should be provided regularly (6). Competent 24x7 support is essential to assure hotels cost recovery and protect against revenue loss. (7). Software is easy to use and clearly but succinctly documented due to the high turnover of staff in hotels. And a web interface is a nice to have, but not an essential feature. Of course the best choice can vary because of different operation in hotels.
  • Jiabao Han on 15 Jul 12
     
    For hotel managers, there are dozens of hospitality call accounting options to choose from and depending on the nature of a particular operation the best solution will vary. This article offers a checklist for selecting a hospitality call accounting system.
galca008

What Are the Accounting Procedures in the Hospitality Industry? | Your Business - 0 views

yourbusiness.azcentral.com/ospitality-industry-28447.html

Accounting Hospitality

shared by galca008 on 27 Feb 18 - No Cached
  • Many of the accounting procedures used by hospitality companies are the same as those applicable to businesses in other industries. Methods for recording cash, receivables and deferred tax assets are similar while industry-specific transactions require special treatment. For guidance, accountants within the industry reference generally accepted accounting principles.
  • Retention periods for important records such as source documents, journal entries and reconciliations are prescribed by GAAP. Auditors must have access to evidence that supports management’s assertions in financial statements, and failure to comply with retention provisions can lead to various negative outcomes.
  • Data security is also a relevant concern, and tax returns, financial schedules and forecasts require safeguarding to prevent unauthorized access.
  • ...6 more annotations...
  • Management must maintain effective internal control over financial reporting to protect owners and other relevant stakeholders. A number of standards related to a company’s control activities are listed by GAAP, and auditors are charged with evaluating internal control on engagements with publicly traded clients. Because cash transactions are prevalent throughout the hospitality industry, segregation of duties is a critical part of efforts to prevent liquid assets from misappropriation
  • Not all cash inflows are recorded as revenue and some are actually carried as current liabilities on the balance sheet.
  • Staying at a hotel or buying a timeshare unit requires some form of upfront payment by consumers and a potential refund when criteria are met. Tips are sometimes aggregated by restaurants and similar establishments and then distributed to employees. Whether transactions are completed by cash, check or credit, hospitality companies must record revenue only when it is appropriate.
  • Vacation ownership interests, contract receivables and resort construction projects are among the line items that require special accounting treatment for timeshare companies.
  • Most timeshare companies sell their units or points via financing agreements, and accounting for mortgages requires a record of accrued interest, advance payments and other related events
  • Timeshare transactions are among the most complicated among all of the recordable events in the hospitality industry.
  • galca008 on 27 Feb 18
     
    This article outlines some of the procedures that are used in the Hospitality Industry accounting departments. Beginning with document retention, GAAP is followed to comply with how long the documents need to be kept. In keeping documents, data security needs to be in place to protect sensitive information. Internal controls are also important and follow GAAP, so that stakeholders and owners are protected. The procedure is so that the proper allocation of assets are maintained. Revenue recognition is also part of accounting procedures, as revenues may be sorted in various ways as appropriate. Lastly, timeshare accounting being one of the most complicated, due to the different agreements. I found this article to be a good guide in knowing the basic procedures that are followed in hospitality accounting.
dyaniroberts

Importance of Accounting in the Hospitality Industry - 0 views

studybayhelp.co.uk/...-accounting-in-the-hospitality

technology software business accounting

shared by dyaniroberts on 10 Feb 20 - No Cached
  • From an organizational viewpoint, the process of financial management is associated with financial planning and financial control.
  • Financial planning looks for to quantify various financial resources available and plan the scale and timing of expenditures.
  • Financial control refers to monitoring cashflow. Inflow is the money coming into a specific company, while outflow is a record of the expenditure being made by the company. Handling this activity of funds with regards to the budget is essential for a business.
  • ...11 more annotations...
  • The economic climate needs to provide the mechanism for professionals to easily trail performance from the budget, identify issues and quickly make adjustments, and create and use reports that will give them accurate financial status at any point in time
  • A proper accounting system is vital to any business whether big or small to be able to manage its daily functions and keep the businesses running efficiently.
  • Behind every successful business is a reasonable financial model.
  • hotel owners and professionals have the info they need to optimize performance in every operational area, from inventory and payroll to sales and marketing. They can reduce expenses, anticipate to accommodate guests during optimum business times, and scale back operations during sluggish periods.
  • the primary aim of the procedure of managing finances is to attain the various goals a company sets at a given point of time. Businesses also seek to create substantial amounts of profits
  • ust as essentially, there must be managers in place who are trained and in charge of meeting financial goals.
  • There are two broad types of accounting information: Financial Accounts: geared toward external users of accounting information and Management Accounts: aimed more at internal users of accounting information
  • Financial accounts summarize the performance of the business over a particular period and the situation at the end of that period.
  • The level of details required in these accounts displays how big is the business with smaller companies being required to prepare only quick accounts
  • Financial accounts concentrate on the business all together rather than analysing the component parts of the business. For example, sales are aggregated to give a amount for total sales rather than publish an in depth analysis of sales by product, market etc
  • Management accounts usually include a wide selection of non-financial information. For instance, management accounts often include examination of: Employees (number, costs, production etc. ), Sales volumes (units sold etc. ) and Customer ventures (e. g. variety of cell phone calls received into a call centre)
  • dyaniroberts on 10 Feb 20
     
    This article discusses the importance of accounting in the hospitality industry and how the data that is found is utilized in creating the budget that the property must follow. Companies hire managers and directors who are responsible in forecasting, and ensuring their respective departments meet the budgetary goals for the period / year.
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