Accounting for Hotels | Small Business - Chron.com - 0 views
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The amount of money a hotel makes from its rooms depends on the average daily rate and the occupancy. Not only does a hotel's occupancy vary by time of year, but the daily rate also fluctuates.
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Primary features of this software include recording all financial transactions, accounts payable for vendors and specialized forecasting. The hospitality accounting software is also designed to share information between franchises and their partners.
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The Securities and Exchange Commission and Public Company Accounting Oversight Board regulations require that hotels — both independent and franchise — establish set processes to record revenue and expenses.
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Aside from the basic revenue and expenses, staff must take into consideration the varying room rates, late charges, vendor contracts and charges made to a room.
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Different-size companies typically require different specs from the software, with larger companies typically requiring more complex features due to the broader nature of their business. QuickBooks and FreshBooks are popular options for smaller companies because of their intuitive interfaces and relative ease of use. For larger companies that may need more elaborate features, NetSuite and Sage Intaact are attractive options because of their capabilities.
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Hospitality Accounting Software is the primary function of the hotels daily functions. This department helps to predict the revenue and expenses of the hotel while maintaining company standards. Many developments over the years has allows many features to be added in software that specialize in accounting. Features such as financial transactions, accounts payable for vendors and labor tracking. With the due and growing stress of accounting daily challenges many properties have now upgraded their systems where many departments can help take the workload off the accounting department.
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This article explains the accounting process in the hotels. The article goes in great detail of how the training goes for the employee in charge of the accounting of the hotel and the different softwares and technology they use to help them. With these different types of softwares it helps them record the accounting of the hotel.