Financial accounting is a multifaceted task when we discuss it in a hotel context. Financial transactions are related to each reservation which is spread over days and links to different departments. An operational hotel generates a large volume of data linked to multiple activities. The management, tax authority, business auditors and investors need to know the financial status of a hotel in terms of income, expenditure, assets, liabilities and profits.
An integrated real-time multi-user accounting system provides processed feedback to management to evaluate performance and take necessary actions without delays. It helps to maintain good accounting processes to hand over responsibilities from one to another, one department to another.
Here are some key features of FusionPMS, the hotel management software, that make your life simpler:
Integrated and Centralized Accounting System: It helps you to post room charges, PoS transaction posting, advances and payment in real time. It also helps you record and control expenses, purchases, inventory management and payroll in a centralized accounting system.
Direct Bill and Accounts Receivable: Accounts receivable includes direct billing, invoicing, outstanding account aging and bill-wise payment. It also provides payment reminder letters and account confirmation statements.
Income and Expenditure Management: The sale of rooms, F&B and other products, along with related receipts are instantly recorded in the revenue system. It removes the need for double entry of the reservation and sale activities again in a separate accounting system.
Cash Book, Bank Reconciliation, Fund Flow and Cash Flow: This feature helps you to easily maintain up-to-date cash book and reconciled bank book. It also helps you to know the application of funds and borrowing requirement for a period.
Cost Centers, Trial Balance, P&L and Balance Sheet: Primary books of account, that continuously feed you with key information related to financial health of your business and ensures that you take correct decision on-time, every-time.
Taxation: Taxation functionality lets you generate reports and figures that the various government departments demand on a periodic basis.
Key Performance Indicators (KPI): KPI related to principal groups, principal ratios and payment performance of sundry debtors are available readily. It also helps you to know return on investment and return on working capital, along with interesting insights, such as comparison of operating cost with respect to total revenue.
Auditing System: An auditing system helps auditors to review each transaction and lock it with their comments, and assure accuracy and integrity.
If you are still using spreadsheets for your day-end collection reports, managing front desk and financial accounts with two different pieces of software, it’s the time to experience the integration and the convenience. Check out FusionPMS – free demo available..