Checking into software for hospitality management: What are the must-haves?
The Canadian hospitality industry was the first sector to feel the full impact of the pandemic. Fortunately, it may be among the first to benefit as the country begins to reopen. Demand is high and industry followers are optimistic that 2021 will represent a slow but steady resumption of travel and tourism. Now is an excellent time for organizations to implement a financial and accounting system that will help them recover and thrive. What should you consider as you look for software for hospitality management?
Multi-entity accounting can be complex and time-consuming. Hospitality businesses with multiple properties, stores or locations need efficient tools that speed up monthly consolidations. Look for hospitality management software that allows you to use one chart of accounts for all entities. Not only will this speed monthly consolidations, it makes reporting across entities simpler and more accessible, allowing you to view individual entities while maintaining visibility across the whole company.
To scale your business while keeping overheads low, you need automated and flexible financial processes. Look for hospitality management software that supports flexible workflows that match the way your business works. Consider incorporating AP automation technology — often available as an integrated third-party application — to eliminate paper handling, speed the payables cycle and better enforce your business’s rules and policies. Other areas for automation can include a connection to your bank to streamline account reconciliations and integration with hospitality industry applications to eliminate duplicate data entry.
Hospitality businesses often have complex organizational structures, with various operating or ownership structures, including franchise operations, fractional ownership, global business units, and other holding structures. Maintaining visibility across the labyrinth is challenging without the right technology tools. Hospitality management software designed for multi-entities provides the reporting and dashboarding tools to provide needed real-time insight for growth and for smart decisions, allowing you to track costs and revenue by department, location, or program.
Meet customers’ changing expectations
Customer expectations have changed as a result of the pandemic. In response, you may need to find new and improved ways to reconnect and communicate with customers. Customer relationship management (CRM) software creates a central platform to help you focus on building and sustaining customer loyalty. Consider hospitality management software that offers seamless integration with CRM applications. CRM can be extended beyond customers to include business partners at all levels of your operation, allowing you to best manage and grow those relationships as well.
If your growth plans include global expansion, look for hospitality management software that can accommodate multiple currencies and can produce reports in your headquarters’ currency or the local currency of the subsidiary or parent company. Too often, we see businesses relying on spreadsheets to manage this aspect of their business. Spreadsheets require too much of your time to maintain, are prone to error and simply aren’t scalable.
Dynamic industries like hospitality require modern technology tools, including a cloud-based hospitality management application. The advantages of cloud are irrefutable, including on-demand scalability, minimal IT resources, budgetable monthly expenses, automated backups and anytime/anywhere access. Yet another advantage in choosing cloud-based hospitality management software is the open API architecture that it is built on. APIs facilitate seamless integration with hospitality applications such as point-of-sale systems, property and reservation management, and inventory control.
Check out your options
As the travel and hospitality industry begins its rebound, it is an ideal time to update your hospitality management software to meet the challenges and opportunities ahead. To aid your decision-making, we encourage you to download this white paper, Hospitality Accounting