Operating a hotel can come with a variety of different challenges due to the volume of rooms, the number of people it accommodates, and the financial management components. Due to the nature of the industry, hotel accounting and finances can be highly complex. However, there are effective solutions you can implement that won’t waste your time and money. Below you will find the most common hotel accounting challenges and solutions.
Hotel Accounting Challenges and Solutions
Hoteliers face many challenges when it comes to both the day-to-day operations and the long-term goals of a hotel. Consider the following hotel challenges and their respective solutions.
Staffing Challenges
Hotels have a number of different types of staff, including bellhops, front desk staff, housekeeping, security, and management. These employees may be part-time, full-time, and some even receive tips. To make it even more complicated, staff members can also work at different locations. This can be a payday nightmare when it comes to your hotel finances.
Solution:
So, what should hotels do to meet the labor demands of the hotel without overstaffing and going over budget on payroll? Monitoring your labor in real time can help address the type of staffing challenges mentioned above. There are a number of services that can help produce, manage, and monitor payroll processing, financial statements, invoice management, and bill payment services.
Online bookkeeping services can provide support to the hotelier by creating more time to focus on the big picture, receive accurate data, and have a reliable system that improves hotel efficiency. It’s imperative to adopt a solution that not only incorporates job standards, but also includes budgetary considerations.
Data Issues
Data is vital in the hotel industry as it can offer crucial insights into your short- and long-term financial goals. Financial data, guest satisfaction surveys, and property management reports are just some of the data sets a hotelier has to sift through. However, managing so much data can be daunting and leave many hoteliers unable to see the forest through the trees.
Solution:
So, how does a hotelier utilize the plethora of information available in a way that can increase revenues and scale their business? The best way the most successful hotels manage large amounts of data is through a centralized platform. Business intelligence and analytical tools can help break down the information into digestible conclusions so you can implement change accordingly.
Many of these platforms provide you with dashboard information that clearly demonstrates what is working and what isn’t when it comes to your hotel’s accounting, finances, and overall operations. Because consumers are the linchpin of a hotel’s success, the data can be used to create a better experience for customers. This includes everything from online booking and checking in to housekeeping and checkout. Creating a better consumer experience by utilizing key data can help improve the hotel’s bottom line.
Core Challenges
Hotels are juggling a lot all at once due to the complexity of the industry. Operations, maintenance, guest services, balance sheet performance, and sales, financial, cash, and asset management are just some of the core challenges and priorities that hoteliers have to manage. This can make it difficult to focus on scaling and increasing revenues.
Solution:
So, what can a hotelier do to ensure revenues don’t suffer while managing so many things all at once? Many industry experts recommend outsourcing and using hotel online bookkeeping services. This is because hoteliers cannot do everything all the time. There is just far too much to do so it’s important to prioritize what is necessary and determine what you can outsource.
Outsourcing can allow hoteliers to focus on what is needed when it comes to the big picture. For the tasks that cannot be outsourced, it’s imperative to create new systems that work for your needs. This includes regular updates and definitive schedules to ensure things stay on track and organized.
