It’s a statement that presents the cashflow movement and bank balances across the hotel portfolio over a period of time. The Balance Sheet is one of the important financial statements in a hotel and often times hotel accounting it’s known as ‘Statement or Snapshot of an entity’s financial position’. Financial statements are the records that convey the financial position and performance of the hotel, for a certain period of time.

The more your business grows, the more likely you’ll need advanced industry solutions. For example, if you’re running a group of hotels, you’ll need a property management system that can handle all of your locations from a single dashboard. Accounting for all these variables while setting prices is a delicate process, even for experienced hoteliers using hotel management software.

What is the best hotel back office accounting software?

Given the volume of transactions in the hotel industry, reconciliation is a daily necessity. Accountants and auditors take on the task of night audits, i.e, reconciling transactions of the day during non-peak hours. The ultimate goal of these activities is to minimize hotel expenses while ensuring smooth operations. For hoteliers and accountants, it means controlling costs with sound staffing practices, wise purchase decisions, and proper procurement and inventory management that reduces waste and prevents stockouts. As a result, accounting software is essential for tracking your hotel’s activities efficiently.

Today, the U.S. hotel industry generates nearly $200 billion annually — a 40% increase from a decade ago. Even when adversity hits, the industry has proven to be extraordinarily resilient. So far, it’s been used by 200+ major brands across 800+ satisfied properties, to handle their accounting activities, boost their financial performance and streamline books. Now, this can be only possible by using the legacy hotel accounting or back office software but not relying on just spreadsheets.

Multiple revenue streams & departments

Hotel management systems may not have strong accounting functionality, so they integrate with QuickBooks and other popular accounting systems to give you a more well-rounded solution. Some hotel POS systems will track the income from transactions, but won’t track your expenses. If you already have a hotel management solution that lacks in accounting, finding a compatible, generic accounting system like QuickBooks could be the best option. Hotel owners and general managers can track payroll by specific departments from housekeeping to front desk personnel, or individual employees. The system will track the number of hours worked to calculate wages, as well as provide tax calculation for your state and federal taxes. M3 offers private cloud-hosted solutions that streamline hotel accounting, accelerate business intelligence configuration and reporting, and deliver robust labor reporting down to the employee level.