Why use Booking Master’s Accounting Software?
- 12th September 2023
- Revenue Management
Booking Master’s Accounting Software saves time and money by automating financial tasks, like recording transactions, tracking payments, and generating financial statements, advanced analytics, mobile support, payroll, asset tracking, budgeting, and project accounting. Using Hotel Accounting Software cash flows are tracked across departments and the hotel’s financial position is analyzed so that the balance sheets, profit and loss, and cash flows are all up-to-date. Accounting makes budgeting, forecasting, or cost planning much more effective by ensuring profitability and helps in making data-driven decisions based on Financial Reports.
With the use of Booking Master’s Accounting Software, the whole accounting process is automated and there is no need to hire expensive Accountants. Booking Master’s Accounting Software will maximize your hotel’s revenues through a thorough review of the budget based on real-time information and will adjust profit forecasts accordingly.
Once the burden of executing all tasks related to accounting is reduced hotel owners can focus on more important things like operations and Business.
Why use Booking Master’s Accounting Software?
Saves Time, Labour, and Money
Manual data entry could be labor-intensive as the transaction volumes increase. Also, hiring expensive Accountants could expose your business to corruption. For checks and balances, one needs to hire more trained people which will eventually increase your expenses. And even after that, your finances are prone to corruption.
Zero Errors
Manual data entry increases the likelihood of errors, with potentially serious consequences for the Hotel business. Switching to Booking Master’s Accounting Software automates and accelerates your hotel’s accounting processes, from entering transactions to creating invoices, tracking payments, and generating reports.
Generates Revenue and Grows your Business
As the Hotel Business expands, the accounting need becomes quite complicated. Manual accounting processes can be cumbersome and they can have an impact on the business growth. The Hotel/Resort might struggle to complete vital financial tasks on time, such as invoicing customers, collecting cash, paying bills, and closing the books. Booking Master’s Accounting Software allows Hotels and Resorts to be more productive with fewer staff, helping them boost business growth while reducing labor costs.
Eliminates the problem of scattered and inaccessible Data
Storing financial data in Excel, spreadsheets or paper documents leads to huge confusion and makes it hard to share information across the company’s Departments. Copying data from one source to another is labour-intensive and leads to errors. Booking Master’s Accounting Software consolidates financial data into one system so that everyone has access to a single, accurate source of information.
Helps in making Data-Driven Decisions
It’s hard for managers to get an accurate overview of what’s happening across the business when financial information is scattered across multiple spreadsheets. As a result, it is not possible to create accurate budgets and forecasts. Centralization of Financial Information along with Live Real Time Reports and Analysis, using Booking Master’s Accounting Software help Hotels and Resorts in making better-informed decisions.
Helps meet growing compliance needs
With the expansion of the Hotel/Resort Business, it becomes quite burdensome to comply with regional tax mandates, accounting standards, and other regulations. Booking Master’s Accounting Software can help overcome these challenges.
Inventory Management
Inventory & and fixed assets are critical for accounting needs. Booking Master’s Accounting Software has the ability to register fixed assets and compute depreciation for them. Important aspects of accounting include – Costs incurred on fixed assets, up-to-date track record of those assets, calculation of fair value, and the dynamics of asset management, etc.
Booking Master’s Accounting Software provides all capabilities like tagging inventory items, verification, revaluation or costing etc.