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Look For These Features In Financial Management Software

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The data should be managed in a way that gives insight to make significant and strategic business decisions. Here are a few features that ERP financial systems for hospitality should have. – PowerPoint PPT presentation

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Title: Look For These Features In Financial Management Software


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MULTIVIEW FINANCIAL SOFTWARE
  • Look For These Features In Financial Management
    Software

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  • The hospitality industry has unique challenges
    and different requirements that need custom
    financial management software. A conventional
    financial management software may not cater to
    the needs of the industry adequately. If you are
    in the hospitality industry, you need to have
    specific features in your accounting software,
    and one of them should be strong reporting
    capabilities.
  • If you customize your accounting software, you
    can prevent mismanagement, inefficiency, and
    profit loss. Accounting software for hospitality
    and especially hotels, has to be capable of
    handling the influx of data that needs to be
    managed on a daily basis. The data should be
    managed in a way that gives insight to make
    significant and strategic business decisions.
    Here are a few features that ERP financial
    systems for hospitality should have.

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Dashboard and reporting
  • Reporting tools play a crucial role as they are
    responsible for showcasing occupancy levels,
    daily rates, and seasonal trends. Today, there is
    ERP software for accounting, providing a facility
    to accountants to quickly check the details with
    in-built industry-standard report templates.
    Dashboards are also essential for viewing
    financial information and performance metrics.
    The dashboards should have clear designs that
    enable managers to get the required answers in
    just a glance.

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Automated data integration and consolidation
  • If you own a chain of hotels or restaurants, an
    integrated report is crucial to make decisions.
    With automated data integration, valuable
    information is easily available without
    performing tasks of combining and formatting
    different reports. The accounting software should
    be able to communicate without error with
    third-party systems, such as housekeeping
    functions, asset management systems, reservation
    management systems, etc. It allows managers to
    use accurate information from different areas to
    make better decisions for the business.

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Planning
  • The business planning tool allows you to compare
    data through different variables like time, cost,
    department, etc. The comparison of the data and
    its analysis based on different scenarios enables
    decision-makers to plan for the future in detail.
    The ERP system should also provide a feature to
    plan the smallest cost item where the amount from
    the main account can be divided into sub-accounts
    and can be distributed over a time period.

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Collaboration
  • The accounting department relies on the data
    received from other departments to prepare the
    annual budget and forecast. Accounting software
    for hotels and restaurants should be able to
    connect with other third-party software. It saves
    an enormous amount of time and effort consumed in
    sending documents back and forth. It ensures that
    only authorized personnel has access to process
    the data and documents and send them to the
    managers of other departments. The tools ensure
    that the reports are prepared on time with
    maintaining industry standards.

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Reservations
  • Reservations in hotels and restaurants are made
    using different methods, like over the phone,
    with an application, from the website, etc. The
    accounting and reservation function should be
    carefully integrated to ensure that whenever the
    booking is made, and payment is received, the
    data remains safe in a structured manner. If it
    is possible, the property management system and
    accounting software should be connected as it
    will give visibility to the managers of the
    entire business.

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Labor scheduling
  • An ERP accounting software, when integrated with
    labor scheduling, enables managers to control
    costs and employee expenses effectively. The
    accurate requirement of staff can be predicted,
    along with calculating hours of overtime. If your
    operation is based on past data, sales trends,
    and employee availability, then it would be
    highly beneficial for the business.

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Controlling food cost
  • Food usage and wastage should be carefully
    monitored, or it can lead to massive expenses.
    The accounting software has the feature of budget
    forecasting, if it allows managers to predict
    future requirements, special events, or menu
    changes based on comparing the expected and
    actual ingredients used, food that spoiled,
    mistakes in orders, and other inefficiencies. It
    is highly beneficial for hotels and restaurants
    to integrate food cost control features into
    accounting software for the enterprise.

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Customer relationship management (CRM)
  • With the smart integration of CRM with accounting
    software, hoteliers can turn every lead into a
    sale. The analyzed data allows managers to
    provide more tailored services to their
    customers. The customers' data gets stored into a
    CRM, and their spending into accounting software
    is also a useful feature to create effective
    marketing campaigns.

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What advanced accounting software is offering
  • The cloud-based accounting is in the high demand
    as this advanced software does not only come with
    the features mentioned above but also with the
    following benefits.

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Automation and accuracy
  • Advanced accounting solutions are highly focused
    on automation. The process of creating an
    account, account statements, invoices, etc. are
    fully automated, which is easily manageable with
    fewer errors.

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Accessibility
  • When it comes to managing multiple hotels, cloud
    accounting software is the perfect solution. It
    offers a flexible payment model and allows the
    authorized person to access real-time information.

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Speed and efficiency
  • When the manual processes are automated, the
    accounting department can function at much faster
    speed with increased accuracy and higher
    productivity.

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Summary
  • If you are in the hospitality business, you
    should look for the features mentioned above in
    your accounting software. It will save the cost,
    efforts, and time of the accounting department
    and will increase the efficiency of the company.

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