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  • In a quest of Bookkeeping Software for your hotel? This is a must read! Many hoteliers out there are hesitant with regards to whether they should purchase an accounting software or not because they have a lot of questions in their minds, one of which is what the features and qualities are that make them choose the best bookkeeping software. To answer this question, this micro blog will present a discussion on what the characteristics of such products are and why these particular attributes matter so much. Some characteristics you might expect to find in such hotel accounting software would be ease-of-use, reliability, scalability, versatility and affordability among others. Reliability, therefore, is a huge aspect and all these software are tested rigorously to check whether they meet or fail for this. You shouldn't have to waste time or money on a product that cannot perform as intended. Most accounting systems today are very complex and sometimes such software might make accounting more difficult than it already is. Hoteliers today think of themselves as being experts in their field and they do not need any help from others other than themselves. In this way, they feel competent and they believe in their abilities to complete tasks using their traditional methods. But that will cause only downfall, so only need an automated accounting solutions. No matter your business size, there is a bookkeeping software that can work for you. Here are some features to keep in mind: -Division of financial data by account -Timely and accurate financial records -Reporting capabilities -Multi user capability -Ability to generate reports as needed or schedule at specific intervals -Simplicity, accessibility and customization based on the users’ needs and preferences. There are many Top hotel bookkeeping services out there - Nimble is the best for a reason. [more]
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  • 5 operational budgeting and forecast tips that will immediately help you make more informed business decisions 1. The first step to operational planning is understanding your forecast data. Does your management already generate forecast numbers for the year? If not, then it's time to ask management why not. Are they nervous about future prospects? Are they afraid of looking foolish in front of their peers or staff? 2. The advantages of forecasting are that it helps managers and staff to plan for the future and stick to a budget. Forecasting also has the added benefit of discouraging staff from spending more than they can afford. Forecasting will also help you to re-allocate your financial resources in case of lost business. 3. One reason that hotel management refuses to forecast is because they don't want their staff to become complacent about future prospects. As an owner, you will have good years followed by bad ones, so you need a strategy for dealing with these ups and downs. 4. It's important for owners or managers of hotels to create a culture of planning for the future, even if business is currently good or bad. You need to be prepared for changes in the market and plan for your next big event. 5. Fixed and variable costs are constantly changing, especially during the peak season, so it is important that management monitor all costs very closely. And be sure to include employee labor cost in your budgeting process. To explore the best budgeting and forecast platform that helps you increase revenue, mitigate risks and improve profits [more]
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  • Maximize your hotel’s profitability by outsourcing your bookkeeping. In today’s competitive market, it takes more than running a tight ship to stay on top. If you want to truly maximize your hotel’s profitability, it pays off to outsource your bookkeeping. It can be as easy as simply outsourcing the work or partnering with an organization dedicated solely to bookkeeping services for hotels. No matter what type of arrangement you choose, outsourcing ensures that your resources go where they’re needed most and leaves you free to focus on what really drives profitability: guests. When you use an outside company to perform your bookkeeping, you can enjoy the following benefits: • Simplified Accounting – Outsourced bookkeepers perform all of the accounting work so that you don’t have pay staff to handle these tasks. This allows your financial resources to go where they count the most – guests. • Thorough Accounting – The best outsourced bookkeeping solution is one that requires little oversight and offers a full range of services that include compliance, managerial accounting, budgeting, and financial analysis. • Accurate Bookkeeping – Outsourced bookkeepers are accountable for every penny that goes through your hotel, so you can rest assured that all of your financial information is reliable and accurate. Bookkeeping is a vital function in any hotel’s financial structure. Unfortunately, the costs involved in properly managing the bookkeeping process in-house can be costly. With a high staff-to-guest ratio and complex processes, a basic one-staffed bookkeeping operation can cost upwards of $1,000 per month. In addition to these costs, you also have to worry about increasing staff turnover. Bookkeeping is not typically a high-paying position, so many bookkeepers don’t stick around for long. In fact, the average employee turnover rate in the accounting industry was over 75% in 2020*. This means that hiring good bookkeeping staff is both time-consuming and expensive. When you outsource your bookkeeping, you avoid this entire process by working with an outside company that specializes in these services. Outsourced accountants are certified public accountants (CPAs) and are dedicated to providing consistent services backed by high-quality standards and years of experience. Nimble property is a best proven bookkeeping service provider for hospitality industry, in which the pricing model is very cost-effective and working-model is remarkable. More info@ https://bit.ly/3M0yqOA [more]

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