The world of hospitality management can be complex with so many responsibilities and imperatives; from managing employees to administering various hotel services such as accommodation, catering, event planning or spa management. The vast majority of hotel owners and hotel management companies choose to outsource non-core services such as housekeeping, food and beverage or laundry preferring to focus on the core business function of customer care and occupancy levels and room rates driving profit conversion.
Are you able to extract necessary financials when you need them?
If your finance department is still using spreadsheets and you find it difficult to extract required information when you need it, you might want to consider doing what our clients have successfully done, outsourcing your hotel finance function. French Duncan hotel accounting team have developed powerful hotel finance analytics tools that allow you to view your financial performance accurately and in real time.
The software, utilised by our outsource team, was developed using the most advanced technology to offer a fully automated finance service. It is a powerful, intuitive and visual tool that can be tailored to the specific needs of any hotel. The financial information is presented in the form of dashboards, graphs, and document imaging making it easy to understand and interpret.
The dashboards enable your team to compare daily financials and quickly identify issues affecting performance. That allows you to apply various strategies to improve performance before the end of the month rather than after, when it’s too late. You can use FD Reporting software across your entire business portfolio and compare the financial performance of each unit, benchmarking performance against your own units and also against competitive sets.
The FD Reporting platform integrates with the majority of Property Management Systems used in the hotel industry, bringing the benefits of automation.
Future Driven Hotel Accounting Approach
Research shows that continuous digital transformation will disrupt more businesses than expected and may leave a number of them behind. In order to remain competitive it is vital to keep up with the constantly developing technological innovations.
The so called digital revolution, constant technological changes and vast progress in financial reporting provide hotel owners and operators with the tools to transform back-office processing with more focus on the accuracy and consistency of information requirements.
Accurate and prompt financial information is critical for achieving business success and sustainable growth. Not being able to extract necessary financial information from your accounts or have the information available when you need it can have serious implications on immediate business performance and future development.
Our service uses a Cloud approach to create the kind of service our larger clients want at a reasonable price – remote access, more efficiencies, less paper, less time. It also includes complex functionality including multi-company consolidation and multi-currency accounting:
The ability of cloud-based accounting systems to provide daily income reports, online invoice services and online bank facilities enables your hotel to analyse essential information in real time, without time consuming manual processes. The benefits of this is that it enables you to assess the accounts from anywhere and at anytime, and make strategic and informed decisions without a significant operational time lag. Not only that, cloud accounting software is being continuously updated in order to ensure that your business is future-proof and equipped with the finest technology solutions tailored for your business.
Having a fully-automated accounting system results in much greater cost efficiencies for your business. Time that would have been spent compiling and checking data can now be solely spent analysing the immediate and accurate data provided by your online software. Your staff will have much more invaluable time on their hands that can be spent making more calculated and informed strategic decisions.
Your online accounting software can significantly reduce the error rates of your accounting processes. This, coupled with reports being produced only four days after the month end means that your time spent making decisions can be significantly reduced resulting in more accurate and real-time planning allowing your hotel to perform to its full operational capacity.
2016’s Brexit vote is already having an impact on the hospitality sector with the British Hospitality Association reporting greatly reduced applications from European candidates. The consequences of this being that a greater demand for British labour will lead to artificially high wages for all staff, including your finance team. By outsourcing, you are protecting yourself from a bidding war for the British labour force. Instead, you can be assured that your provider will ensure you have backup resources and staff continuity for this vital function.
The ability to access your accounting data from anywhere in the world and at any time enables you and your staff to remain constantly informed of how your company is performing. Immediate operational changes can be put into motion with instant access to your accounting data allowing for swift transitions to increase your efficiency.
The security of your company’s data is of the upmost importance to online accounting systems. As a result, online backups are updated throughout the day and stored in multiple locations ensuring they are never lost. All sensitive information can be tightly controlled with access given to only those who require it and all data is encrypted, protecting you and your company’s data from cyber-attacks.
Your hotel can save a significant amount on your finance department costs by outsourcing your accounting function. Part of this saving comes from the redeployment of your in-house responsibilities resulting in greater time spent analysing data rather than compiling it. Outsourcing also allows you to scale the size of your accounting needs to suit the size and growth of your business without under-utilisation or added costs associated with recruitment.
The Uniform System of Accounts for the Lodging Industry is a standard accounting platform that provides a standardised statement for all accounts. By using online accounting software, your accounts will be USALI compliant meaning that you will be kept up to date with the latest accounting statements formats.
Cloud software grants you the added benefit of being able to send invoices, get paid and reconcile accounts in a multitude of currencies. You can also assign default currencies to specific contacts for ease of use. All foreign currency transactions can be converted into your domestic currency with the most up to date foreign exchange rates to make your currency accounting seamless.
Temporary staff and fluctuating occupancy rates makes rota management an arduous task. New tools such as Rotacloud and Findmyshift are tailored specifically for the hotel sector so that managers to automate their staff rota with ease from a smartphone or other device. It is estimated that up to 50% of time can be saved by using online rota planning systems whilst saving money on payroll costs. Some of these systems can also be integrated with your accounting software producing higher quality management information.
All aspects of technology are constantly evolving in order to keep up with increasing consumer demands. Your online accounting software is no different. With updates on a regular but not too frequent basis you can be assured that your software will always be kept up-to-date allowing your company to have access to the most sophisticated platforms so you can successfully manage your hotel.
Cloud accounting software provides you and your company with a tailored and specifically designed platform for which to view your financials. As a result, the more visually attractive experience delivers more detailed management reports and information packs which enables you to measure the actual performance of your hotel against past budgets or future projections.
French Duncan Hotel Accounting Services is led by Ian Bremner, Hotel Accounting Director.
Hotel Accounting Director
0141 221 2984
Partner & Head of Restructuring & Debt Advisory
0131 243 0199
0131 225 6366
Corporate Advisory Director
0141 221 2984
0141 221 2984
0141 221 2984