Hotel Accounting & Finance Solutions, Accounting Management

The key features of hotel accounting solutions:

• Tracks revenues from room reservations, food and beverage, activities, and other services, while managing operating expenses such as salaries, invoices, and supplies.
• Provides insights into the hotel's financial status by generating detailed financial reports such as profit and loss statements, balance sheets, and cash flow analysis.
• Ensures seamless integration with the Property Management System (PMS) and Point of Sale System (POS) to transfer all financial transactions from room rates to restaurant bills to the accounting system.
• Forecasts revenue using historical data and occupancy rates, manages budgets, and provides forecasts to assist in strategic planning.
• Automates salary calculations including fees, benefits, and taxes, ensuring accurate and timely payments to hotel staff.
• Manages supplier invoices, payments, and customer invoices from a centralized system to maintain cash flow and avoid delayed payments.
• Calculates and reports taxes in compliance with local tax laws and regulations.
• Identifies areas where savings can be made without compromising service quality by monitoring the operational costs of the business.
• Offers support for multiple currencies and languages.
• Safely stores financial data accessible only to authorized personnel.

• Preparation and planning: Determine the accounting needs of the hotel, select the modules, and make advance planning for the setup.
• Software installation: The chosen solution's cloud or on-premise version is installed, and the system is configured according to the hotel's needs.
• Integration with other hotel systems: Integration of the accounting solution with other systems used by the hotel, such as PMS and POS, is ensured.
• Chart of accounts setup: Create a chart of accounts containing income and expense categories to align with the hotel accounting program structure.
• User roles and permissions: Roles are assigned for different users, and access permissions to sensitive data are defined.
• Configuration of salary settings: Employee information is added to the system, salary periods are determined, and salary calculations are automated.
• Tax and compliance settings: Local and international tax rates are added to ensure compliance with the hotel's tax requirements.
• Configuration of reporting and analysis: Financial report templates are customized, and future-oriented planning is done using forecasting tools.
• Data transfer: Past financial records are transferred to the new system to ensure a seamless transition.
• Testing and validation: Testing procedures are carried out to ensure the system is running smoothly.
• Training and going live: Once the staff is trained, the accounting solution is put into use.
• Ongoing monitoring and support: The system is continuously monitored, and support is obtained from the software provider to maintain performance.

• Automates financial processes, reduces manual effort.
• Provides real-time financial data and supports better decision-making.
• Ensures seamless data flow through integration with PMS.
• Reduces potential financial errors, ensures accuracy in reconciliations.
• Facilitates compliance with tax regulations and accounting standards.
• Improves cash flow management and enhances financial visibility.
• Manages multiple properties, provides consolidated financial reports.
• Saves time by automating billing and collection processes.

Protel hotel accounting solutions provide seamless integration with hotel systems, as well as conveniences such as real-time and automated financial data. It also offers the most up-to-date and error-free reports on the business's financial data and provides efficient financial management tailored to the accommodation sector. For more information on tips to increase hotel profitability, you can visit our blog post.