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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