Things to Consider Before Choosing an Accounting Package

It can be difficult to make the best choice of a hotel accounting software package. Crowded markets, different price ranges, and outdated features are just some of the issues that complicate the decision. This guest post will guide you through the options with the ultimate goal of figuring out which type is best for your needs.

In order to achieve this noble end, we'll first discuss why you should use a Hotel Accounting Software Package in general. Next, we'll discuss what types are available: Cloud-based and On-premise (local installation)

Then we'll go over how to choose one...

Based on your needs - price range - monthly fees - brand familiarity - the framework that is used in your industry.

Finally, we'll provide some resources for you to use when making this difficult and important decision.

1. Why You Should Use Hotel Accounting Software

Well, many hotel business owners don't, and I fully understand why. The procurement of a new software package can be stressful, especially if it's not easy software to install or even use. However, it can also create more headaches than benefits and can be counterproductive in the long run.

The first major benefit is that it eliminates headaches by eliminating the need to procure a new software package, customize it and train your employees on its use of it. The only cost that you'll incur is for labor to take care of the installation. Additionally, if you're interested in further customizing your software package, there are many on-premise packages that allow you to do this as well.

2. What is a Hotel Accounting Software Package?

A hotel accounting software package provides all the tools and features needed to run the daily operations of your hotel business including tax preparation services, financial management services, budgeting, bank reconciliation, and more. It's not just about bookkeeping either, as some provide real-time management tools to track down KPIs.

The packages available vary in price and features, but you'll probably find that there is at least one package that provides everything your hotel needs to run smoothly. If you have a need for separate financial projections or even an expense report, chances are you'll find something in this category of software.

These software packages allow you to manage all aspects of your hotel business in one place so that you don't have to worry about collecting information from several sources: PMS, the back-office, banking, reports importing, and GSS/STR info.

Another benefit is that they're generally more user-friendly than most on-premise software packages. You don't have to be a computer whiz to get your hotel ready for the time when you'll need to make decisions with regard to staffing and hours. You can simply choose a package with the features and tools you need, set them up in whatever way makes sense for you, and manage your hotel as if you owned it all.

3. Cloud-based Software

Ideal for hotel businesses!

How is this different from a software package that's on-premise? It's very simple, actually. Cloud-based software is less expensive than those that require local installation. This can significantly impact how much room your company has in the budget for the new software purchase.

Get this...some of the larger hotels that have a lot of clients and guests flow are already using cloud-based hotel accounting software. What does this tell you? It tells you that it's reliable, easy to use, and widely accepted, so there is less for you to be concerned about if you choose a package like this one.

4. On Premise (Local Installation) Software

The Traditional Choice A "traditional" hotel accounting software package is one that requires a special computer or laptop depending on how many features your hotel needs. You'll need to obtain licenses for each installation and often pay an annual fee for maintenance and support.

Get this... the package is often considered to be more reliable and trustworthy than other packages, so it's obvious why many hotel companies choose to use them. As an added benefit, you'll have full control over your system and can customize it as much as you'd like.

5. How Do You Choose a Hotel Accounting Software Package?

Let's recap the options. We have cloud-based, on-premise (local installation) software packages available for purchase.

Now that you know what each is, how do you choose one? You should determine your needs first...the software should be able to provide the features you need at the price you're able to afford. You should also measure your organization's current or future growth.

For example, if you're a large hotel company with 80 properties, you may find that it's more economical to use a cloud-based package instead of an on-premise one that has all of the features needed at the price of on-premise software. It also may be wiser to choose an on-premise package or a comprehensive software and bookkeeping with some additional features such as real-time management tools to organize books and gain strategic financial advice, which finances are at one place, so that you can jump into anything at anytime you want and make quick decisions basesd on the statastics on your dashboard.

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