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ERP Software for the Hotel Industry: Automate Your Consolidations

Written by Adrian Montgomery on 28 Feb, 2020

Let ERP Software for the Hotel Industry Automate Your Complex Consolidations

Hotel ERP SystemLike many, your company may be expanding through acquisitions or organic growth. Do you have a plan and do you know how well your existing ERP Software for the Hotel Industry is going to support it? If you’re already spending nights and weekends to keep pace with the existing demands, what it be like when you're adding new entities, and manually consolidating?

It's possible to work smarter, not harder, and eliminate the error-prone processes in place today. With Sage Intacct hotel accounting software, you get best-in-class multi-entity management, one-click consolidations, and real-time reporting that will enable strategic growth and may help you actually avoid hiring new staff to keep up. Here's how:

Automated Multi-Entity Management

With Sage Intacct the new entity setup is streamlined so you can easily configure (or clone from existing) rules for inter-entity transactions, bank accounts, etc. All your consolidations get journaled automatically, so audits are easy. Also, Sage Intacct automatically processes currency conversions, inter-entity transactions, and local tax reporting with continuous consolidation.

You can quickly set up procedures, rules, workflows, and reporting. It’s easy to configure each new entity with unique definitions or apply existing definitions across selected entities for a standard configuration spanning the entire organization. And with built-in multi-currency automation, your hotel accounting system will update to the most current exchange rates and provide reporting in your headquarters’ currency, a configurable base currency, or the local currency of the entity.

Streamlined Consolidations and Eliminations

Save time with Sage Intacct with:

  • Automatic inter-company eliminations at the point of consolidation.
  • Easy-to-manage, complex ownership structures (such as partial or minority ownership) with unlimited hierarchies.
  • Mission-critical reports for your decision makers you can run anytime. No more waiting until the month or period ends.

With Sage Intacct hospitality software, you’ll get the granular visibility you need including currency impacts and eliminations. It’s all automatically recorded as journal entries, making your audits easy and quick. And you can quickly make post-consolidation adjustments when necessary.

Intelligent, Visual Reporting

How many dummy “reporting” accounts are taking space in your chart of accounts. Sage Intacct hotel accounting software simplifies this issue by using “dimensions” you tag on transactions including location, program, or department. With these dimensions, you can filter, group, and see the data you need with just a few clicks. Here are some examples:

  • Guests per weekend per hotel 
  • Number of covers by month by restaurant 
  • Revenue by event, location, or service type

And you and your auditors can easily see all the way to the transactions with dynamic, drill-down capability.

See get the big picture at a glance with Intacct’s visual dashboards are visual. Spotting opportunities and trends is much simpler with mini line graphs, conditional formatting, functions, grouping, logic, rolling sums, and pivot tables. You won't be doing that with QuickBooks or Excel.

Just like yours, growing hospitality companies are saving hundreds of hours annually on manual consolidations, shortening monthly close from one month to one week, and typically avoided 2 additional headcount. Stop reacting to and get ahead of your company’s growth with Sage Intacct.

Contact Equation Technologies to learn how Sage Intacct helps save you time and deliver real-time insights.

Another version of this blog was posted on January 21, 2020 - 3 Ways to Work Smarter, Not Harder with the Right Hotel Accounting.

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