Outsourced Hotel Accounting
By Scott Watson Chief Sales & Marketing Officer, M3 Accounting + Analytics | May 31, 2020
The practices of accounting and hospitality each date back thousands of years. Today, as the two industries merge, hoteliers are recognizing the benefits of using technology to streamline their back-office responsibilities and utilizing more intuitive, industry-specific tools. However, choosing which tools to utilize can be an overwhelming task.
With the ever-changing events related to COVID-19, the CARES Act and the implications to the hospitality industry, now is an ideal time for hoteliers to align themselves with a reliable accounting partner who can provide vital in-depth industry insight.
For many hotel management companies, it doesn't make financial sense to build entire in-house accounting departments and dedicate resources to routine tasks such as bank reconciliations and accounts payable. Outsourcing these duties presents a means to operate more efficiently and more cost-effectively, saving time and money and allowing staff to focus on guest service needs and direct ownership demands.
In the search for contracted accountants, every hotelier is responsible for recognizing which services they need most, vetting potential providers based on past results and leveraging offers that will maximize their investment. When choosing an optimal, outsourced accounting partner, it's important to consider several factors including cost savings, leveraging operational insights, customization, scalability and security. An effective outsourced accounting service combines each of these factors to fully ensure hotel management firms that their accounts are in the best of hands.
Once a hotelier has transitioned their back-office hotel accounting functions to an outsourced business model, they typically can produce a tangible ROI and bottom-line savings with minimal time invested from senior management.
Below are five ways in which outsourced accounting can benefit your hotel portfolio and help your hotel staff get back to serving guests.