Managers in the hospitality industry have so many competing demands on their time and attention, that it’s difficult to see where process inefficiencies exist. One area that often goes overlooked is the accounting department, a reliable mainstay in every hospitality business. Whether your accounting operations are centralized at a head office, or you have an in-house team, the work they do impacts every part of your business.
There is a push these days to introduce more technology into hotels, clubs and resorts, but most of those investments are being put in place to serve front of house operations to streamline or enhance guest services. While innovation is increasingly a key component in building brand loyalty and attracting guests to your business, back office operations can also benefit from new technologies.
How many of your accounting processes are fully digitized? Chances are that your business still relies on paper processing to some degree, or that your approval channels for areas like invoice processing and vendor payments are still done through a frustrating combination of email, phone calls and office paper chases.
Accountants fulfill many essential functions within your business by providing regular financial updates, monitoring cash positions and budgets, completing tax preparations, and handling accounts payable tasks, alongside other duties. An efficient accounting team is able to focus their energies on the tasks that offer the highest return-on-investment (ROI) for hours spent. As a hospitality operator, you can maximize your accounting staff’s time and improve the quality of accounting data they produce by introducing accounting automation technology. As your business grows, you can also implement technologies that can allow you to scale without the need to take on additional staff.
In our new whitepaper, Room to Grow: Streamlining Your Hospitality Accounts Payable Process, we’ll outline the top accounting challenges for hospitality businesses. We’ll also show how automation is the key to maximizing efficiency by focusing on one of the most time-intensive accounting processes: accounts payable (AP). As a follow-up, we’ll take a tour of the real world benefits that AP automation unlocks for hospitality businesses. Get access to your copy now.