Cloud financials:
The building blocks of proactive strategy
Today’s challenging environment has led many hotels to accelerate cloud adoption out of necessity – and with it gain the ability to streamline costs, boost productivity, and gain agility.
With many roles within hotels working remotely after pandamic, cloud financial solutions make it possible to access critical information from anywhere, automate more functions, and ultimately make better business decisions.
The conveniences, cost efficiency, productivity boosts, and added security that cloud solutions offer – particularly in a challenged market – have ushered in a new era of financial management for many hotels.
Why hotels are moving to the cloud
Like many organizations today, you’ve likely had to re-configure your work environment. Maybe you and team are fully remote, or maybe you have a skeleton crew going into the office. Whatever your new normal is, the importance of having access to your financial data remains a priority.
Undoubtedly useful in normal times, cloud solutions have become imperative for business continuity in this era. As a result, many are accelerating their journey to the cloud. In fact, companies worldwide spent nearly $35 billion on cloud services between January and March 2020-up 31% from the same period year before.
Operating in the cloud means being agile-enabling you to take advantage of opportunities as they arise and adapt to challenges quickly. Increasingly more hotels are finding the cloud to be transformational-getting back weeks each month when consolidating the books or gaining hundreds of thousands of dollars’ worth of time savings due to massive efficiencies in the back-office.
Five more reasons why hotels embrace the cloud
You save on significant costs
Gain the technology efficiencies you need without having to manage a complex and costly IT infrastructure.
Your data is safe in the cloud
Skilled cyber security engineers use sophisticated software to keep cloud data centers secure. In fact, top tier SaaS security measures usually outweigh what most hotel businesses could individually afford to take. And, as your data is stored in the cloud, it remains safe and can be easily accessed-even if something happens to your computer.
Your team is fully supported when working remotely
Teams stay in sync with each other and the business. They have access to the information they need to work anytime, anywhere, on any device.
You’re always using the latest enhancements
No more outdated software and painful upgrades. You and your finance team are always using the most current version with automatic updates.
You gain seamless, integrated solutions, on your terms
Open APIs let you use best-in class applications, like CRM, payroll, and more.
Empower your entire hotel business
Sage Intacct helps teams work more effectively and efficiently from day one.
As the cloud offers uber flexibility – no matter where you work-Sage Intacct cloud financial management allows you to have a real-time pulse on your hotel’s financial performance with the power of customizable financial dashboards and reports. Graphics and quick drill-down capabilities enable you to dig as deep into your KPIs and metrics. So, when your CEO asks, “Are we in a good position to make this investment?” you can provide the needed information in minutes versus days later.
In addition, easily share custom financial views with your key stakeholders, including the executive team and investors who require real-time insight for decision-making. And empower nonfinance personnel to initiate finance department interactions such as expense requests, check requests, purchase requisitions, budget to actual analyses, and more with flexible electronic workflows and anywhere access.
Gain real-time operational and financial visibility
Make smarter and faster decisions with the information you need at your fingertips.
With Sage Intacct, gain a best-in-class, dimensional general ledger system that enables you to easily capture granular financial and operational data in the way that fits your unique needs.
Gain real-time visibility, as made possible only through the cloud, into every aspect of your organization’s finances, whether you’re
interested in investment performance by location or team, the expense tied to each line of business or employee, or any other aspect unique to your hotel.
Automatically keep your sub-ledgers and your general ledger synchronized in real time, so you always have instant access to summaries and balances, as well as transaction details.
Streamline multientity management and eliminate month-end headaches
Shorten your consolidation process to less than four hours.
If you’re managing three or more entities, it can take days or even weeks to close the books and get a reliable view of your consolidated financials. It’s also likely costing your team way too much time to create reports, leaving not enough time for deeper analysis or more strategic initiatives.
Break free from the late nights and weekends working in the home office! Automate multi-entity, multi-currency, and multi-country operations. Streamline inter-entity transactions, allocations, eliminations, and financial consolidation, reporting, and analysis so you can focus on more strategic work.
Sage Intacct cloud financial management for hotels
- Delivers immediate visibility into your financial data with easy-to-use, real-time financial and operational reporting and
dashboards. - Provides anytime, anywhere access for staff and extended teams, increasing finance department productivity by 60% or more.
- Reduces IT infrastructure costs and complexity.
- Enables easy integrations with your other existing processes and systems using an open API.
- Ensures control and compliance, and reduces risk and cost with automated workflow and internal controls
Conclusion:
Your business and time are too important to be hampered with a financial solution that makes you work harder
With the uncertainty and constant changes happening in the hotel industry, you need to equip your business with a cloud financial
management system that helps you stay agile. Inflexible on-premise systems simply cannot help you adapt or scale effectively without incurring more cost and complexity. Who can afford that?
If you…
• Manage three or more entities
• Spend more than 10 days to close the books
• Spend more than 40% of your time in Excel-based reporting
• Need to hire more headcount to scale
• Need to get more done with less
…it may be time to consider a proven cloud financial management solution.
Ready to leverage the latest technology advancements in financial management and reporting?
Don’t let manual processes drain your time and resources. Your hotel systems should be helping you make data-driven decisions faster, not holding you back. To help you evaluate hospitality accounting software vendors and ensure you get the most modern features you need in your system, we’ve created the Hospitality Accounting.
Source: Sage.com
