Have you ever wanted to learn how to use accounting software for the hospitality industry? But you were not able to find what you were looking for? There was a time when I felt the same way as you do. The fact that I had worked in the hospitality industry for over a decade led me to realize that it would have been much easier if someone had told me about this accounting software right at the beginning of my career, as it would have made things much easier for me.
If you have ever tried to search for the best accounting software for hotel business, or the best accounting software for hospitality business, but found a plethora of results that did not seem relevant to your search query, then you are not the only one. There was no need to feel alone. There were a lot of sites when I searched on google for accounting software for hospitality businesses, but I was a little overwhelmed by the amount of information that told me what accounting software to use, but didn’t go into much detail on why the product was good for hospitality businesses. As a result, I thought that based on my research and testing, I would be able to create my own list of free accounting software for hotel businesses that I felt could be helpful.
FreshBooks
There are a few accounting programs that are used by hoteliers today, and this is the most popular one. Hotel accounting can be handled with the help of this software. In addition to streamlining routine accounting activities such as billing in a seamless and seamless manner, FreshBooks is able to make them more convenient for you. Aside from this, the software is equipped with a variety of features in an intuitive user interface that makes it easy for anyone to use. It is possible to customize it so that you are able to present accounting features according to your individual preferences. There are a variety of financial reports and invoices that can be generated using this accounting software for hotels. In addition, with the help of this software, you will be able to keep track of your hotel expenses, issue invoices, track accounting periods and follow up with your clients. Due to the cloud-based nature of the software, your financial data is accessible online and can be accessed at any time. There is a one-month trial period that you can take advantage of in order to experience this software for free.
Pros
- The software is based on a cloud-based architecture
- In terms of features and capabilities, the software has a lot to offer
- Due to a trial period, it is accessible for free for a limited period of time
Cons
- There is no way to integrate it with other accounting software programs
NIMBLE PROPERTY
It is a software application that has been tailored specifically for the hospitality industry, and has been designed to assist hotel owners & hoteliers with all their accounting and operations needs.
It is a solution that has a large client base of more than 1000, which leverages automation and integration to provide accounting & analytics services. It stands out as a unique and remarkable application for its significant features and functionality, which helps to manage a group of hotels in an efficient and effective manner. With this easy-to-use interface, you will be able to monitor daily sales, check occupancy %, RevPar, review GSS information, import STRs, compare budgets, revenue & expenses, reconcile bank accounts, and much more.
Pros
- Designed exclusively for the hotel industry
- Hosted solution and platform based on the cloud
- An in-depth look at the hotel business
- Interface that is easy to use
- Integrates with the PMS, GSS Surveys, Payroll, STR, and Bank systems
- Supports & services clients promptly and efficiently
- Reporting capabilities that are specific to hotels are impressive
- There are many options for customization and scalability
Cons
- There is a short demo period for this product
Sage Intacct
The hotel accounting software is specifically designed to meet the accounting needs of hotels. The Sage Intacct software can also be used for managing financial information and tasks for other hospitality institutions such as restaurants, clubs, and resorts that rely on financial information. The software is based on the Cloud and is based on the Internet. In this manner, you are able to access your financial information at any time by simply logging on to your account.
Furthermore, this bookkeeping tool performs accounting activities automatically as well. This accounting software for hotels is also capable of delivering the financial information for specific hotel locations and properties on a demand basis to its users. There is also an option for you to create flexible charts of financial information, which are available as a free download for those who wish to use them. It should also be noted that the software can support different hotel ownership structures, such as franchises, multinational units and other corporate arrangements as well. As well as being fully compliant with the accepted accounting standards, the tool is also easy to use.
Pros
- Specifically designed to meet the needs of hotels, this software
- As a result, it can be used in a variety of hospitality institutions due to its versatility
- There is a cloud-based version of the software available
- Information about the financial markets can be filtered using it
- As a result, it can support a variety of business structures
- In a limited time demo period, you will be able to try it for free
Cons
- Expensive
Inn-Flow
With the help of this software tool, you will be able to perform your hotel’s accounting in a much easier and more convenient manner. By using Inn-Flow, you will be able to gain access to the hotel’s financial data from anywhere you have an internet connection. It is also used for the management of hotels in addition to processing accounting data. In terms of reporting, the software can easily handle multiple brands at the same time.
In order to manipulate its many features, accountants are able to do so utilizing an intuitive and simple interface. There is one interesting feature of this hotel accounting software which is the ability to schedule the generation of accounting reports in advance. In order to be able to use this product after a trial period, an account must be created with a demo account first.
Pros
- There is a special version of this software for hotels
- Cloud-based and provides quick and easy access to information
- Multiple hotel brands and branches can be managed by it
- An easy-to-use interface is one of the features of this software
- Demo accounts are available for you to try out for free
Cons
- It does not have a long demo period
Hotelogix
Hotel bookkeeping facilities can be provided with the help of this software. Taking full advantage of automation, Hotelogix offers a comprehensive solution for hotels. The software simplifies the process of performing accounting activities.
Additionally, the software helps to boost the collection of revenue as well as assist with the management of hotel properties. It’s important to note that one of the most interesting features of this digital tool is that it can be integrated with a web-based booking system. By utilizing this method, you will be able to generate bookings with no commissions, allowing you to make more money.
Lastly, it is possible to manipulate the system through a mobile application that has been specifically developed for it. There is a trial period of 15 days where you can try out the software for free before deciding whether you wish to purchase it.
Pros
- Hotel accounting tasks can be automated with this software
- Enhances revenue collection and branch management
- Integrates easily with web-booking
- Smartphones can control it
Cons
- Short trial period
M3AS software
With this accounting software, you will be able to boost your business’ performance by utilizing the power of your computers. It is important to note that the M3 accounting software for hotels is scalable. Hence, we have designed it to meet the technological needs of every step of your hotel portfolio, from planning to execution.
As a plus, this digital tool is also designed in such a way that it is able to simultaneously deliver accounting and analytics. Furthermore, it can also be used to make some service standards across a large chain of hospitality facilities by using this digital tool.
Due to its versatility, it is able to provide accounting assistance both for small hotels as well as for large corporations. Before investing in the paid version of the product, you have the option to try a free demo first.
Pros
- Performance is the main objective
- Scalable software
- Analytics and accounting are integrated
- Suitable for small and large hotels
Cons
- No other software can be integrated
Fairmas (FairPlanner)
It is a modular, web-based business intelligence P&L planning and controlling software system that allows businesses to create transparent budgets and forecasts using business intelligence. Multilingual and multi-currency, the software provides a clear view of hotel performance with intuitive dashboards and data exchanges are carried out automatically via interfaces to accounting systems, PMS, RMS, DMS, BI, and a variety of other systems.
There is a full range of planning scenarios available for decision-making, including Budgets, Forecasts, What-ifs, Drilldowns, and Breakdown Grids. It provides the user with a fast, reliable overview of the revenue, wage, and material costs planning of all departments according to a flexible chart of accounts, based on evident tables, clear figures, and subdivided into operating, revenue, and profit centers.
The service is currently used by over 15,000 satisfied users in more than 5,000 hotels worldwide, ranging from privately owned hotels to leisure hotels and global chains.
Pros & Cons
93% recommend
Director of Finance from Branded
- The software has a lot of flexibility, very fast support response, easy to understand, easy to read, accounting break down, accounting data, and there are lots of possibilities for integrating with other systems
- HR & Operations from Bed & Breakfast
- It is really nice to have the personal contact, and I appreciate how much time they take to answer my questions. You can really tell that they have a background in the hotel industry. Really beneficial!! The installation was quick. It is very simple to use the product.
Head of Finance Systems from Serviced Apartment
- Easy to set up – The fact that drivers can be mixed with amounts on the break down grid makes planning so much easier (especially since drivers and amounts can be mixed) – Good acceptance within the team – Constant improvements
Director of Revenue Management from Other
- The processing speed of the F&B and other revenue information could be improved by providing daily actualized details. Implement self-learning capabilities/ use algorithms to assist in forecasting in the future
Head of Finance Systems from Serviced Apartment
- It would be helpful to be able to see which user last changed the number. It would be great if the tool were open source so that it could be used to send data to a BI platform to report on
DORM -Germany from Other
- In summary, the Fairplanner and Fairmas systems are capable of integrating the revenue management and finance departments quite effectively. Having the status of work on the forecast visible at a glance would be very beneficial since each department would be able to see which part of the forecast has already been entered, for example, so they can plan accordingly. In some cases, the upload of data seems to be slower than usual, and communication of the challenges behind the scenes would be useful.
Oracle NetSuite ERP
Oracle NetSuite ERP Features
- Accounting
- Asset Management
- Audit Trail
- Barcode Integration
- Budgeting
- Case Management
- CRM
- Customer Management
- Email Integration
- Event Management
- Expense Management
- Expense Tracking
- Financial Management
- Inventory Management
- Invoice
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Specifications
- Cloud deployment
- Yearly payment
- Circle API check
- Customize check circle
- Check_circleMobile
- App check_circle
M3 (Accounting)
The best provider of back-office hosted software solutions for the hospitality industry. In the United States and Canada, we provide accounting, business intelligence, and payroll solutions to hotels of all sizes and brands. Our enterprise level solution provides franchisees with real-time access to their financial and operating information as well as user friendly reports that help franchisees make better business decisions. In order to remain competitive in the industry, we help our clients reduce overhead costs and labor costs by leveraging our solutions.
Features
- Daily Reporting
- PMS Mapping
- Document Imaging
- General Ledger
- Accounts Payable
- Financial Reporting
- Cash Management
- Check Writer
- Budgeting
- Forecasting
- Construction Cost Tracking
- User Security
- Report Writer
- Use Tax
- 1099
- 1096
myDigitalOffice
MyDigitalOffice (MDO) is a cloud-based information management platform that allows hospitality professionals to access their hotels’ data from one place and in real time, regardless of where they are located.
There are many sources of performance metrics that are crucial to the success of a hotel; for instance, the PMS, the CRS, labor management, payroll, accounting, and, most importantly, guest satisfaction, are just a few of them. Using MDO, you can gather this data into a single location, allowing you to create a one-stop shop for all your reporting needs. MyDocs is a digital document management system that allows MDO to manage contracts and reports in an efficient manner.
In the cloud, it is easy to sign reports, track hotel compliance, and access historical files, as well as sign off on reports. I would like to draw your attention to MDO’s Paperless Night Audit solution, which is included within myDocs. It eliminates the use of paper from a hotel’s nightly audit process, thereby supporting sustainability initiatives and thereby reducing the hotel’s operating costs. In addition to this, MDO launched the MAPP report as part of its response to COVID-19’s economic crisis, which leverages forward-looking hotel bookings data to provide hoteliers with a free industry resource.
As a result, hoteliers will be able to identify market recovery trends, benchmark the performance of their hotels against their respective and/or similar markets, and make intelligent, data-driven decisions in order to accelerate their own recovery.
Pros & Cons
90% recommend
- SVP Hotel Accounting from Airport/ conference
- Solves the pain of paper night audit packets and the associated costs (printing, paper, storage boxes, storage fees, etc, etc). Once set up all the report flows properly into its own workflow. Also enables the hotel m…Read more
- General Manager from Limited Service
- These products have been a great source of information for reviewing and planning in a concise and easy-to-use format. I’ve used the system as a hotel General Manager and as a Regional Revenue Manager and the wide range…Read more
- General Manager from Airport/ conference
- Very helpful and transparent. They are always available to answer any questions and have the capability to work with different PMS systems.
- Controller from Other
- Consistency of signature place. Right now, its show anywhere on the particular report to sign and I think it should be either always first page of the report or last page of the report and same should be consistent in a…Read more
- General Manager from Limited Service
- Nothing at the moment. Everything is good along with the customer service that they provide.
- Hotel Manager from Other
- Nothing comes to mind at the moment as we are just beginning to do a deep dive into understanding the process.
Features
- Daily Reporting
- PMS Mapping
- Document Imaging
- General Ledger
- Accounts Payable
- Financial Reporting
- Cash Management
- Check Writer
- Budgeting
- Forecasting
- Construction Cost Tracking
- User Security
- Report Writer
- Use Tax
- 1099
- 1096
- Import/Export
Conclusion:
There are several options you will have to make when starting a business or looking to expand an existing business, depending on whether you are planning on starting a new business or looking to expand your existing business. A variety of financial software is available as part of these options, which are suitable for all types of industries. In the hospitality industry, there is a wide range of accounting software packages that can be used by businesses of all sizes.