Make Sure Your Hospitality Accounting Processes Have Room to Grow

Make Sure Your Hospitality Accounting Processes Have Room to Grow

  • July 14, 2020

In the hospitality sector, accounting roles in the financial back office are changing. With new technologies like automation, AI, and machine learning, manual processes are being increasingly managed through technological solutions. Soon, tasks like data entry and data processing will be handled entirely by software, rather than hospitality accounting staff, and already, many hotels, clubs and resorts are moving to implement accounts payable automation solutions that integrate with their accounting software or enterprise resource planning (ERP) systems.

As in many other industries, accounting teams in hospitality wear many hats. They support every other department across the business by managing necessary services like invoices, vendor payments, receivables, employee payroll, cash flow, audits, purchasing, forecasting, budget management, and bookkeeping tasks. For restaurants and hotels that operate across multiple properties, transaction volumes can reach into the thousands, if not tens of thousands, every month. All this data will, at some point, flow through the accounting department, creating a central data hub.

Financial professionals in hospitality accounting have a unique opportunity to make their department a strategic, data-driven center within the business. With the burden of data entry lifted by AP automation, accounting teams can refocus their energies on analyzing the data that comes through to identify new revenue opportunities or ways to improve inefficiency. Additional AP automation features like automatic approval routing and electronic payments can also make a big impact to streamline the AP workflow and cut down significantly on processing times.

Beanworks and Nvoicepay, who recently announced their partnership, sat down in a joint webinar to discuss the remote age companies are currently experiencing, and how payment automation has lent itself to ensuring business continuity for the hospitality industry.

 

Nvoicepay syndicates thought leadership content from our partners. This article originally appeared on Beanwork's blog.

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