Top 10 Hospitality Software: Ratings and Reviews

With huge turnover rates of customers, the hospitality industry, including hotels and restaurants, process a lot of data. Software designed specifically for hotels and restaurants, in addition to standard accounting functions, will accept and process reservations and include other features to manage daily operations, such as labor scheduling, food cost control and billing customers based on room charges and additional services.

Hospitality accounting software is the system that assists you in each operation of your hotel's finances. No matter you have a single hotel or multiple, this system specifically monitors all measures of hospitality and complies the financial data in order to come up with efficient results. If you want to capture and manage key financial information, increase revenues and streamline all your back-office processes, then the solutions for hospitality accounting would assist you in an effective manner. In order to get you the best product to manage your hotel’s finances, Virtuous Reviews have compiled a list of 10 prominent products available online.

Virtuous Reviews works as a review platform, providing impartial reviews of different business categories. With our independent, real and unbiased reviews and ratings, our users get transparency, while evaluating different products. By bringing the mutual power of trusted peers to the forefront, we at Virtuous Reviews contribute in inspiring and escalating the buying decisions.

How to choose the best hospitality management software?

Several different products offer several different features for your business, and it is important to have a checklist that meets your criteria before making a decision.

• Before clicking on “pay”, ensure that the software upgrades are easily available. If the system is not responsive to the updates, then you may want to hold off on purchasing the software.
• Consider your day-to-day operations. If they have to be dealt with manually, then efficiency is bound to be low periodically, thus making your chosen hotel software practically inept.
• As is with any guest management system, reserving a room should be an easy, quick and stress-free process. Booking a room online offers you, the business owner, a much needed competitive advantage in today’s economy. It also encourages more customers to book through/re-visit your site for their next stay.

Features:-

• Reservations - Whether online, over the phone or both, managing reservations is one of the foremost functions of software for the hospitality industry. Tying directly to your website, the accounting and reservations functions should be integrated so that deposits and payments can go directly into the system once the reservation has been made.
• Customer relationship management - Particularly in the hospitality industry, it’s crucial to turn every lead into a sale. Hospitality software manages leads from initial contact to final reservation, and stores customer (or potential customer) data for future marketing campaigns. The more robust systems for hotels and resorts expand this into “tour management,” offering the user an online tour.
• Daily operations - Front desk, concierge, room charges, housekeeping, security, special events, facilities maintenance and all the other aspects of managing the hotel should integrate seamlessly with the accounting functions. This enables costs and revenues to be tied directly to the relevant department.
• Labor scheduling - For most hospitality companies, labor is the number one expense. Scheduling systems offer basic graphs, and advanced programs can even create those schedules for you based on sales trends, history, and employee availability. Helping managers streamline operations, this feature can also cut labor costs by scheduling employees based on fluctuations in activity, contain overtime costs, ensure the best employees are serving at peak times and facilitate scheduling of routine tasks during lulls.
• Food cost control - One of a restaurant’s largest controllable expenses is the cost of the food. Certain restaurant management programs help control food costs by identifying variances in actual versus ideal food usage, excessive waste, theft, margins and other inefficiencies. They may also include budget & forecasting capabilities to support the decision-making for menu changes, specials or promotions.
• Reporting - Data is gathered as transactions are processed through the system. Users can then generate reports that show revenues and expenditures, as well as average daily rates and occupancy levels. Looking at historical information, you can reveal seasonal trends in bookings and optimize rates. View reports in a list format or in a graphical chart.

Benefits:-

Enhance control and boost efficiency

Enable your staff to enter and view information for specific properties and locations, without giving them access to the financials of other locations or the entire business. Support multiple operating or ownership structures—including franchise operations, fractional ownership, global business units, and other complex holding structures—all while managing consolidations from the parent company.

Analyze performance, then improve it  

Track real-time performance centrally and across all of your locations. View your information by individual location, by groups of locations, by concept, by region—or by any other dimensions you use to measure performance. Improve cash flow management and revenue forecasting with real-time visibility into current inflows, outflows, and revenue streams.

Experience the cloud advantage

Intacct hotel and hospitality accounting software offers easy, cloud-based integration with leading applications for payroll, attendance payments, and more—so you can streamline data entry throughout your hospitality business. And it provides each of your facilities with secure, web-based access to up-to-the-minute information, so anyone can do their job, from any browser, on any device.