23 Hotel Accounting Software To Streamline Your Finances In 2024
10 Best Hotel Accounting Software Shortlist
Here's my pick of the 10 best software from the 23 tools reviewed.
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In the dynamic hotel management industry, navigating finances can be complex. Understanding the sector's complexity, I recognize the value of proficient hotel accounting software. It's not just about numbers; it's a centralized system capturing every payable and receivable, streamlining bank accounts, and improving payment processing.
With the right tool, manual errors and lengthy reconciliations become a thing of the past. Embrace these solutions and let technology steer your hotel's financial path for subscribers.
What Is Hotel Accounting Software?
Hotel accounting software is a specialized type of accounting software that is designed for the hotel industry. It helps hotel managers keep track of their finances, including income and expenses. Hotel accounting software can also help managers track room occupancy rates and revenue, as well as manage staff payrolls and budgets.
Some of the benefits of using hotel accounting software include improved cash flow, better decision-making abilities, and reduced accounting costs. Hotel accounting software usually costs between $500 and $1,000, depending on the features and functionality that you need.
When buying hotel accounting software, you should look for a program that is easy to use and has a wide range of features. The program should also be compatible with your computer system and have a good customer support network. Some of the key features to look for include invoicing and billing, expense tracking, revenue tracking, and staff management.
Best Hotel Accounting Software Summary
| Tools | Price | |
|---|---|---|
| Xero | From $15/month (billed annually) | Website |
| WebRezPro | From $5/user/month, (billed annually). | Website |
| Nimble | From $24.90/user/month (billed annually) | Website |
| Docyt | From $10/user/month, (billed annually). | Website |
| Big Red Book | Pricing upon request. | Website |
| AccountsIQ | From $300/month (billed annually) | Website |
| NetSuite ERP | From $99/user/month, (min 10 seats, billed annually). | Website |
| Inn-Flow | From $15/user/month, (billed annually). | Website |
| Shiji Accounting | Pricing upon request. | Website |
| Carmen Software | From $15/user/month, (billed annually). | Website |
Compare Software Specs Side by Side
Use our comparison chart to review and evaluate software specs side-by-side.
Compare SoftwareBest Hotel Accounting Software Reviews
Xero is a cloud-based accounting software geared towards facilitating robust financial reporting and bookkeeping for business owners, especially in the hospitality sector. Tailored for small to medium-sized establishments, Xero offers a blend of essential accounting features with the nimbleness required by growing businesses in the hospitality industry.
Why I Picked Xero: Navigating through countless accounting systems, Xero caught my attention due to its easy-to-use interface and comprehensive accounting solution tailored for SMEs. Its strong emphasis on hospitality accounting software capabilities convinced me of its suitability. I chose Xero because it fills the gap between basic accounting tools and extensive enterprise systems, making it particularly good for small to medium-sized hospitality businesses.
Standout features & integrations:
Xero excels with its automation tools that minimize data entry, allowing hoteliers to focus on informed decisions rather than mundane tasks. The platform's customizable modules improve workflow and balance sheets, providing a comprehensive view of a hotel's financial data. Its impressive integration capabilities span a variety of apps, notably connecting with QuickBooks Online, PMS (property management system) platforms, and popular POS systems, ensuring all financial data is consolidated.
Pros and cons
Pros:
- Wide range of integration capabilities with popular systems like POS and PMS
- Efficient bank reconciliation and back-office management tools
- Comprehensive cloud-based accounting features suitable for SMEs
Cons:
- Limited support for niche add-ons compared to larger enterprise systems
- Advanced forecasting tools could be more refined
- Might be overwhelming for very small hotel establishments
AccountsIQ is a potent cloud-based accounting software, particularly tailored for businesses that manage multiple entities, such as hospitality groups with several hotels or branches. Given the complexities of handling finances for multiple units, AccountsIQ emerges as a compelling choice with its multi-entity accounting features, ideal for larger hospitality conglomerates.
Why I Picked AccountsIQ: Sifting through a myriad of accounting systems, AccountsIQ particularly stood out for its focus on multi-entity management. I determined that the tool's architecture and accounting features were best poised to handle the intricacies of larger hospitality groups. I chose AccountsIQ primarily because it provides a consolidated financial reporting mechanism, allowing hotel owners of big chains to get an aggregated view of their entire operation's financial health.
Standout features & integrations:
AccountsIQ shines with its automation capabilities, which significantly reduce data entry workload, particularly valuable when managing multiple entities. The software's customizable modules offer intricate balance sheets and financial data insights, ensuring business owners can make informed decisions. As for integrations, AccountsIQ blends with CRM systems, notable POS solutions, and property management systems, making the workflow smooth for hoteliers.
Pros and cons
Pros:
- Customizable modules to cater to diverse hotel needs
- Strong integration with popular systems including CRM and POS solutions
- Comprehensive suite of property management tools
Cons:
- Certain advanced features may have a learning curve
- The interface may seem daunting for first-time users
- Might have features that are excessive for very small properties
Nimble is a cloud-based accounting solution designed primarily for the intricacies of property management. Offering a range of tailored tools, it empowers hoteliers and property managers to effectively manage their accounting systems, ensuring that property-specific financial nuances are efficiently addressed.
Why I Picked Nimble: When determining the best tools for property management accounting, Nimble stood out to me because of its specialized offerings. I judged its features against other contenders and found that its emphasis on property-centric accounting needs made it unique. I chose Nimble because, in my opinion, its targeted approach caters best to those who prioritize 'property-specific accounting needs.'
Standout features & integrations:
Nimble provides a range of customizable accounting features, from detailed financial reporting to efficient bookkeeping tools tailored for property management. The automation in its workflow greatly reduces the data entry efforts for business owners, making the process streamlined. Nimble integrates well with other prominent tools like QuickBooks Online, various PMS (property management system) platforms, and several POS systems, ensuring a cohesive accounting experience.
Pros and cons
Pros:
- Customizable features allow for adaptability based on individual property requirements
- Strong integration with popular accounting and PMS systems, facilitating a more comprehensive financial data overview
- Focused accounting solution for property management, catering to the specific needs of hoteliers
Cons:
- Some advanced features might be excessive for smaller properties or independent hoteliers
- Might have a steeper learning curve for those unfamiliar with property-specific accounting
- Not as versatile for industries beyond property management
Docyt is a cloud-based accounting solution designed to streamline and automate the management of financial documents, making it an asset for businesses striving for a paperless approach. With a focus on reducing physical documentation, it becomes a fitting choice for businesses that aim to make their financial workflows more eco-friendly and efficient.
Why I Picked Docyt: In the process of determining the most efficient accounting solutions, Docyt emerged as a unique choice for its dedication to a paperless approach. What made it stand out is its emphasis on minimizing data entry and promoting a more sustainable workflow in financial reporting. I chose Docyt because, in my opinion, its innovative approach to documentation aligns with modern business requirements, making it the 'Best for paperless financial documentation.'
Standout features & integrations:
Docyt's automation tools are pivotal in reducing manual data entry, ensuring that businesses can focus on data analysis rather than input. The software's accounting features are customizable, catering to a broad spectrum of business needs. Moreover, Docyt integrates with popular accounting systems and platforms such as QuickBooks Online and other CRM tools, facilitating smoother financial data workflows.
Pros and cons
Pros:
- Automation tools that minimize manual input
- Integration with leading accounting and CRM platforms
- Strong emphasis on paperless documentation
Cons:
- Some businesses might find the customization options excessive for basic needs
- Potential learning curve for certain automation features
- Might be overwhelming for businesses used to traditional documentation methods
Big Red Book is a cloud-based accounting software designed to simplify the intricacies of financial management for hoteliers. Its focus on clear, unambiguous financial data makes it the go-to choice for those who crave clarity and efficiency in their bookkeeping processes.
Why I Picked Big Red Book: When I was evaluating different accounting systems, Big Red Book stood out as the embodiment of simplicity combined with essential features. I chose it primarily because it takes the complexity out of accounting, offering a straightforward approach. This tool felt like the right match for businesses and hotel owners who want an uncomplicated solution, aligning perfectly with the notion of 'straightforward financial management.'
Standout features & integrations:
Big Red Book brings to the table a streamlined approach to bank reconciliation and balance sheets, making it a solid choice for those wanting simplicity. Its customizable metrics give business owners the power to tailor reports to their specific needs. The software's integration capabilities are commendable, with key connections to POS systems and notable apps in the hotel software ecosystem.
Pros and cons
Pros:
- Customizable metrics to suit various business needs
- Effective integration with POS systems and other hotel-related apps
- Intuitive design that simplifies complex accounting tasks
Cons:
- Some hoteliers might prefer a solution with built-in forecasting tools
- Could benefit from more diverse automation tools
- Might lack advanced features for larger-scale operations
AccountsIQ is a potent cloud-based accounting software, particularly tailored for businesses that manage multiple entities, such as hospitality groups with several hotels or branches. Given the complexities of handling finances for multiple units, AccountsIQ emerges as a compelling choice with its multi-entity accounting features, ideal for larger hospitality conglomerates.
Why I Picked AccountsIQ: Sifting through a myriad of accounting systems, AccountsIQ particularly stood out for its focus on multi-entity management. I determined that the tool's architecture and accounting features were best poised to handle the intricacies of larger hospitality groups. I chose AccountsIQ primarily because it provides a consolidated financial reporting mechanism, allowing hotel owners of big chains to get an aggregated view of their entire operation's financial health.
Standout features & integrations:
AccountsIQ shines with its automation capabilities, which significantly reduce data entry workload, particularly valuable when managing multiple entities. The software's customizable modules offer intricate balance sheets and financial data insights, ensuring business owners can make informed decisions. As for integrations, AccountsIQ blends with CRM systems, notable POS solutions, and property management systems, making the workflow smooth for hoteliers.
Pros and cons
Pros:
- Integration with essential systems like PMS and CRM
- Robust financial reporting tailored for large hospitality groups
- Specialized multi-entity management features
Cons:
- Some features might be too advanced for basic accounting tasks
- The initial setup might require a steeper learning curve
- Might be overkill for single-entity businesses
why it stands out as 'best for end-to-end business management.'
Why I Picked Netsuite ERP: Selecting a tool that covers the vast scope of business management demands both judgment and a deep understanding of operational needs. In my opinion, after comparing various platforms, NetSuite ERP emerged as a leader due to its comprehensive suite and holistic approach. Its ability to unify various business processes, making informed decisions easier for business owners, is why I consider it the 'best for end-to-end business management.'
Standout features & integrations:
NetSuite ERP boasts a myriad of accounting features, including advanced financial reporting, bank reconciliation, and customizable data entry modules. Its forecasting tools coupled with metrics-driven insights equip businesses to make informed decisions. Integration-wise, it pairs well with popular third-party apps like CRM systems, QuickBooks Online, and other property management systems, ensuring a workflow for businesses.
Pros and cons
Pros:
- Robust cloud-based architecture ensuring data accessibility and security
- Customizable modules that suit a range of business needs
- Comprehensive integration with accounting systems and financial data tools
Cons:
- The price point might be a barrier for startups or businesses on a tight budget
- Requires a learning curve for those new to ERP systems
- Might be overwhelming for smaller businesses due to its extensive features
Inn-Flow is a specialized cloud-based accounting software crafted for the hospitality industry, offering an array of tools to track and manage the financial intricacies of hotel operations. It provides hoteliers with an integrated platform that ensures all aspects of their financial data, from receivables to payable, are accounted for, aligning perfectly with the goal of comprehensive hotel financial tracking.
Why I Picked Inn-Flow: Among the myriad of accounting solutions available, Inn-Flow caught my attention due to its tailored approach for hotel owners. This specificity in design allows for a more thorough grasp of the hospitality industry's financial nuances. I chose Inn-Flow after comparing various tools, determining that its dedicated approach made it the best fit for those seeking 'comprehensive hotel financial tracking.'
Standout features & integrations:
Inn-Flow boasts a robust set of accounting features such as customizable financial reporting, forecasting tools, and automated bank reconciliation, simplifying many back-office tasks for hoteliers. Additionally, its modules are designed to cater specifically to hotel operations, ensuring that every financial metric is accurately captured. Integration-wise, Inn-Flow connects with renowned PMS (property management system) solutions, POS systems, and even QuickBooks Online, further facilitating the workflow of business owners.
Pros and cons
Pros:
- Customizable reporting tools enabling informed decisions based on data
- Strong integrations with leading PMS and POS systems
- Tailored features for the hospitality industry, aiding hoteliers in detailed financial tracking
Cons:
- Smaller establishments might find some features excessive for their needs
- Initial setup might require some time due to its comprehensive feature set
- May not be suitable for industries outside of hospitality
Shiji Accounting is a robust cloud-based accounting solution tailored specifically for the expansive needs of the hospitality sector. Handling vast financial data and intricate accounting systems inherent in large-scale hotel chains, it truly shines for these enterprise-level operations.
Why I Picked Shiji Accounting: I chose Shiji Accounting after closely comparing it with other contenders because of its impressive customization abilities tailored for large hotel chains. In my opinion, for hoteliers managing numerous properties or high-volume operations, Shiji's deep accounting features and extensive modules make it a natural fit. Its stature and ability to provide comprehensive financial reporting align perfectly with the needs of large-scale hospitality enterprises.
Standout features & integrations:
Shiji Accounting's strengths lie in its ability to handle complex financial data with ease. The software supports detailed forecasting, allowing hotel owners to make informed decisions. Integrations with various PMS (property management systems) and POS solutions make data entry less cumbersome, giving more focus to actionable insights. Additionally, its cloud-based nature ensures accessibility from anywhere, ideal for hoteliers with multiple properties.
Pros and cons
Pros:
- Customizable modules specific to hospitality needs
- Robust integration with various PMS and POS systems
- Comprehensive financial reporting tailored for large operations
Cons:
- Pricing transparency could be improved
- Learning curve for those unfamiliar with large-scale accounting solutions
- Might be too intricate for smaller hotels
Carmen Software offers a robust cloud-based accounting solution tailored to deliver actionable financial data in real-time. Its dedication to providing instant financial insights ensures that business owners and hoteliers alike are always informed about their financial standing, fitting perfectly with its tag of being 'best for real-time financial insights.'
Why I Picked Carmen Software: The decision-making process around financial tools can often feel like a daunting task. After determining and comparing a myriad of tools, Carmen Software stood out because of its emphasis on real-time insights. I chose Carmen Software due to its unique capability to furnish financial metrics instantly, which, in my opinion, distinguishes it as the 'best for real-time financial insights.'
Standout features & integrations:
Carmen Software is equipped with robust financial reporting tools that allow for instantaneous access to balance sheets, forecasting modules, and more. It also offers a customizable workflow that adapts to varying business needs, ensuring streamlined bookkeeping and efficient data entry. In terms of integrations, Carmen Software connects with prominent accounting systems such as QuickBooks Online, various PMS (property management system) tools, and several CRM apps, ensuring cohesive data management.
Pros and cons
Pros:
- Strong integrations with leading accounting systems and CRM tools
- Customizable workflow suitable for diverse business requirements
- Real-time financial reporting capabilities
Cons:
- Some niche features may require add-ons or additional costs
- The annual billing cycle might not be preferable for all businesses
- May require training for users unfamiliar with real-time accounting solutions
Other Hotel Accounting Software
Below is a list of additional hotel accounting software that we shortlisted, but did not make it to the top 10. Definitely worth checking them out.
- RAMP
Best for automated spend management
- Sage Intacct
Best for scalable financial operations
- FreshBooks
Good for freelancers and small businesses
- Zoho Books
Good for intuitive financial management
- A2X
Good for e-commerce accounting integration
- Rossum
Good for AI-powered data extraction
- AvidXchange
Good for automated invoice processing
- Airbase
Good for spend management and approvals
- Gusto
Good for payroll and HR services
- Sage 50cloud
Good for combined desktop and cloud accounting
- FreshBooks
Good for freelancers and small businesses
- M3 Accounting Core
Good for hospitality-specific financial management
- Acumatica
Good for cloud ERP needs
Other Accounting Management Software Reviews
- Hotel Credit Card Processing
- Hotel Revenue Management Software
- Hotel Inventory Management Software
- Hotel Business Intelligence Software
- Hotel Procurement Software
- Channel Manager for Hotels
Key Features To Look For In Hotel Accounting Software
When shopping for hotel accounting software, consider the following essential features:
- Financial Transaction Handling: Ability to process check-ins, check-outs, and room charges.
- Employee Management: Track employee hours, commissions, and payroll.
- Reporting Tools: Gain insights with comprehensive reporting capabilities.
- Invoicing Capabilities: Streamlined billing processes for guest stays and services.
- Inventory Management: Oversee inventory levels, purchasing, and vendor interactions.
- User Experience: User-friendly interfaces and customization options to fit your hotel's needs.
- Affordability: Find a solution that provides value for its cost.
- Support: Access to prompt and helpful customer support in case of issues.
Always prioritize your hotel's specific requirements when evaluating these features.
Most Common Questions Regarding Hotel Accounting Software (FAQ's)
What Are The Benefits Of Hotel Accounting Software?
So, what are the benefits of using hotel accounting software?
Well, for a start, hotel accounting software can help you manage your finances more effectively. It makes it easier to keep track of your income and expenses and can help you save money in the long run.
Some of the benefits of using hotel accounting software include increased efficiency and organization, improved customer service, and decreased financial risk.
Hotel accounting software can also help you streamline your operations. It makes it easier to manage your reservations and bookings, as well as track your staff hours and payroll. This can save you time and money in the long run.
Finally, hotel accounting software can help you improve your customer service. It makes it easy to track customer data and preferences, which can help you provide a more personalized experience.
So, as you can see, there are many benefits to using hotel accounting software. If you’re looking for a way to improve your business, then this is definitely something worth considering.
How Much Does Hotel Accounting Software Usually Cost?
When it comes to purchasing hotel accounting software, you’ll find that the prices vary greatly. Generally, you can expect to pay anywhere from $100 to $1,000 for a good program.
Most hotel accounting software packages cost between $200 and $1,000, but there are a few free programs available as well.
When shopping for software, be sure to consider the features that are most important to you. A few key features to look for include invoicing, tracking employee hours, and tracking inventory.
Also, be sure to ask the software company about their return policy and customer service. You’ll want to be sure that you’re able to get help if you need it.
Conclusion
In conclusion, the ideal hotel accounting software is a blend of comprehensive features, user-friendliness, affordability, and robust support. As the hospitality industry continues to evolve, having the right technological tools by your side can make all the difference. From processing transactions to generating insightful reports, the best software solutions streamline operations and drive efficiency.
While numerous options exist in the market, it's paramount to prioritize your establishment's unique needs. By keeping a keen eye on the essential features listed above and assessing each software based on its merits, you're well on your way to making a choice that will elevate your hotel's financial management to new heights. Happy searching!