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.
12 Best Hotel Accounting Software Shortlist
When it comes to hotel accounting software, there are a lot of options to choose from. To help make your decision easier, here is a list of the best hotel accounting software in 2024.
Each of these programs has its own unique set of features, so be sure to read over the descriptions carefully to see which one is the best fit for your business.
- Shiji Accounting - Best for large-scale hospitality enterprises
- Big Red Book - Best for straightforward financial management
- Xero - Best for small to medium-sized hospitality businesses
- AccountsIQ - Best for multi-entity hospitality groups
- WebRezPro - Best for integrated property management
- Docyt - Best for paperless financial documentation
- Inn-Flow - Best for comprehensive hotel financial tracking
- Nimble - Best for property-specific accounting needs
- Ramp - Best for automated spend management
- Carmen Software - Best for real-time financial insights
- Sage Intacct - Best for scalable financial operations
- Netsuite ERP - Best for end-to-end business management
Overviews of the 12 Best Hotel Accounting Software
1. Shiji Accounting - Best for large-scale hospitality enterprises
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.
Pricing:
Pricing upon request
Pros:
- Comprehensive financial reporting tailored for large operations
- Robust integration with various PMS and POS systems
- Customizable modules specific to hospitality needs
Cons:
- Might be too intricate for smaller hotels
- Learning curve for those unfamiliar with large-scale accounting solutions
- Pricing transparency could be improved
2. Big Red Book - Best for straightforward financial management
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.
Pricing:
Pricing upon request
Pros:
- Intuitive design that simplifies complex accounting tasks
- Effective integration with POS systems and other hotel-related apps
- Customizable metrics to suit various business needs
Cons:
- Might lack advanced features for larger-scale operations
- Could benefit from more diverse automation tools
- Some hoteliers might prefer a solution with built-in forecasting tools
3. Xero - Best for small to medium-sized hospitality businesses
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.
Pricing:
From $25/user/month (billed annually)
Pros:
- Comprehensive cloud-based accounting features suitable for SMEs
- Efficient bank reconciliation and back-office management tools
- Wide range of integration capabilities with popular systems like POS and PMS
Cons:
- Might be overwhelming for very small hotel establishments
- Advanced forecasting tools could be more refined
- Limited support for niche add-ons compared to larger enterprise systems
4. AccountsIQ - Best for multi-entity hospitality groups
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.
Pricing:
From $40/user/month (billed annually)
Pros:
- Specialized multi-entity management features
- Robust financial reporting tailored for large hospitality groups
- Integration with essential systems like PMS and CRM
Cons:
- Might be overkill for single-entity businesses
- The initial setup might require a steeper learning curve
- Some features might be too advanced for basic accounting tasks
5. WebRezPro - Best for integrated property management
WebRezPro is a comprehensive cloud-based property management system (PMS) tailored specifically for the needs of hoteliers and other hospitality businesses. It not only handles basic room reservations but also offers an integrated approach to managing multiple aspects of property operations, making it ideal for businesses seeking centralized control.
Why I Picked WebRezPro:
While analyzing various property management systems, WebRezPro caught my attention with its well-rounded suite of features tailored for comprehensive property management. In comparison to other systems, it offers a more integrated solution, covering various facets of hotel management from room bookings to back-office operations. I chose WebRezPro because of its commitment to offering a unified property management experience, which is invaluable for hotel owners striving for operational efficiency.
Standout features & integrations:
WebRezPro offers automation tools, which minimize manual data entry, and customizable modules that cater to the specific needs of different hotel types. The system's robust financial reporting provides hotel owners with the necessary metrics to make informed decisions. Integration-wise, WebRezPro aligns with popular systems including CRM platforms, POS solutions, and accounting systems like QuickBooks Online, ensuring smooth workflows across different business functions.
Pricing:
From $5/user/month (billed annually)
Pros:
- Comprehensive suite of property management tools
- Strong integration with popular systems including CRM and POS solutions
- Customizable modules to cater to diverse hotel needs
Cons:
- Might have features that are excessive for very small properties
- The interface may seem daunting for first-time users
- Certain advanced features may have a learning curve
6. Docyt - Best for paperless financial documentation
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.
Pricing:
From $10/user/month (billed annually)
Pros:
- Strong emphasis on paperless documentation
- Integration with leading accounting and CRM platforms
- Automation tools that minimize manual input
Cons:
- Might be overwhelming for businesses used to traditional documentation methods
- Potential learning curve for certain automation features
- Some businesses might find the customization options excessive for basic needs
7. Inn-Flow - Best for comprehensive hotel financial tracking
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.
Pricing:
From $15/user/month (billed annually)
Pros:
- Tailored features for the hospitality industry, aiding hoteliers in detailed financial tracking
- Strong integrations with leading PMS and POS systems
- Customizable reporting tools enabling informed decisions based on data
Cons:
- May not be suitable for industries outside of hospitality
- Initial setup might require some time due to its comprehensive feature set
- Smaller establishments might find some features excessive for their needs
8. Nimble - Best for property-specific accounting needs
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.
Pricing:
From $25/user/month (billed annually)
Pros:
- Focused accounting solution for property management, catering to the specific needs of hoteliers
- Strong integration with popular accounting and PMS systems, facilitating a more comprehensive financial data overview
- Customizable features allow for adaptability based on individual property requirements
Cons:
- Not as versatile for industries beyond property management
- Might have a steeper learning curve for those unfamiliar with property-specific accounting
- Some advanced features might be excessive for smaller properties or independent hoteliers
9. Ramp - Best for automated spend management
Ramp is a cloud-based financial solution that focuses on streamlining and automating business expenditure. With its robust automation features, it has emerged as a reliable platform for businesses looking to gain greater control over their spending, aligning well with the notion of it being "best for automated spend management."
Why I Picked Ramp:
In the vast sea of financial tools, selecting the right one can be challenging. Upon comparing various platforms, Ramp's commitment to automated spend management was evident and distinct from the rest. I chose Ramp primarily because of its clear alignment with the need for automated solutions in managing business expenses. Its emphasis on spend automation validates its stature as being "best for automated spend management."
Standout features & integrations:
Ramp offers powerful automation tools that reduce data entry and improve workflow efficiency. Its financial reporting features, paired with an intuitive bookkeeping system, allow business owners to make informed decisions with real-time financial data. Moreover, Ramp integrates smoothly with various accounting systems, including QuickBooks Online, various CRM apps, and other cloud-based accounting software, ensuring the flow of data across platforms.
Pricing:
From $20/user/month
Pros:
- Strong emphasis on automation tools that simplify spend management
- Real-time financial reporting for precise insights and informed decisions
- Robust integration capabilities with leading accounting and CRM solutions
Cons:
- Might be overkill for small businesses with minimal expenses
- Certain modules might come with a steeper learning curve
- Potential limitations for niche industry-specific needs outside of general business expense management
10. Carmen Software - Best for real-time financial insights
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.
Pricing:
From $15/user/month (billed annually)
Pros:
- Real-time financial reporting capabilities
- Customizable workflow suitable for diverse business requirements
- Strong integrations with leading accounting systems and CRM tools
Cons:
- May require training for users unfamiliar with real-time accounting solutions
- The annual billing cycle might not be preferable for all businesses
- Some niche features may require add-ons or additional costs
11. Sage Intacct - Best for scalable financial operations
Sage Intacct is a cloud-based accounting software designed to support the complex financial needs of both growing and established businesses. With its emphasis on scalability, it ensures that as businesses expand, their accounting systems can adeptly adapt, making it truly "best for scalable financial operations."
Why I Picked Sage Intacct:
The realm of financial tools is expansive, and determining the best one involves careful judgment and comparison. Among the myriad of options available, Sage Intacct resonated with me for its ability to cater to both startups and established entities. Its inherent capacity to scale operations, adjust to fluctuating financial demands, and streamline back-office tasks are reasons I deem it "best for scalable financial operations."
Standout features & integrations:
Sage Intacct boasts a comprehensive suite of accounting features, from in-depth financial reporting to advanced bookkeeping and bank reconciliation tools. Its customizable modules ensure that businesses can tailor the software to their specific needs, from data entry to forecasting. In terms of integrations, Sage Intacct smoothly connects with a variety of third-party applications including CRM systems, PMS tools, and QuickBooks Online, providing a cohesive accounting solution.
Pricing:
From $25/user/month (billed annually)
Pros:
- Comprehensive suite of scalable accounting features
- Customizable modules tailored for diverse business requirements
- Strong integrations with leading CRM systems and other financial tools
Cons:
- Initial setup can be complex for those unfamiliar with advanced accounting systems
- The cost might be higher for smaller businesses with limited requirements
- Some advanced features may necessitate additional training for effective use
12. Netsuite ERP - Best for end-to-end business management
NetSuite ERP is a cloud-based enterprise resource planning solution that offers businesses a holistic approach to managing all their operations. Its integrated suite ensures that from accounting to inventory, every facet of a business is harmoniously synced, which is precisely 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.
Pricing:
From $99/user/month (billed annually)
Pros:
- Comprehensive integration with accounting systems and financial data tools
- Customizable modules that suit a range of business needs
- Robust cloud-based architecture ensuring data accessibility and security
Cons:
- Might be overwhelming for smaller businesses due to its extensive features
- Requires a learning curve for those new to ERP systems
- The price point might be a barrier for startups or businesses on a tight budget
Other Hotel Accounting Software
Below is a list of additional hotel accounting software that we shortlisted, but did not make it to the top 12. Definitely worth checking them out.
- M3 Accounting Core - Good for hospitality-specific financial management
- FreshBooks - Good for freelancers and small businesses
- AvidXchange - Good for automated invoice processing
- A2X - Good for e-commerce accounting integration
- Acumatica - Good for cloud ERP needs
- Zoho Books - Good for intuitive financial management
- Gusto - Good for payroll and HR services
- Airbase - Good for spend management and approvals
- Rossum - Good for AI-powered data extraction
- Sage 50cloud - Good for combined desktop and cloud accounting
- Quickbooks - Good for comprehensive small business accounting
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.
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.
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
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!