Corporate accounting has long been viewed as custodian and curator of financial data for hospitality organisations.
However, whether it’s bringing the data together or distributing the financial results broadly, the financial consolidation process has been one of information assembly, validation, and reporting.
The consolidation process for many hospitality accounting teams is sometimes measured in months, often measured in weeks, but rarely measured in days.
Hospitality companies across hotels, restaurants, gyms and other businesses often consist of separate multi-entities for legal, tax and location purposes. And it’s these multi-location and multi-entity organisations that face many complexities such as decentralised payables, inter-entity transactions, multiple currencies, global consolidations and more.
As a hospitality company grows and adds more entities, they often face increased complexity that can handicap business growth. This complexity causes challenges that include:
- Having to maintain and juggle multiple systems and processes
- Lack of control and workflows
- Inefficient reporting through Excel, subject to errors
- Lack of visibility across entities
- Inability to scale and grow the business
In our whitepaper, we discuss the challenges of consolidation today and propose an approach for not only improving the consolidation process but augmenting the analytical and real-time reporting capabilities of the finance function to deliver strategic value.
If you would like to discuss your financial consolidation requirements for you Hospitality organisation in more detail then please contact us via the enquiry form or call 01332 959 008
Interested to know more about our Sage solutions?
Call 01332 959008 or enquire online today
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