Sage Intacct for Hospitality
Running a hospitality business is like a walk in the park. If the ‘park’ was actually an obstacle course in the dark with 6 ft hurdles and your competitors hot on your heels.
From juggling multiple locations to optimising pricing strategies, finance teams have their work cut out as they try to navigate this highly competitive industry.
In this article, we’ll discuss the ways Sage Intacct (trusted by the likes of Pizza Pilgrims and other big names) helps hospitality businesses to stay ahead of competition.
No More Growing Pains
Opening a new location or entity should be exciting, but for finance teams with older accounting systems, it just means extra work.
Logging in and out of each account, manually processing inter-company transactions and gathering data from each entity for reports – it all mounts up.
Sage Intacct houses all your locations and entities in a single database. Meaning you have access to everything in one place, data flows freely into reports and new entities or locations can be set up in minutes.
Plus, inter-company transactions automatically balance, so you don’t have to manually post journals in each entity. It couldn’t be easier!
Set Budgets That’ll Stick
Monitoring staffing costs, utilities, cleaning supplies, food and beverage costs and all the other costs associated with the hospitality industry can feel like a full-time job.
Sage Intacct empowers you to track spending with precision, build detailed budgets and put controls in place to keep everyone accountable. Budget threshold alerts and approval workflows stop overspending in its tracks, ensuring you keep within budget.
With powerful reporting tools, you can easily analyse spending and make sure every penny is working hard without compromising the customer experience.
Getting The Price Right
Demand shifts with the seasons, so regularly reviewing your pricing strategy is essential. But for some businesses, this means taking the time to pull data from various systems, analysing it and then updating prices in each system.
With Sage Intacct, all the data you need for reviewing prices is at your fingertips. A combination of financial and operational data, with real-time occupancy trends and customer behaviour insights help you to optimise prices and see the impact on sales.
Plus, integrations with Online Travel Agents (OTAs) and your website mean invoices and reconciliations process automatically, so there’s less admin and more action.
Real-Time Performance Insights
Want to know how your entities are performing? For some finance teams, that means downloading reports from each entity and stitching them together in Excel. It’s slow, tedious and invites errors into your data at every step.
With the reporting tools in Sage Intacct, it couldn’t be easier to see the best route forward:
- Quickly compare data from all your entities and locations
- Group entities or locations logically (by region or dimension for example)
- Combine financial and operational data side-by-side
- Monitor KPIs in real-time with visual performance cards
- Customise dashboards using filters, dimensions, graphs and more
- Drill straight down to the granular detail with just a few clicks
So, you can spot underperforming departments, optimise pricing strategies and pivot quickly when challenges arise. The reports can be built in seconds and scheduled to deliver to managers and stakeholders on a set schedule.
Say Goodbye to Repetitive Tasks
No one gets excited about reconciling transactions or entering purchase invoices. These tasks are time-consuming, prone to errors and don’t do a whole lot for job satisfaction.
Sage Intacct automates various tasks including:
- Multi-entity consolidation & eliminating inter-company transactions
- Reconciling bank transactions
- Checking the General Ledger for outliers
- Populating Purchase Invoice details & matching with Purchase Orders
By automating repetitive tasks you’ll reduce mistakes, speed up your month end and gain more time for strategy.
Seamless Integration
Outdated accounting systems weren’t built with integration in mind, forcing you to manually re-enter information to keep external systems up to date. This poisons your processes with mistakes and delays.
Sage Intacct connects with a range of different platforms including booking management systems, property management systems, CRMs, HR tools, POS till systems and more. You name it, Sage Intacct integrates with it.
Whether you go for a pre-built integration or build your own with the open API, everything works together smoothly, meaning better data and less admin.
Real Customer Success
Our client, a luxury hospitality group with hotels, spas, bars and restaurants, used to manage 126 entities across multiple systems. Since switching to Sage Intacct, they’ve streamlined processes and cut the month-end close by 5 days. Read their full story here.
If you’d like to see how Sage Intacct could help your hospitality business, we’d love to show you around. Contact us for a personalised demo with our friendly team of experts.
To learn more about Sage Intacct for your business, complete the enquiry form.
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