The world of hospitality management can be complex with so many responsibilities and imperatives; from managing employees to administering various hotel services such as accommodation, catering, event planning or spa management. The vast majority of hotel owners and hotel management companies choose to outsource non-core services such as housekeeping, food and beverage or laundry preferring to focus on the core business function of customer care and occupancy levels and room rates driving profit conversion.
Are you able to extract necessary financials when you need them?
If your finance department is still using spreadsheets and you find it difficult to extract required information when you need it, you might want to consider doing what our clients have successfully done, outsourcing your hotel finance function. French Duncan hotel accounting team have developed powerful hotel finance analytics tools that allow you to view your financial performance accurately and in real time.
The software, utilised by our outsource team, was developed using the most advanced technology to offer a fully automated finance service. It is a powerful, intuitive and visual tool that can be tailored to the specific needs of any hotel. The financial information is presented in the form of dashboards, graphs, and document imaging making it easy to understand and interpret.
The dashboards enable your team to compare daily financials and quickly identify issues affecting performance. That allows you to apply various strategies to improve performance before the end of the month rather than after, when it’s too late. You can use FD Reporting software across your entire business portfolio and compare the financial performance of each unit, benchmarking performance against your own units and also against competitive sets.
The FD Reporting platform integrates with the majority of Property Management Systems used in the hotel industry, bringing the benefits of automation.
Future Driven Hotel Accounting Approach
Research shows that continuous digital transformation will disrupt more businesses than expected and may leave a number of them behind. In order to remain competitive it is vital to keep up with the constantly developing technological innovations.
The so called digital revolution, constant technological changes and vast progress in financial reporting provide hotel owners and operators with the tools to transform back-office processing with more focus on the accuracy and consistency of information requirements.
Accurate and prompt financial information is critical for achieving business success and sustainable growth. Not being able to extract necessary financial information from your accounts or have the information available when you need it can have serious implications on immediate business performance and future development.
Our service uses a Cloud approach to create the kind of service our larger clients want at a reasonable price – remote access, more efficiencies, less paper, less time. It also includes complex functionality including multi-company consolidation and multi-currency accounting:
- Automation – income, banking and purchase ledger all fully automated, eliminating the time consuming and expensive issue of manual data entry
- Uniform System of Accounts for Lodgings Industry – management accounts are presented in this industry standard format
- Dashboards – real time income and KPI statistics are available daily
- Fully Managed Accounts Payable – incorporating Bacs payments and supplier statement reconciliations to ensure accuracy, completeness and efficiency
- VAT Management – all industry specific VAT issues dealt with
- Business Intelligence Reporting - Detailed monthly accounts pack
- Forecasting - Profit & cash flow
- Real Time - Online information available on all devices
Future Driven Hotel Accounting Approach
French Duncan Hotel Accounting Services is led by Ian Bremner, Hotel Accounting Director. Ian qualified as a Chartered Accountant in 1984 and has specialised in the hospitality sector since then, having obtained direct experience as Finance Director of a Scottish Hotel company. Ian joined French Duncan in 2016 to develop an innovative accounting service for individual hotels, groups of hotels and hotel management providers. Utilising over 20 years of expertise in the sector Ian provides a tailored service, quickly identifying individual requirements based on the type of business.