Using Accounting Software For Hospitality Business Management Essay.

If you were involved in the start-up of the following establishments in New Zealand:

• Large Hotel

• Holiday Resort

• Motel

• Bed and Breakfast

 
What would be your choice of accounting system for each, that you personally would recommend to be used? Please give justifications for each establishment and choice of accounting system, should they be different. 

Introduction to Accounting Software in Hospitality Business

The Accounting Software explains the type of application software which maintains the records and processes the commercial transactions within the functional modules such as accounts receivables and payables, general ledger, payroll, journal and trial balance. It performs its functions like the accounting information system. It may be formulated in-house by the company using it, procured from the third party or may be a combination of both of them (Dandago  & Rufai, 2014).

So, in this article, the accounting information system regarding the establishment of a large hotel, holiday resort, motel along with bed and breakfast in New Zealand would be recommended. Furthermore, justifications would be given for the selection of a particular type of information system.

As per MYOB Technology Pty Ltd. (2018) the smoothest way to manage the large scale business and complex businesses, looking after the administration of supply chains, expenses, jobs and reporting can be regulated by ERP. It comprises of software related to accounting. Through ERP, the personnel can access comprehensive data for any part of the business, customize the dealing with payroll and managing the operations of HR. It has automated the critical accounting transactions and operations of projects.

Through the use of ERP in the accounting systems of large hotels, the real-time data can be used to manage every single part of the business in the hospitality sector. It can trace the details regarding sales, managing of workforce and inventory along with the monitoring the finances at every step. It also manages complex payrolls for workforce numbering more than 200 along with keeping all the records at a single place in the software.

It is able to see the entire projects from end to end. It helps to grow the business through managing the leads, commercial transactions and finances at its every step. It pertains to the tracking of mistakes at every step in more detail. It helps in accessing the guest history by altering, modifying and organizing the data of guests along with securing the information over the cloud servers.It provides the information regarding the availability of rooms , their check-ins and outs   in order to coordinate the movements of guests( do Carmo,  Gomes & da Silva Macedo,2015).

One of the cloud reservation systems for holiday resorts is MYOB AccountRight. It is a combined power of SaaS( Software acting as Service  ) and cloud computing for cloud reservation systems and property management systems.

Using ERP in Hospitality Business Management

It is software based on cloud system which is user-friendly and easily makes the intuitive systems to work with. It provides digital marketing solutions and property management on a single platform. It contains various features for managing online booking, monitoring of check-ins and outs, bookkeeping etc.

As per MYOB Account Right (2018), it gives instant online visibility for clients along with the facility to import their information using its classic versions of MYOB Account Right with the help of a serial number. The dashboard facility gives the facility to instantly migrate from the classic version to an online ledger and simplify the creation of online business files. 

One of its significant analytical tool Microsoft Power BI helps to visualize Account Rights Live data with the well-constructed and interactive dashboard. Through connecting with Power BI and Account Right Live, the custom reports can easily be created to evaluate and customize the data relating to clients. It can be combined with data sources and other key insights which can assist in driving business and boosting up the profits.

With the help of this software, the holiday resort business can calculate and meet the monthly and quarterly legal obligations such as BAS and PAYG. It can efficiently manage the payrolls and automatically updates the business about the amendments to the Government legislation (Ayeboafo, 2012).

Fresh Books is an accounting and finance software which is best suited for a motel business. Through this software, the business is able to manage the subscription and accounts along with collecting online payments within the same mechanisms.

It enables PayPal, Google Checkout and credit card payments along with coordinating with many online business systems to streamline the process. With the help of this software, the various features of financial controls can be united into a single system. It has a more redesigned interface in which the invoices are customized  with  more advanced tracking capacity.  The new version of Fresh Books helps in simplifying the current accounting system which improves the  quality of work. It helps in  automatically prioritizing the task  with  customized probabilities and tracking late payments ( Murungi  & Kayigamba, 2015).

It has also established its mobile platforms for iOS and Android phones which allow the accessibility of data and do accounting irrespective of the location. It can secure backups so that the data can be stored safely. Its accounting app can be used for automatically maintained and upgraded with instantly doing accounting. It has further redesigned its time to track function for purposes of billing by permitting the companies for accepting online payments.

MYOB AccountRight: A Cloud Reservation System for Holiday Resorts

It can track all the expenses by prioritizing the system and displaying it in a way which shows the crucial assignments to the team. It can allow the customization of features and attachment of files by triggering the notification and setting the alerts for delay of payments and assigning the expenses and different rates for each project. It can also track billing and brad invoices in a convenient manner (Finances Online, 2018).

Since the business of providing bed and breakfast to clients is a small scale business, so Sage Intacct is accounting software which is developed for the hospitality sector. It handles the financial information and its software is based on the Cloud. Thus the financial information can be viewed by logging in to the software.  The bookkeeping tool of this software can automatically perform the accounting activities and transfer the information to the desired location and property ( Zheng, 2012).

It permits the users to create flexible charts related to financial information which can be downloaded for free. It can also support various ownership structures such as franchises etc. It is fully compatible with the accepted accounting standards (Wondershare, 2018).  Its applications are appropriate for small and middle size corporates and have the ability for providing real-time financial and operational transactions along with the capability to automate the critical procedures.

It delivers an array of core applications of accounting like the general ledger, accounts payable and receivable along with the management of cash and orders. It also comprises of dashboards and built-in reporting, management of time and expenses, accounting of projects, multiple entry consolidations and revenue management. It can also integrate with other applications such as CRM and payroll systems which allow the users to select their desired applications to leverage the businesses (Lu et al., 2012).

Conclusion

This assignment can be concluded by saying that accounting is amongst the important areas in hotel management. In order to deliver accuracy in the account statements in the hospitality sector, some of the benefits to be provided by the software can be a depiction of comparison of profits, budgets, preparation of financial statements and balance sheets, cash flow statements and payroll management.

References

Ayeboafo, B. (2012). The role of accounting educators in bridging the gap between accounting theory and accounting practice. Research Journal of Finance and Accounting, 3(10), 11-114.

Dandago, K. I. & Rufai, A. S. (2014). Information technology and accounting information system in the Nigerian banking industry. Asian Economic and Financial Review, 4(5), 655-670.

do Carmo, L. M., Gomes, M. Z. & da Silva Macedo, M. A. (2015). The Role of Information Systems and Technology Competencies for Accounting Education from the Gender Perspective. Revista Sociedade, 10(3), 155-172.

Finances Online(2018). What is FreshBooks? Retrieved September 11th    , 2018 from https://reviews.financesonline.com/p/freshbooks/

Lu, K., Fu, Y., Gu, C. & Zhang, L. (2012). Problems and solutions of popularization of accounting computerization. Physics Procedia, 33, 1155-1159.

Murungi S., & Kayigamba, C. (2015). The impact of computerized accounting system on financial reporting in the ministry of local government of Rwanda. Journal of Emerging Trends in Economics and Management Sciences, 6(4), 261-265.

MYOB  Account Right(2018).  Get ultimate control with dashboard .Retrieved September 11th    , 2018 from   https://www.myob.com/au/accountants-and-partners/dashboard

MYOB Technology Pty Ltd.(2018). The ins and outs of ERP. Retrieved September 11th    , 2018 from https://www.myob.com/nz/enterprise

Wondershare(2018). Widely Used Top 5 Hotel Accounting Software. Retrieved September 11th    , 2018 from https://pdf.wondershare.com/accounting/hotel-accounting-software.html

Zheng, X. (2012). Management accounting practices in China: current key problems and solutions. Social Research, 29(4), 91-98.