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Hotel management software proposal for Accounting

accounts management in hotels is an integral part of the functioning of a hotel since it is all about recording and retrieving in and out cash flow let's dig deeper into what are the main objectives in accounts management it involves handling the transaction processes between the hotel and the guests efficiently keeping a track of the transactions throughout the occupancy of the guest is important it requires monitoring of the credit limit of the guest prevention of any sort of fraud needs to taken care of lastly it requires organization and reporting of the financial information now let's discuss why it is important tax compliance is a very crucial part of any financial functioning it is preferred not to mess around with the irs in this case proper accounting proves to be a boom keeping a proper track of cash flow helps to understand the amount of money that is getting spent it also shows the amount of money that is coming in and going out in the processes of the business budgeting is a crucial part of any business this requires keeping a detailed record of all the expenditures along with all the sources of income payroll management is yet another important aspect of accounts the employees of the hotel have to be provided with a salary every month hence it is important to pay them the right amount at the right time this creates a sense of trust in them towards the hotel forecasting realistically is supremely important for future projects and endeavors it becomes even more essential if the hotel has to be expanded to a new location there are certain techniques that need to be incorporated which require a collection of long-term forward-looking and externally focused information strategic pricing requires conducting an analysis of the pricing decision process some of the important factors under this category are elasticity market growth experience and competitor price reaction integrated performance measurement focuses on acquiring performance knowledge it is understood through customer requirements and may encompass non-financial measures also the departments that monitor these factors are critical to securing guest satisfaction attribute costing involves product attributes that seem appalling to the customers some of the attributes that can be involved are operating performance variables and after sales service customer profitability analysis involves profit calculations based on costs the calculation of profit earned from a specific customer or customer segment is taken into account it also helps in tracing the specific customer or specific customer segment benchmarking is ideally the comparison of the company's overall performance this comparison is made to the ideal standard value chain analysis is done to view the organization as a link in the chain of all activities which create value strategic costing is done to conduct an analysis on the use of cost data based on strategic and marketing information this is done to develop and identify superior strategies which act as an advantage that is sustainably competitive that is all about accounts management in hotels do like comment share and subscribe to our channel explified [Music]