Experienced hotel technology providers have created three tools that focus on enterprise accounting, business intelligence, and budgeting and forecasting to ensure a smooth transition into the new year, every year. Today’s enterprise accounting solutions seamlessly manage single or multi-property and multi-company accounting, incorporating accounts payable, accounts receivable, general ledger, statistics and financials to improve back office efficiency. Hotels are also finding that modern business intelligence applications have the ability to rapidly integrate, organize and consolidate large amounts of property and corporate data, providing instant, flexible access to useful reports and performance dashboards. Additionally, investing in effective budgeting and forecasting tools helps hotels easily build flexible driver-based budgets and forecasts, manage the planning process from a central location, and set goals for every area of their organization.
Using tools like these to properly manage the financial records and transactions for your hotel property will allow your team to more effectively create forecasts, set budgets, and meet business goals. Accurately tracking your property’s financial data ensures compliance with tax laws and regulations and allows your team to make more informed decisions as you plan for the new year.
2023 is winding down quickly, so don’t forget to “ACT” before December 31st!
Here are our Aptech Client Tips (ACT) to address while there is still time:
• Validate that your vendor federal tax ID numbers or social security numbers are accurate before running 1099s.
• It’s best to run a 1099 Detail List before processing 1099s to ensure all necessary vendors are included.
• For 1099s, did you know that you can use the “Misc” tab in Vendor Maintenance to make adjustments to what a vendor was paid for a year? This is especially useful if you implemented PVNG mid-year.
• In the General Ledger, in order for balances to roll forward to 2024, you need to run the “Close Year” function. This can be done as many times as needed when adjusting entries are made.
• Make sure to have a saved copy of your approved budget.
• Once your budget is approved, create a forecast to give you a starting point for the new year.
• Is your chart of accounts providing you with the level of detail you are needing? Now is the time to make those changes before transactions are made in the new year.
And after December 31st, but before January 31st:
• Review your chart of accounts to assure that you have added any new accounts to meet the upcoming year’s standard reporting requirements.
Should you have questions about any of these tips or need help at year end, our support team is more than glad to help. They can be reached at 412.963.7450 or via email at aptechsupport@aptech-inc.com.