Automation, integration, and centralization are quickly becoming standard tools for hospitality finance teams as hotel staff levels continue to shrink to meet environment demands. By leveraging these contemporary accounting tools, hospitality finance leaders can maintain lean staffing levels while simultaneously running multiple operational tasks. This also means leaders are less dependent upon error-prone, manual spreadsheets. Automation, […]
Knowledge
Creating Opportunity Amidst Group Billing Chaos
Managing multiple spreadsheets and source systems to account for consumption across hotel room nights, banquet catering services, and outlet purchases for group business typically results in significant risk. But automating data integration into one system gives hotels comprehensive reporting to centralize group business financial components – from initial sale to final invoice. This automation condenses […]
Less Cost, Less Error, More Value Add
While the act of tipping or adding gratuity inherently increases revenue for an organization, accounting for it can be a different scenario. Each year, hotels and restaurants lose millions to manual tip and gratuity distribution error. In particular, as part of this traditional distribution process, the manual nature of managing spreadsheets increases the process’ error rate. However, […]
Top 10 Contemporary Cash Management Questions
Long-time tender cash remains a popular payment method within today’s customer transactions. Traditionally, managing cash transactions makes retailers, restaurants, grocery stores, and other businesses prone to error, inefficiencies, and even theft. And the physical nature of cash typically calls for reconciling via various spreadsheets, continuously filling tills by hand-counting cash, and storing excess cash in […]
How Automating Cash Operations Reinvents Retail’s Back Office
In recent years, as much as a quarter of consumer transactions were completed with cash. Retailers benefit from catering to this consumer payment preference. However, traditional manual cash management costs retailers time and money. Prone to theft, inefficiencies, and error, traditional cash management can burden retailers and their bottom line. By enhancing retailers’ cash management […]
Digitizing Dollars & Dimes: How Robotics and Cloud-Based Automation are Transforming Physical Cash into Electronic Currency
Despite technological advances on multiple financial fronts, most modern day money is still managed just as it was centuries ago. In fact, cash management wise, not much has changed since the introduction of coins around 5000 BC.1 Money continues to be counted, stored in safes, and audited. Yet, theft, counterfeiting, and proper transportation and tracking […]