Reconciliation is an essential part of the accounting process, and it can be a tedious and time-consuming task, especially for the hospitality industry. Before introducing technology solutions, hotel accountants spent hours on massive spreadsheets, color-coding, filtering, sorting, and manually matching transactions. The reconciliation process required enormous effort, time, and resources that could have been better spent on other critical business tasks. Most businesses only do 50% matching and then have to manually match the rest.
The manual nature of the reconciliation process made it highly susceptible to errors. With human error, there was always the risk of missing transactions, mismatched entries, and other inaccuracies that could lead to discrepancies in financial reports. The consequences of these inaccuracies could be significant, including incorrect reporting, compliance violations, financial loss, and reputational damage.
In addition to being time-consuming and error-prone, manual reconciliation processes are inefficient. It can take 2-4 hours per day to reconcile credit card transactions, and even then, the average hotel has outstanding exceptions to deal with. Hotel accountants had to rely on multiple spreadsheets, cross-check numerous data sources, and manually enter transactions, making the process slow, cumbersome, and error-prone.
Automation solutions can eliminate many of the problems with reconciliation. Evention’s Total Recon Solution is a customizable, full-suite solution that streamlines the reconciliation process, making it more efficient and less prone to errors. With this solution, hotel accountants can automatically reconcile all credit card entries to the processor and their property management system (PMS). The solution reconciles against all current currency rates, and any exceptions are highlighted, reported, and automatically attempted to match.
This solution comes with a user-friendly interface that makes reconciliation a breeze. Hotels love the simplicity of easily matching exceptions that cannot be auto-matched on one screen. Having over 99% of transactions auto-matched allows them to quickly reconcile each day and move on to more value-added tasks. Hotel accountants can reconcile in minutes, not hours, freeing up time for other critical tasks. By automating the reconciliation process, the solution minimizes the risk of errors and enhances audit compliance, providing peace of mind to hotel accountants and their management team.
Total Recon offers a comprehensive, efficient, and customizable solution to streamline hotel reconciliation. The solution automates and simplifies the process, minimizing the risk of errors, enhancing audit compliance, and freeing up valuable time and resources for hotel accountants. The user-friendly interface and customizable suite of modules make it easy for hotels to tailor the solution to their specific needs and enhance their overall finances.