Dubai’s five-star resort elevates its accounting processes with security, simplicity, and satisfaction.
Problem
The Sheraton Jumeirah Beach Resort is a five-star beach resort in Dubai and part of the Marriott International hotel group. Set in the middle of 10,000 square meters of landscaped gardens shaded by palm trees, the hotel features 256 spacious rooms and suites with excellent views, a wide selection of restaurants, and leisure facilities including a spa, pool, and gym. Cash management at the Sheraton was handled manually by the Finance Team. Like many large hotels, it involved the preparation and reconciliation of multiple floats to cover the reception, food and beverage, and leisure facilities, as well as the preparation for CIT collections and bank drops. The Sheraton operates three shifts each 24 hours, spending approximately 51 hours per month on cash processing tasks. In addition, the financial reports took approximately 17 hours per week to complete.
Solution
To improve the cash management processes within the hotel, The Sheraton looked for a solution that could integrate with its POS & PMS Systems and automate time-consuming tasks. It selected the Glory CASHINFINITY back-office recycling device, the CI-100B, that would operate and align with Evention Cash Reconciliation software to create a robust end-to-end solution to streamline both its cash management and financial reporting. This solution also offered improved security in the back office, with the banknotes being stored within the CI-100B device and automating the counting and authentication of the notes to eliminate errors and discrepancies. Float preparation, reconciliation, and CIT preparation are now automated. A new process for approving petty cash is now in place, giving staff the flexibility and speed to react to day-to-day situations. The solution also generates and posts financial reports, to reduce the burden of manual accounting tasks for the finance team. With the ability to recycle cash, using the CI-100B, the hotel could drastically reduce CIT visits and its cash holdings on the premises by 38%, bringing significant operational cost savings to the business.
Results
The CASHINFINITY back-office solution, combined with the Evention financial software has brought immediate and impactful benefits to the Hotel and its staff. Both the cashiers and Finance managers can now allocate more of their time to value-added tasks, released from the burden of manual cash processing and reporting—resulting in a happier staff that is relieved of the burden of manual cash counting. The results of this back-office solution also reduced cashier hours on cash handling tasks by more than 50% each month, allowing finance team hours to produce reports with a 75% reduction every month. Additionally, CIT costs were reduced by 50%, and Hotel Cash float was reduced by 38%, reducing risk and insurance costs.