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 […]
Why Daily Credit Card Reconciliation is Essential for Hotels
Hotels handle a lot of financial transactions on a daily basis, from guest room charges to food and beverage purchases. Many of these transactions are paid for with credit cards, which means that hotels must be diligent about reconciling credit card entries with their payment processors and property management systems (PMS) to ensure that all transactions are accurately recorded and accounted for.
The Role of Cash in a Cashless Society
In an increasingly cashless society, the role of cash may change, but will not disappear entirely. In the past decade, we have seen a decline in the popularity of cash transactions to make room for the popularity of credit cards and more recently with digital payment on the rise. However, cash has remained present in […]
Is Your Gratuity Program Compliant?
In conclusion, automation can aid in tip pooling IRS compliance in all areas of the hotel industry. By automating the process of tracking tips, employers can ensure that all employees receive a fair share of tips and show with full accuracy where tips are being allocated. Additionally, automation can help ensure that all tips are […]
Bringing Intelligence for Accounting into Hotels
On March 23rd, Evention’s Managing Partner and Co-Founder Mike Baldinger attended Glory’s webinar aimed at hotel financial teams looking for technology solutions to improve their daily operations and processes. The webinar featured interviews with Hotel Financial Directors as well as a live Q&A session. The webinar featured an impressive panel of speakers, including Marc Quintana, Director of Finance; Christelle […]
Automated Reconciliation – The Future of Finance
2. Improved Fraud Detection Fraud is a significant concern for businesses of all sizes. The Association of Certified Fraud Examiners (ACFE) reports that companies lose 5% of their revenue to fraud each year. Automated payment reconciliation solutions automatically identify discrepancies and inconsistencies making it the best way to stay on top of this concern. Many […]