Webinar Rewind: Improving Financial Reconciliation for Hotels with Total Recon
Evention co-founder Mike Baldinger hosted two webinars in November discussing the benefits of automated accounting reconciliation and our solution Total Recon!
With 120+ attendees from all over the world, the feedback has been overwhelmingly positive. Total Recon represents a leap forward in automated reconciliation, and we’re excited to see the transformative impact it will have on businesses across hospitality, retail, and more. In case you missed the live session for hospitality, don’t worry. We’ve got you covered with all the highlights and key takeaways.
Unpacking the Challenges and Vision:
Baldinger delved into the challenges businesses face in reconciling cash, credit cards, and Food & Beverage (F&B) Covers manually. It is very difficult to hire accounting resources in hospitality, and labor costs are rising. Resources are stretched thin working on a variety of tasks. From time-consuming processes to the inherent risk of human error, the traditional methods prove inefficient and are susceptible to inaccuracies. The need for a smarter, more streamlined approach is evident.
Baldinger shared Evention’s vision for using Total Recon to revolutionize the reconciliation landscape. Total Recon was conceptualized as an all-encompassing solution designed to automate and simplify reconciliation, providing businesses with unparalleled efficiency and accuracy.
Key Features Explored:
Seamless Credit Card Reconciliation:
Many finance teams can spend hours per day on credit card reconciliation. Instead of spreadsheets, effortlessly manage and reconcile credit card transactions in minutes with a user-friendly interface, that presents finance teams with only the exceptions that need to be researched. Evention can connect to any Point of Sale (POS), Property Management System (PMS), gateway, or payment processors, to automate what has been traditionally a cumbersome daily chore.
Comprehensive Cash Reconciliation
Total Recon automatically integrates to your POS to reconcile cash transactions meticulously, ensuring no discrepancy goes unnoticed. It also provides in-depth reporting with over/short management for transparency while automating the daily journal entries with integration to the General Ledger (G/L). This can be done with a machine or can be done directly in the platform for hotels not leveraging cash machines.
Food & Beverage (F&B) Covers Management
A dedicated module for F&B covers reconciliation eliminates the manual entry for any F&B stats into your G/L. With F&B covers reconciliation, you can automate this process to easily import stats, reconcile, and push to your G/L.
“Let me just start by saying ‘we get it’ – we understand your labor costs are rising. In addition to that, we know it is harder and harder than ever to find accountants and other finance team members. We’ve personally seen that your finance teams are stretched super thin, and we know that you’d rather not have your teams buried in spreadsheets each day managing reconciliations – there is plenty of other work to be done.”
Mike Baldinger
Q&A Highlights:
- How does Evention manage foreign currency transactions?
Baldinger: Evention software automatically imports the current amounts and exchange rates and will provide you with the true sales total to confirm against your systems. - How do you configure the G/L to the Evention software?
Baldinger: Evention takes the specific accounts you require for G/L postings and maps a journal entry to those specifications. We then generate an export in the format you need to post to your specific G/L. It is configured to your specifications on both your system and your brand requirements. - Do we have to have all the modules (cash, F&B covers, etc.) to use Total Recon?
Baldinger: No, Total Recon works great if you only use one module or all! We can customize your software to handle one or all Total Recon modules and will add new features in the new year. - What types of software does Total Recon integrate with?
Baldinger: We are constantly expanding our connections, and you can view them on our website. If your system is not currently represented, let us know! We are willing to explore the integration as long as the system can provide us the data needed; for example, some things we need for credit card reconciliation are terminal ID or card type.
If you’re ready to embrace a new era of efficiency in financial reconciliation, Total Recon is the solution you’ve been waiting for. Keep an eye out for webinars in the next year and learn more by clicking the button below!
