Nimble Property - Hotel Accounting Software’s Post

Hotel friends, why in the world does our accountant ask for accruals at the end of the month? "Shouldn't we just follow the cash?" I had a hotel owner ask our team this question during onboarding. They were new to the onboarding and had always followed his cash in his previous endeavors. Which, is honestly, a great way to track the finances for a small business. But, hotels are a different animal and require a strong understanding of the full financial picture to truly see your numbers. And, here my friends, is a simple example of why you should be using accrual accounting at your hotel. With accrual accounting, you can match revenue with expenses, giving you a clear view of your financial performance over a certain period. This is crucial, especially in the hospitality industry, where expenses and revenue can occur at different times. For example, let's say you run a hotel, and a guest stays for four nights, paying $100 per night. If you were using cash basis accounting, you would only record $400 of revenue when the guest checks out and pays the bill. But with accrual accounting, you would record the revenue for each night the guest stayed, even if they haven't paid for it yet. This way, you can accurately track the revenue earned for the time period and match it with the expenses incurred during that same period. Let's connect and feel free to share if you found this example helpful! #hotels #hoteliers #hotelmanagement #hotelier

Hey hotel friends! 👋 Have you ever wondered why our accountants ask for accruals at the end of the month? 🤔 Some of us might be used to following the cash, but let me tell you why accrual accounting is essential for hotels. 🏨 In the hospitality industry, it's crucial to have a clear view of your financial performance over a certain period. 📊 With accrual accounting, we can match revenue with expenses, giving us a comprehensive understanding of our numbers. 💰💼 Let's dive into a simple example to illustrate this. Imagine a guest stays at our hotel for four nights, paying $100 per night. With cash basis accounting, we would only record $400 of revenue when the guest checks out and pays. 😮 However, with accrual accounting, we would record the revenue for each night the guest stayed, even if they haven't paid for it yet. 📅 This way, we can accurately track the revenue earned for the time period and match it with the expenses incurred during that same period. 🏷️ This is especially important for hotels, where expenses and revenue can occur at different times. ⌛️ So, my fellow hoteliers, let's embrace accrual accounting to get a true understanding of our financial performance! 💼 Let's connect and feel free to share if you found this example helpful! 🤝 #hotels #hoteliers #hotelmanagement #hotelier 📷 @vojtechbruzek

Hotel friends, why in the world does our accountant ask for accruals at the end of the month? "Shouldn't we just follow the cash?" I had a hotel owner ask our team this question during onboarding. They were new to the onboarding and had always followed his cash in his previous endeavors. Which, is honestly, a great way to track the finances for a small business. But, hotels are a different animal and require a strong understanding of the full financial picture to truly see your numbers. And, here my friends, is a simple example of why you should be using accrual accounting at your hotel. With accrual accounting, you can match revenue with expenses, giving you a clear view of your financial performance over a certain period. This is crucial, especially in the hospitality industry, where expenses and revenue can occur at different times. For example, let's say you run a hotel, and a guest stays for four nights, paying $100 per night. If you were using cash basis accounting, you would only record $400 of revenue when the guest checks out and pays the bill. But with accrual accounting, you would record the revenue for each night the guest stayed, even if they haven't paid for it yet. This way, you can accurately track the revenue earned for the time period and match it with the expenses incurred during that same period. Let's connect and feel free to share if you found this example helpful! #hotels #hoteliers #hotelmanagement #hotelier

Hotel friends, why in the world does our accountant ask for accruals at the end of the month? "Shouldn't we just follow the cash?" I had a hotel owner ask our team this question during onboarding. They were new to the onboarding and had always followed his cash in his previous endeavors. Which, is honestly, a great way to track the finances for a small business. But, hotels are a different animal and require a strong understanding of the full financial picture to truly see your numbers. And, here my friends, is a simple example of why you should be using accrual accounting at your hotel. With accrual accounting, you can match revenue with expenses, giving you a clear view of your financial performance over a certain period. This is crucial, especially in the hospitality industry, where expenses and revenue can occur at different times. For example, let's say you run a hotel, and a guest stays for four nights, paying $100 per night. If you were using cash basis accounting, you would only record $400 of revenue when the guest checks out and pays the bill. But with accrual accounting, you would record the revenue for each night the guest stayed, even if they haven't paid for it yet. This way, you can accurately track the revenue earned for the time period and match it with the expenses incurred during that same period. Let's connect and feel free to share if you found this example helpful! #hotels #hoteliers #hotelmanagement #hotelier

Hey hotel friends! 👋 Have you ever wondered why our accountants ask for accruals at the end of the month? 🤔 Some of us might be used to following the cash, but let me tell you why accrual accounting is essential for hotels. 🏨 In the hospitality industry, it's crucial to have a clear view of your financial performance over a certain period. 📊 With accrual accounting, we can match revenue with expenses, giving us a comprehensive understanding of our numbers. 💰💼 Let's dive into a simple example to illustrate this. Imagine a guest stays at our hotel for four nights, paying $100 per night. With cash basis accounting, we would only record $400 of revenue when the guest checks out and pays. 😮 However, with accrual accounting, we would record the revenue for each night the guest stayed, even if they haven't paid for it yet. 📅 This way, we can accurately track the revenue earned for the time period and match it with the expenses incurred during that same period. 🏷️ This is especially important for hotels, where expenses and revenue can occur at different times. ⌛️ So, my fellow hoteliers, let's embrace accrual accounting to get a true understanding of our financial performance! 💼 Let's connect and feel free to share if you found this example helpful! 🤝 #hotels #hoteliers #hotelmanagement #hotelier 📷 @vojtechbruzek

Hey hotel friends! 👋 Have you ever wondered why our accountants ask for accruals at the end of the month? 🤔 Some of us might be used to following the cash, but let me tell you why accrual accounting is essential for hotels. 🏨 In the hospitality industry, it's crucial to have a clear view of your financial performance over a certain period. 📊 With accrual accounting, we can match revenue with expenses, giving us a comprehensive understanding of our numbers. 💰💼 Let's dive into a simple example to illustrate this. Imagine a guest stays at our hotel for four nights, paying $100 per night. With cash basis accounting, we would only record $400 of revenue when the guest checks out and pays. 😮 However, with accrual accounting, we would record the revenue for each night the guest stayed, even if they haven't paid for it yet. 📅 This way, we can accurately track the revenue earned for the time period and match it with the expenses incurred during that same period. 🏷️ This is especially important for hotels, where expenses and revenue can occur at different times. ⌛️ So, my fellow hoteliers, let's embrace accrual accounting to get a true understanding of our financial performance! 💼 Let's connect and feel free to share if you found this example helpful! 🤝 #hotels #hoteliers #hotelmanagement #hotelier 📷 @vojtechbruzek

In the competitive world of hospitality, cost control is key! 🏨🍽️ How do you think accounting can help hotels and restaurants stay profitable while maintaining top-notch service? 💡 #Hospitality #CostControl #Accounting #BusinessTips Read More: https://hubs.ly/Q02Q46H00

🏨 Calling All Hotel Owners and Managers! 🏨 Are you tired of feeling like a "smile and nod" type when discussing financials with your hotel accountant? It's time to step into confidence! As a hotel owner or manager, maximizing profit hinges on leveraging financial statements to inform operational decisions. But there are two major roadblocks holding you back: Inaccurate data on the income statement 😖 Limited understanding of financial jargon 😅 Both challenges can be equally frustrating, but they don't have to hold you back. To make truly profitable decisions, you need accurate data AND the know-how to interpret it effectively. Luckily, we've got just the solution! Introducing our FREE Cheat Sheets tailored for hotel owners and managers. These resources provide practical knowledge on: Understanding the flow of data through your hotel's systems into financials Hotel financial statement fundamentals Hotel analytics insights Market segments breakdown (aligned with USALI) and trend identification strategies for your hotel Ready to transform those "smile and nod" moments into informed discussions with your accountant? Grab our FREE GUIDE in the comments below and take the first step towards financial fluency! 💼💡 #HotelManagement #FinancialLiteracy #Hospitality [Link to the free guide: https://lnkd.in/g9mFESAg ]

🏨 Calling All Hotel Owners and Managers! 🏨 Are you tired of feeling like a "smile and nod" type when discussing financials with your hotel accountant? It's time to step into confidence! As a hotel owner or manager, maximizing profit hinges on leveraging financial statements to inform operational decisions. But there are two major roadblocks holding you back: Inaccurate data on the income statement 😖 Limited understanding of financial jargon 😅 Both challenges can be equally frustrating, but they don't have to hold you back. To make truly profitable decisions, you need accurate data AND the know-how to interpret it effectively. Luckily, we've got just the solution! Introducing our FREE Cheat Sheets tailored for hotel owners and managers. These resources provide practical knowledge on: Understanding the flow of data through your hotel's systems into financials Hotel financial statement fundamentals Hotel analytics insights Market segments breakdown (aligned with USALI) and trend identification strategies for your hotel Ready to transform those "smile and nod" moments into informed discussions with your accountant? Grab our FREE GUIDE in the comments below and take the first step towards financial fluency! 💼💡 #HotelManagement #FinancialLiteracy #Hospitality [Link to the free guide: https://lnkd.in/g9mFESAg ]

🏨 Calling All Hotel Owners and Managers! 🏨 Are you tired of feeling like a "smile and nod" type when discussing financials with your hotel accountant? It's time to step into confidence! As a hotel owner or manager, maximizing profit hinges on leveraging financial statements to inform operational decisions. But there are two major roadblocks holding you back: Inaccurate data on the income statement 😖 Limited understanding of financial jargon 😅 Both challenges can be equally frustrating, but they don't have to hold you back. To make truly profitable decisions, you need accurate data AND the know-how to interpret it effectively. Luckily, we've got just the solution! Introducing our FREE Cheat Sheets tailored for hotel owners and managers. These resources provide practical knowledge on: Understanding the flow of data through your hotel's systems into financials Hotel financial statement fundamentals Hotel analytics insights Market segments breakdown (aligned with USALI) and trend identification strategies for your hotel Ready to transform those "smile and nod" moments into informed discussions with your accountant? Grab our FREE GUIDE in the comments below and take the first step towards financial fluency! 💼💡 #HotelManagement #FinancialLiteracy #Hospitality [Link to the free guide: https://lnkd.in/gW-Q5N28 ]