The hospitality industry faces many challenges. In a highly competitive market, the daily pressures to deliver exceptional guest experiences are paramount.
Ensuring absolute customer satisfaction whilst juggling internal capabilities surrounding HR, finance, stock control and reporting, mixed with the external economic and political issues that the industry is also subjected to, creates a highly challenging environment.
But what if you could make things easier? What if there was a way to streamline your internal business functions and gain complete visibility of your entire organisation whilst also ensuring industry compliance on an international scale?
The good news is this is all possible. Before we explain how we can help to make this possible, lets familiarise ourselves with some key hospitality finance terminology.
Chart of Accounts
A Chart of Accounts (COA) is a complete listing of all the nominal accounts used by a business.
Each nominal account reports the financial transactions of a particular category such as sales, purchases, expenses, assets and liabilities. You use these accounts to analyse your income, expenditure and capital as a way of monitoring your business performance.
Uniform System of Accounts
The Uniform System of Accounts was originally introduced by the Hotel Association of New York City as a way of establishing a consistent approach to reporting financial activities across the hotel industry.
Now in its 11th edition the Uniform System of Accounts for the Lodging Industry (USALI) is considered to be the international accounting standard for hospitality finance.
Sage X3 for Hospitality
Sage X3 is a cloud based ERP system that provides an integrated and multi-dimensional way of managing your core business processes, in one unified solution.
One of the key benefits of using Sage X3 is the software’s flexibility with COA reporting and its ability to put finance at the centre of everything that you do.
Our Sage X3 hospitality solution has been designed from the ground up based on the latest version of USALI. This approach to COA enables users to compare the performance of individual hotels to other businesses within the sector, evaluate performance and make informed business critical decisions.
Introducing a uniform hospitality accounting system with Sage helps to break down the language barriers of international trade. It provides an internal process commonality to cover situations such as absence, makes it easy to adopt by different users and helps to maximise your resources so you can concentrate on providing outstanding experiences for your guests.
Benefits of Sage X3 in hospitality finance:
- Gain group wide business insight with finance at the centre of everything
- See your profitability by outlet and control costs
- Mitigate risk and ensure compliance
- Support business growth with real-time data reviews