Best accounting software for the restaurant, hotel and hospitality industry 2024

How can accounting software help your hospitality business?

There are lots of reasons why hospitality businesses should use accounting software, including more streamlined financial processes, time savings through the clever automation of manual admin tasks, and far greater insight into the numbers across your business operations. Ultimately, opting for modern accounting software for hospitality will help you to optimise your business performance.

So, for example, restaurant accounting software can help your restaurant by making it much easier to manage your cash flow as you buy stock in or if you decide to adjust staff costs according to how busy you are during seasonal peaks and troughs.

Hotel accounting software can help your hotel by helping you to budget more effectively and to keep track of profitability at different times of year as your business performance, bookings and incoming cash levels fluctuate.

Common features of the best accounting software for the hospitality industry

 

End to end connected hospitality systems

One of the real benefits of integrating your finance function with other parts of your business is that it becomes possible for data to flow seamlessly. Opting to work with a provider that has experience and a range of other useful software such as HR, payroll, stock control, EpOS etc. means that connecting your hospitality accounting software with other functions is much easier and you’ll reap benefits from productivity improvements too.

Cost and expense management

Taking advantage of revenue tracking and expense management tools will help to ensure mistakes and rekeying errors are avoided. It’s much quicker and easier to enter and track all the various costs to your business when you use intuitive software that has been designed and built with the specific needs of hospitality providers in mind.

Profit margin tracking

You’ll obviously want to ensure you maximise profits, especially when margins are tight (as they so often are in the hospitality sector). That’s why it’s vital that you have access to accurate and timely data at a granular level. When you feel confident you can rely on the accuracy of your data and delve into the detail, it’s possible to carry out analysis more easily and find new ways to maximise savings and growth. Keeping track of cash flow also becomes simpler.

Full visibility of your management information

Say goodbye to endless hours trying to pull together accurate management reports or completing an annual audit. These kinds of tasks can become quick, simple and highly accurate with the latest versions of accounting software for hospitality, not least because all the relevant data is in one place. With this level of ease of access to all your key data along with valuable insights, you can feel more confident in your day-to-day decision-making too.

The best accounting software for restaurant, hotel and hospitality industry

 

Access hospitality accounting software

Designed to meet all the needs of medium to large hospitality businesses - including those with multiple sites - the cloud-based Access hospitality accounting software solution includes a wide range of functionality and tools based on years of development with a range of clients across the hospitality sector.

Key features of Access hospitality accounting software include a central data dashboard, automated procurement and purchasing processes and detailed real time reporting. An added advantage is that you can also integrate connect this solution with other Access hospitality solutions such as EPoS and, purchase to pay software.

The Access hospitality suite also includes software for bookings, CRM, HR, payroll and staff scheduling. This gives you even more opportunities to streamline operations, improve visibility and management control across your business, optimise profitability. With joined-up systems, you’ll also discover new ways to enhance service delivery and the customer experience.

Sage Intacct software for hospitality accounting

This cloud-based solution is offered to a range of hospitality business operating and ownership structures. Core focus is on opportunities to automate financial processes and improve decision-making capabilities with accurate and timely data.

Key features include automation of core back office processes, ease of consolidation – including for multi-site operations - multiple currency options, improved visibility and speed of decision-making through real-time reporting.

Xero hospitality and restaurant accounting software

Aimed at small business owners of cafes, bars, restaurants and hotels, the Xero dashboard and analytics solution is available via starter, standard and premium plans and is charged monthly.

Key features include quotes and invoicing, VAT, bank reconciliation, and varying levels of reporting options. A range of additional options add-ons are also offered including payroll, expenses and enhanced analytics.

Things to consider when choosing the best hospitality accounting software for your organisation

Obviously you’ll want to take a look at a range of potential options before making a decision about which is the best hospitality software for your business. As you do so, you’ll need to consider more than just the functionality and tools included. For example, think about the size of your business, the number of potential users and the level of support and aftercare you might need. All of these elements will impact the overall cost. You can also find more information in this article How to choose hospitality accounting software.

Access Hospitality has transformed Dalata Hotel Group’s business control over everything they do, from driving best prices, consolidating suppliers and easily tracking costs.

Watch Dalata Hotel Group case study

In summary, choosing the best hospitality accounting software for you

If you’re planning in making the change to a more up-to-date hospitality accounting system then the first step is to talk to a specialist who understands what the best hospitality accounting software can do and will be able to demonstrate how it can benefit your business. Our hospitality solutions experts at Access are more than happy to help - contact them today.

Find out more about the Access hospitality suite of solutions.