What’s The Best Accounting Software for Hotels? 5 Options

Hotels have unique needs when it comes to accounting software. If you manage a hotel’s accounting systems, this is something you understand well. The particular combination of requirements a hotel has for billing, payroll, and revenue management does not fit the mould of other industries.

In this article, we have evaluated accounting software based on its functionality and value for money, specifically for small to medium hotels. Which of the best accounting software suits hotel businesses and their employees the best? After hours of testing and comparison, we think we found out.

Here’s the situation.

The Winners

There are more options out there than ever before, but not all of them are perfectly suitable for hotels. Those that really shine in the hospitality industry are well worth the price and include the following options:

1. Best for Ease of Use: FreshBooks
2. Best for Comprehensive Features: QuickBooks
3. Best for Business Management Integration: Sage
4. Best for Multi-Location Management: Sage Intacct
5. Best for Scalability and Growth: Xero

Each of these products is designed to address certain aspects of running a hotel, and are suitable for businesses of all sizes. So, let’s take a look at how each of these might help you to run your business more successfully.

#1 FreshBooks – Best for Ease of Use

Specifications:

• User-friendly design that meets the needs of small business owners
• Cloud-based, intuitive hotel-specific online accounting software

Pros:

• Automatic syncing across devices
• Customizable online invoices and expense tracking
• Simple import of expenses from bank accounts

Cons:

• Limited features compared to other accounting solutions
• Not as suitable for larger hotels with complex financial needs

FreshBooks is known for its simplicity and is a preferred accounting software among many small businesses. It has a very user-friendly interface that has been crafted with the business owner in mind and is designed so that you don’t need a lot of technical knowledge to get started. It’s able to sync across various devices, so you can manage your accounts no matter where you are – you don’t have to be onsite to see what’s going on.

A lot of users appreciate the ability to create customizable invoices that can be sent online. In addition, you can manage expenses by snapping photos of receipts, and automatically import transactions from bank accounts in just a few clicks.

However, although FreshBooks is undoubtedly user-friendly, it doesn’t have a lot of the more advanced features that larger hotels might require. with complex financial requirements. But for small to medium-sized hotels that are looking to reduce labor costs and keep cleaner books, FreshBooks offers a compelling solution.

Pricing:

FreshBooks is available at three different levels – Lite, Plus, and Premium. The Lite pricing plan starts at just $7.60 per month when purchased for four months initially. There is a free trial available and it allows you to send invoices for up to 5 customers. The Plus plan also has a free trial and starts at just $13.20 per month with the same four-month discount. It allows you to send invoices for up to 50 clients and provides additional features. The Premium plan is $24 per month with the four-month discount and allows unlimited invoices to an unlimited number of clients.

Rating:

• Ease of Use: 5/5
• Features: 3/5
• Scalability: 3/5
• Support: 4/5

#2 QuickBooks – Best for Comprehensive Features

Specifications:

• Integrates with GuestSuites Management Software
• Track income and expenses in multiple currencies

Pros:

• Features that are tailored to the hospitality sector
• Advanced reporting abilities including financial analysis and tax deductions

Cons:

• More complicated than typical user-friendly financial software
• More expensive but with greater features that can reduce financial risk

QuickBooks is a well-known product that has been used by more than 2 million businesses worldwide. Whether you run a cozy inn or a sprawling hotel chain, the fact that it integrates with GuestSuites Management Software is a big deal for a lot of hotel owners. This ability alone can reduce accounting processes and place your focus back on hospitality.

Among the variety of features that QuickBooks provides are detailed profit and loss reporting and multi-currency expense tracking. It certainly has a lot more going for it in terms of functionality than other products, but some people might find it a bit cumbersome to use at first. The higher price point can put a strain on smaller businesses, but for those who are looking for a comprehensive solution for their hospitality business, QuickBooks is certainly a leading choice.

Pricing:

QuickBooks offers three pricing plans: SimpleStart, Plus, and Advanced. Each of these plans is made available for 30 days for free so you can test them out for yourself. SimpleStart is priced at $15 per month and allows one user. Plus is priced at $45 per month and allows up to 5 users with additional features. The Advanced plan is available for $100 per month and allows up to 25 users and has all the features you could ever use.

Rating:

• Ease of Use: 4/5
• Features: 5/5
• Scalability: 4/5
• Support: 5/5

#3 Sage – Best for Business Management Integration

Specifications:

• HR facilitation for employee onboarding and productivity
• Real-time performance metrics like RevPar and ADR

Pros:

• Focus on customer satisfaction and revenue growth
• Robust automation tools to save time and reduce errors

Cons:

• Steeper learning curve for optimal utilization
• Pricing is not transparent

Sage is in use by more than 17,000 companies around the world who are intent on improving their bottom line through more robust accounting tools. It has a strong emphasis on business management integration in the hospitality sector but it’s more than just a simple accounting solution.

Sage is a full accounting and HR powerhouse that operates as a well-integrated suite of tools to help your staff work better. It aims to reduce the amount of duplicate work that is often done in the industry and to help you and your staff focus on providing an exceptional guest experience.

The software is known for its real-time insights into critical metrics that give you a better view of your business. With this kind of informed decision-making, you will be better able to fully understand your business and what changes you can make to increase profitability.

But, since Sage is uniquely comprehensive, it is also more difficult to get your employees up and running with all of the features. Therefore, you should consider the investment of time and training that may be required in order to get the full complement of features from this program. For hotels that wish to prioritize business management, Sage is a compelling, comprehensive solution that is growing in popularity.\

Pricing:

There is no information on this company’s website with regard to pricing, which may put some people off. But, by providing them with information on your business and your needs, you can get a custom price quote quickly.

Rating:

• Integration: 5/5
• Automation: 4/5
• User Experience: 3/5
• Cost Transparency: 2/5

#4 Sage Intacct – Best for Multi-Location Management

Specifications:

• Supports multi-entity financial management and consolidations
• Fast push-button consolidations across multiple entities and locations

Pros:

• Ideal for complex, multi-location hotel operations
• Real-time visibility into property-specific metrics

Cons:

• Not suitable for smaller, single-location hotels
• Pricing is not readily available

Sage Intacct is a very popular choice among larger hotel companies. It is able to manage the accounting of multi-location chains from a single platform, making it easier for managers to get an overall view of the company. Advanced features are available for consolidated financial reporting so financial data from various properties can be synthesized quickly and accurately.

Sage Intacct also brings real-time visibility into some of the more important hotel metrics such as RevPar and labor costs. While helpful for larger companies, these features are often far too complex for smaller establishments. But, for larger entities that require an overall vision of their business, Sage Intacct is a strong contender.

Pricing:

As mentioned above, pricing is not available on the website for this product. However, if you are interested in learning how Sage Intacct can help you and your company, they will provide you with a custom quote.

Rating:

• Multi-Location Management: 5/5
• Ease of Use: 3/5
• Feature Richness: 4/5
• Pricing Accessibility: 2/5

#5 Xero – Best for Scalability and Growth

Specifications:

• Flexible pricing plans for businesses of all sizes
• Robust reporting and analytics 

Pros:

• Scalable solutions 
• Third-party app integrations for extended functionality

Cons:

• Not as hospitality-specific as competitors
• Can be complicated to set up

Xero is a truly scalable accounting product that is ideal for growing businesses. Whether you are just starting out or you have been growing for a long time, Xero has a plan that can work with your hotel’s strategic growth plan. It provides robust reporting and analytics that will enable you to make decisions that drive profitability and efficiency.

A lot of users appreciate that it is very easy to integrate with a vast array of third-party apps, and it has a reputation for being very user-friendly. But, if you are seeking deep, hospitality-specific features, you might find Xero is too simplistic and generic for your needs. 

On a more positive note, the depth of options Xero offers is impressive. It can be difficult to use for some newcomers to accounting software, but for hotels that have an eye for expansion, it can be one of the best choices out there.

Pricing:

One of the unique features of Xero is that the pricing structure is really easy to understand. There are three different price points – Early, Growing, and Established – which represent the stage of your small business. The Early package is available at $3.75 per month with a six-month purchase. The Growing package is priced at $10.50 with a six-month purchase, and the Established package is $19.50 with a six-month purchase.

All of these products are available with a free trial and have a money-back guarantee, This means that you won’t be stuck with a product that doesn’t suit you.

Rating:

• Scalability: 5/5
• Features: 4/5
• User Experience: 3/5
• Hospitality-Specific Features: 3/5

Key Considerations When Choosing Hotel Accounting Software

When you are looking for the best accounting software for your hotel, it’s obviously more than just trying to find the features that you need. You also need to find a product that works seamlessly with your existing products and aligns with your business goals. In fact, there are many considerations that you should look at before you buy any product.

Integration of any product is extremely important in today’s world. The product you choose should be able to easily connect with your Property Management Systems (PMS) and Point-of-Sale (POS) systems. This will help to reduce errors and provide a seamless flow of data across your hotel’s operations.

Automation has provided an incredible boost to the efficiency of the hospitality industry and by integrating some of the latest technology, you may see some of the following benefits:

• Reduction in labor expenses
• Streamlined financial data
• Better managed transactions
• Consolidated reports

Customizable reports and real-time dashboards are invaluable and can provide you with the data you need to make better decisions. They also provide the insights needed to track expenses, monitor performance, and identify cost-saving opportunities.

Compliance is another factor that should not be overlooked. Your chosen accounting software must support your hotel’s adherence to local tax and regulatory requirements. It should also offer features such as automated tax calculations and reporting so you are always operating within the law.

The best accounting software for your hotel will help you to provide better guest satisfaction while also improving your bottom line. If you are ready to take charge of your numbers, focus on growth, and provide the kind of hospitality your guests will enjoy, then investing in high-quality accounting software for hotels is vital.

Summary

The best hotel accounting software of 2024 offers a wide array of solutions tailored to the varied challenges of the hospitality industry. Whether you require ease of use, comprehensive features, business management integration, multi-location management, or scalability, you will find software that can help you. By embracing technology, you will be able to put your hospitality business at the forefront of today’s expansion.

Frequently Asked Questions

What is the most user-friendly hotel accounting software for small businesses?

FreshBooks is certainly the most user-friendly product for small businesses. It is ideal for hospitality companies that want a product that is easy to use yet also offers comprehensive features at a great price.

Can QuickBooks handle the accounting needs of larger hotels or chains?

Yes, QuickBooks can handle the accounting needs of larger hotels or chains. It is known for its comprehensive features for processing high volumes of financial transactions and is used by many companies.

Is there an accounting software that integrates well with other hotel business systems?

Sage is certainly known for its strong integration capabilities with various hotel business systems and has become a key part of empowering staff and driving revenue growth for many companies.

Which accounting software should I choose for managing multiple hotel properties?

Sage Intacct is the ideal solution if you are managing multiple hotel properties. It is recognized for its excellence in multi-location management and provides tools and features that streamline financial reporting.

How important is scalability in hotel accounting software?

Scalability may be more important than you realize. In the hospitality business, it is always important to be looking forward, so choosing a product that fits you now and into the future is going to be vital to your future success.