Selecting a perfect hotel management software is an experimental process, and it always takes two to tango. We all know that in the hotel business, even small problems in the management of information or personnel actions and providing services can lead to a loss of guests, their trust, and satisfaction.
Things will be different even at your end when it comes to your guests. It will be more significant that while selecting the features you must be aware that the software you are looking to purchase should fulfill the needs of both but also improve your guests’ experience.
General Features Of Hotel Management Software:
1. Easy data entry
2. Well-organized reports
3. Efficient user management based on role
4. Database Backup facility and Recovery System
5. Effective billing and settlement tracking
6. Effective Inventory management
Besides such basic features. Here in this blog, we are suggesting to hoteliers the 4 must-have features for their hotel business and why it is necessary to have them effectively run their business in the global economic climate.
These features of the hotel management system will be beneficial at restaurants, hotels, motels, inns, resorts, lodges, hostels, cafeterias, canteens at companies, etc.
Cloud-Based System (Web-Based)
Cloud based hotel management software is currently the best option available for every hotelier. The number of benefits it offers cannot be matched by on-premise systems. Most hoteliers in India have already moved on to cloud-based hotel management software after learning the importance of a user-friendly hotel management system for their business. The reason behind this sharp shift is definitely the hotel management software price in India, which are affordable to acquire even for the small businesses in the country.
Cloud-based hotel management software is fast and cost-efficient- No investment is required for IT maintenance or support. Data that is stored on the cloud can be accessed from anywhere across the globe. Hotel owners can define as many users as they require with no added cost. The pricing plans often include training and support.
The right hotel management software can make a huge difference for you. Before you purchase web-based hotel management software, ensure it integrates with your current website. Look for hotel software that includes free upgrades and online product support with a clear pricing model.
Inventory Management
Inventory management can be extremely difficult for hotel businesses as stock can not be tracked or counted because of the intangible nature of the products. Effective inventory management for hotels can involve both revenue management modules (creating and managing demand).
In the hotel business, inventory management systems are usually used to prevent losses and fraud. With the use of these systems, a business can evaluate the performance of vendor products with real-time reports, accountability, and order management.
- Vendor performance: Real-time reports about received orders, product cost, delivery details, and inventory management.
- Vendor accountability: Businesses can track any errors in the deliveries.
- Order management: helps hotel businesses to limit re-ordering or track out-of-stock items.
Also, when you manage your inventory with an online tool, it broadens the scope to access information, this makes you always updated about your inventory operations using an internet connection from any place. While automating many processes of inventory operations with cloud-based, it can track product levels and locate them throughout the warehouse. It can identify when products are running low and schedule an automatic reorder so you don’t run out of products. However, neglecting inventory management requirements can cost you thousands per year in revenue. This is, even more, the reason why you need to pay special attention to inventory management.
Accounts and finance
Managing finance and accounts in a hotel business come with many multifaceted challenges to be faced. For such challenges, good hotel management software should be powerful enough to handle multiple tasks on the go while automating the processes of transferring funds, managing invoices, planning budgeting, recurring charges, employee payroll, and generating highly detailed reports.
Accounting is one of the major requirements for a hotelier. To strengthen the process an integrated real-time multi-user accounting system provides processed feedback to management to evaluate performance and take necessary actions without delays. This helps to maintain good accounting processes to hand over responsibilities from one department to another.
Here are some key features of the hotel management software
- Centralized and Integrated Accounting System: Lets you customize and post room charges, Real payments, PoS exchange posting, advances, etc.
- Accounts Receivable: It includes direct billing, invoicing, outstanding account maturing, and bill-wise payment.
- Key Performance Indicators (KPI): KPI is identified by principal groups, principal ratios, and payment performance such as the number of customers retained market share. Update you on investments through the ROI tracker.
- Cash Book- Keep you updated on the cash book and reconciled bank book. Additionally, it helps you to know the usage of funds and requirements for a period.
- Taxation: Taxation functionality lets you generate reports and figures on various government departments' norms on a periodic basis.
- Auditing System: An auditing system helps auditors review transactions with their remarks.
