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AI in Hotel Accounting Software: Streamlining Processes and Workflows as Part of Automation and Reconciliation – Image Credit Aptech
Artificial Intelligence (AI) is one of the hottest terms right now in our industry and most others—but what does it mean specifically to hospitality accounting? We see several applications with the goals of time savings, cost reduction, efficiency and accuracy, but for the hotel industry in particular, how is AI helping financial software streamline processes and workflows as part of automation and reconciliation? And in an industry that prioritizes “hospitality,” how do technology providers offer a balance between AI and personal service to their hotel customers?
By the Numbers
Global hotel market revenue is predicted to reach $443.10 Billion (US) by 2025, and grow as high as $511.90 Billion (US) by 2029. Revenue for the broader category of hospitality which includes myriad industries—the largest being accommodation and food and drink services—totaled more than $4.7 trillion (US) in 2023, and was expected to reach $5.5 trillion in 2024.
Hotels and resorts are known for unique revenue streams, and they benefit from hotel-specific accounting solutions to manage their finances. As noted by EHL, “The hospitality industry is a vast sector with many different sub-sectors that include recreation, lodging, entertainment, food and beverage which are constantly evolving.”
So how does AI help manage all of these various revenue streams and optimize a hotel finance team’s time? The answer is simple: robust back office accounting solutions that incorporate AI. Contemporary, hotel-specific accounting solutions have the ability to seamlessly integrate with the many systems that are required to provide the finance team with accurate data from multiple departments and offer management and owners a clear view of the organization’s financial health.
How Does AI Operate within Hotel-specific Accounting Software Solutions?
Legacy systems can prove a challenge when we look at back office and accounting software for hotels. AI can offer many benefits to a hotel’s finance team, but the organization must have a modern accounting solution in place that has the ability to seamlessly integrate with the other systems in your hotel. The reports your finance team creates are only as thorough and accurate as the quality of the data collected. This is where AI comes in; one of its biggest benefits is accuracy by limiting human error through automation. By limiting manual entry, properties have fewer errors and have access to accurate, real-time data in a much shorter period of time. Plus, fewer staff members are needed—a big cost savings to hotel properties, many of which are already challenged by staffing shortages.
While AI can’t add journal entries for hotel finance teams, it can alert them to any items with unexpected variances in the general ledger. Additionally, AI is helping eliminate processing errors in accounts payable, as it can automatically code transactions to the appropriate general ledger accounts. Automating tedious, manual tasks frees staff members to focus on more important responsibilities like planning and analysis to identify growth opportunities. Streamlining these processes and workflows improves efficiency across the department, and ultimately the organization.
Ultimately, AI helps improve how finance teams manage daily operations by transforming traditional accounting tasks into automated workflows. One of the most important features AI offers is the ability to analyze massive data sets quickly; hotel organizations have a quick, clear view of their financial health—across a property or a full portfolio. Hotel teams have access to accurate data at any point during the month; comparisons between days, weeks, months and seasons are easily configured, and more importantly, more accurately forecasted as it helps identify trends and patterns.
Finding a Balance: How Some Providers are Combining AI Technology with Personal Service
Hotel technology providers have a responsibility to find practical applications in the industry that make their hotel customers’ jobs easier. We’ve examined some ways AI has enhanced modern accounting solutions for hotels, but how are providers implementing AI in their service departments to improve their relationships with their hotel clients?
Some providers are finding their customers prefer a hybrid approach where the hotel team can choose how they want to interact with their technology suppliers, whether in the form of live support or an AI-enabled form of communication like a chat function. As noted in a recent industry article, there are several ways technology providers are using AI to enhance their hotel technical support, but they are also finding the benefits of providing live or personal service in other areas where it best helps the hotel customer.
“Automation can quickly route phone calls to the right department or person, and it can help summarize a thread so the support team does not have to review multiple phone calls or reports. Simple requests can be solved by AI-powered bots, and they can help reduce call volume—a benefit as many help desks continue to experience staffing shortages. Additionally, an AI bot can gather necessary information upfront and is intuitive enough to forward any advanced calls to a human support representative if the issue has escalated. These are all time-saving benefits of AI when combined with live support.”
The providers who offer both options are finding their hotel customers prefer to have a choice—whether a quick question in a chat format, or a phone conversation with a representative who personally knows their company and its customized systems. While AI can be useful for support teams to handle some issues quickly and efficiently—it can answer questions 24/7, sort out simple queries, and help manage multiple customers simultaneously—it can’t fully understand human emotions or provide empathetic responses that a human can. In situations where a hotel CFO or accountant needs immediate assistance from their technology provider to facilitate an owner’s request, human interaction can be more helpful.
AI Continues to Enhance Hotel Technology Solutions
Hoteliers are just at the beginning of learning and adopting how AI can help them with their overall responsibilities. It is important to continue to find ways to embrace this technology to enhance our ability to provide better results. As technology providers, we aim to help our hotel customers be more efficient and have better insight to improve their bottom lines and grow. AI is a large part of how technology is evolving, and when you work with providers who focus on innovation, listen to their hotel customers’ needs, and find customized solutions that help them perform at optimal levels, it’s a win-win. We look forward to watching as AI continues to play an important role in the hospitality industry—for both technology providers and our hotel customers.
About the Author
Jill Wilder is President of Aptech Computer Systems Inc., the only provider of a fully integrated enterprise accounting, business intelligence and planning ecosystem to the hospitality industry. Aptech’s Business Intelligence, Enterprise Accounting, and Budgeting & Forecasting solutions help hoteliers at the corporate and property levels understand their financial and operational data for faster goal achievement. Aptech offers a 24/7/365 live support desk to all of its hotel customers across North America.
Connect with Jill on LinkedIn.
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