Best Hotel Accounting Software (Top 5 Bookkeeping Systems)

Sunday, April 9, 2023
Sejla Harjic
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Hotels have specific accounting needs. They need to track revenue and expenses for each room, as well as manage payroll for employees. Luckily, nowadays, there are plenty of tools that can help with that.

The best hotel accounting software needs to be able to handle the specific accounting difficulties that hotels confront and offer tailored solutions that make handling those challenges easier.

In this article, we will list the five best hotel accounting software programs and review each one in detail, explaining the features, pros, and cons of using that specific software.

 

Accounting software for hotel industry comparison chart (top 10 highest rated)

Wondering what are the best accounting systems for the hospitality industry? Take a look at the table below!

Product

Best for

Pricing

Website

Nimble Property

Small to medium-sized hotels

Available upon request.

visit

Wave Accounting

Hoteliers who are just getting started with accounting

Free

visit

Zoho Books

Small business bookkeeping

Free; premium plans start at $20/month

visit

Fresh Books

Small business bookkeeping

Plans start at $20/month

visit

Inn-Flow

Small to medium-sized hotels

Available upon request.

visit

 

What is the best hotel accounting software? Here’s our top 5 list:

What is the best hotel accounting software? Well, it's impossible to single out one. There is numerous excellent accounting software for the hospitality industry, and each has different features. So, it’s up to the hotel owners to choose the best one for their specific needs!

In this section,  we will review the five best hotel accounting software programs. We will go over the main features of each program, as well as the pros and cons. By the end of this article, you should have a good idea of which hotel business accounting software is right for your business.
 

1. Nimble Property (best hotel accounting software overall)

Nimble Property is a cloud-based hotel accounting software solution that offers a comprehensive set of features for hoteliers. It includes room rate tracking, invoicing, payment processing, employee management, and customizable reports. Nimble Property is one of the most user-friendly accounting solutions on the market, and it’s perfect for small to medium-sized hotels.

This tool comes with a budgeting module that allows users to compare their budgeted amounts with actual revenue and expense figures. The KPI dashboard is very intuitive and provides a view of revenue per available room, average daily rate, and occupancy rates. 

Nimble is not only meant to be used for accounting. It comes with a set of unique features that make it an excellent property management system as well. For example, hotel owners can streamline their inventory management while boosting business earnings by tracking and forecasting depending on room occupancy.

In addition, this hotel software comes with a door lock system that allows the users to a specific ID for each person who is staying at the property. This feature is useful if you need to grant or restrict access to particular areas. None of the other hotel management systems on our list has this feature.

The only downside of this tool is that the pricing is not listed on the website. And, there is no free trial for you to test the tool and see if it suits your needs.

Pros:

  • Cloud-based platform and hosted solution

  • Easy to use interface

  • Offers impressive hotel-specific reporting

  • Unique door-lock feature

  • Mobile app for iOS and Android

Cons:

  • The pricing is not listed on the website

  • There is no free trial version

Pricing:

The pricing is not listed on the website.

According to Nimble’s blog post from December 2021, the plans start at $250 per month. 

However, you will have to reach out to Nimble Property for a free quote and demo.

Visit Nimble Property 
 

2. Wave Accounting (best free hotel accounting software)

Wave Accounting is cloud-based accounting software that offers a comprehensive set of features for small businesses. It includes invoicing, payment processing, expense tracking, and customizable reports. Wave Accounting is one of the most user-friendly accounting solutions on the market, and it’s perfect for small hotels, small businesses, independent contractors, and freelancers.

This free accounting software for hotel businesses includes features such as robust invoicing, tracking expenses, accounting, and receipt tracking functionality. In addition, the software is very intuitive and easy to use, making it a perfect choice for those who are new to accounting.

As it links with bank accounts, Wave Accounting is perfect for bank transactions as well. It can accept credit card payments as well as online bank transfers to your company. You can use it to compute taxes and handle payroll. As well as sending and managing receipts, you can pay independent contractors.

The major downside of Wave Accounting is that it doesn’t come with advanced property management and accounting features. For example, you can’t keep track of your cash flow per room or use the free version of the tool for staffing and payroll.

Pros:

  • Free to use, forever!

  • No monthly fees

  • Excellent customer support

  • Integrates with many popular applications

Cons:

  • Not as comprehensive as paid accounting solutions

  • Lacks some features such as inventory management

Pricing:

Wave Accounting is free to use, forever. There are no monthly fees or hidden charges. 

There are, however, some extra features that cost extra. Wave payroll starts with a $20 monthly fee plus $6 for each employee or contractor in states where payroll taxes must be paid and filed by hand.

Credit card processing costs 2.9% plus 60 cents for each transaction. The cost is slightly higher for American Express (3.4% plus 60 cents per transaction). There is a $1 minimum fee and a 1% charge for bank transactions.

Wave Accounting review

Visit Wave Accounting 
 

3. Zoho Books (Great accounting software used in hotels)

Zoho Books is cloud-based accounting software that makes it easier for small business owners to manage their money. It automates business workflows, has great features for invoicing, gives you free inventory software, imports bank feeds automatically, and helps you keep track of your receivables and payables.

One of the greatest things about Zoho Books is that businesses with less than 50K revenue per annum can use the software free of charge!

With this accounting system, hoteliers can use accounts receivable and accounts payable tracking, such as recurring invoice and expense creation, payment reminders and receipt scanning. In addition, Zoho Books allows you to receive auto-generated reports weekly, monthly or quarterly. 

Zoho Books is handy and powerful. You can use it for the automation of repetitive tasks so that you can focus on more important aspects of your business. And the tool allows you to track real-time expenses and send estimates.

Zoho does come with a few disadvantages, though. The paid plans have a limited number of users. Also, there is a learning curve to using the software.

Pros:

  • Affordable or free to use for businesses with less than 50K yearly revenue

  • Easy to use

  • Generous free trial period

  • Excellent customer support

  • Integrates with over 80 business applications

Cons:

  • Plans come with a limited number of users

  • There is a learning curve

Pricing:

Users can choose between multiple Zoho plans, based on their business size and revenue:

  • Free - $0

  • Standard - $20/month

  • Professional - $50/month

  • Premium - $70/month

  • Elite - $150/month

  • Ultimate - $275/month

It is important to keep in mind that the plans don’t have the same features. The more expensive the plan is, the more feature it includes.

Zoho Books review

Visit Zoho Books 
 

4. FreshBooks (best small business bookkeeping software)

If you need software that will help you keep track of your financial data, FreshBooks is one of the best accounting software currently available.

Freshbooks is one of the most popular cloud-based accounting solutions available, and it's easy to see why. This intuitive software makes it simple to stay on top of income, expenses, invoices, time tracking, and even data entry. You can also create estimates, proposals, and recurring invoices with ease.

Plus, it's designed to save you time - the software can automate tasks such as billing, late payment reminders, and tracking expenses. Freshbooks also allows you to collect online payments as the software supports credit cards, Google Checkout, and PayPal payments. What is important to keep in mind is that FreshBooks is one of the best small business bookkeeping software. Even though it is not specifically designed for the hospitality industry, it is one of the best accounting software you can find.

For busy hoteliers who need to be able to do accounting on the go, Freshbooks provides a mobile app for iPhone and Android mobile devices. The app can be used to tackle general accounting tasks and also respond to clients' questions. Last but not least, Freshbooks mobile app notifies you when clients view or pay invoices or when invoices are overdue.

It goes without saying that FreshBooks is more than enough to tackle all your business needs. And, if you ever need help with something, their customer support is excellent. You can reach them via email, chat, or phone.

However, some users have reported difficulty understanding how to use some of the features. There is also a learning curve when it comes to comprehending the terminology used in the software.

Pros:

  • Intuitive and easy to use

  • Numerous advanced accounting features

  • Saves time with automated tasks

  • Excellent customer support

  • Smartphones app is available

Cons:

  • Some users find it difficult to use

  • There is a learning curve

Pricing:

There are four different subscription plans for Freshbooks: 

  • Lite - $15/month

  • Plus - starts at $25/month

  • Premium - starts at $50/month

  • Select - custom pricing

Each of these plans only works for one team member. For each extra user, you'll have to pay $10/month.

FreshBooks Review

Visit FreshBooks 
 

5. Inn-Flow (top hotel bookkeeping software)

Inn-Flow is a hospitality accounting software designed to solve challenges common to the hotel industry, improve efficiency, and drive performance. This hotel-specific ERP lets hoteliers streamline their operations from a single login.

Inn-Flow has six main features:

  • Accounting - used for generating reports and receiving accurate financial metrics.

  • Labor - a feature that allows hoteliers to minimize labor costs by using budgets and schedules. 

  • Payroll - helps automate the payroll for all employees.

  • Sales - designed to set measurable expectations and see increased lead conversion and revenues.

  • Procurement - meant for controlling purchasing costs and inventory maintenance.

  • Facilities - provides a list of all work orders and preventative maintenance tasks.

Inn-Flow also offers an interface that allows you to connect your property management system (PMS) with the software. The integration makes it possible to share data between the two systems and avoid double-entry. Inn-Flow is one of the top hotel bookkeeping software because it covers all areas of hotel accounting.

The software also doesn't have a free trial, which means that you have to pay for it before you can test it out. In addition, according to user reviews, not all features are included. Some are add-ons that have to be purchased separately.

Pros:

  • Accounting software designed for hotels specifically

  • Can be integrated with a property management system

  • Helps hotels improve efficiency and reduce costs

  • Allows hoteliers to automate tasks and save time

Cons:

  • No free trial

  • Some features are add-ons and have to be purchased separately

Pricing:

The pricing is not displayed on the website. You will have to reach out to Inn-Flow for a quote and a free demo.

Visit Inn-Flow 

 

What is hotel accounting software & what does it do?

Hotel accounting software is a tool used by hotel business owners to manage their finances. This type of software makes it easier for hoteliers to track revenue and expenses and manage employee payroll.

There are many different types of hotel management software on the market, each with its own set of features. Some of the most common features include room rate tracking, payment processing, invoicing, and employee management.

The best hotel accounting software will offer functionality and a comprehensive set of features that are tailored to the needs of the hospitality industry. It should be easy to use and allow hoteliers to track all aspects of their business, from revenue and expenses to employee hours and payroll.

What can the best property management software do for your business?

There are many benefits to using hotel accounting software, including the following:

  1. Easier tracking of revenue and expenses: With hotel accounting software, you can easily track all income and expenses associated with your hotel business. This information can be used to make informed decisions about where to allocate your resources.

  2. Improved employee management: Hotel accounting software can help you manage employee hours and payroll. This information can be used to ensure that your employees are being paid fairly and that they are working the appropriate number of hours.

  3. Customizable reports: Most hotel accounting software programs offer financial reporting features. Some even allow you to generate customizable reports that show only the information that you want to see. This can be useful for tracking specific aspects of your business or for troubleshooting problems.

  4. Improved decision-making: With all of the information that hotel accounting apps provide, you will be able to make better decisions about your business. This information can help you determine where to allocate your resources and how to improve your overall operation.

  5. Reduced paperwork: Hotel accounting software can help to reduce the amount of paper that you have to deal with. This is because all of the information that you need will be stored electronically. This can save you time and money in the long run, as you will not have to print out and file documents and balance sheets.

 

Which software for hotel accounting is best for me? Key takeaways

Choosing the right accounting software for your hotel depends on several variables, some of which come down to personal preference but most of which come down to the characteristics of your property. Is your hotel a small property with a limited budget? Or is your property a luxury resort with lots of outlets and high ADR?

Nimble Property is the best overall hotel accounting system because it's easy to use and has plenty of advanced features that are specific to the hospitality industry. A great alternative is Inn-Flow, another management software for hotels that allows hoteliers to take care of their accounting, payrolls, and even sales and procurement. However, the pricing for both software is not available online.

For hoteliers who are on a budget and just getting started with bookkeeping, Wave Accounting is a great option. This software is free to use and has all the basic features you need to keep track of your cash flow and finances. However, it doesn't have any hotel-specific features.

Last but not least, FreshBooks and ZohoBooks are both great accounting software for small businesses. While they don't have any hotel-specific features, they're very easy to use and have a lot of integrations.

P.S. There is accounting software available for every type of business and every industry. For example, if you’re running a restaurant, make sure to check out our review of the best restaurant accounting software.

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