Why Your Hotel Needs to Upgrade to a Modern Payment Reconciliation System
Part of being successful in the hospitality industry means consistent revaluation of what’s working — and what isn’t. This often includes taking a look at room upgrades, amenities, and offerings, but the reassessment shouldn’t stop with customer-facing products and services. In order to operate efficiently, you need to ensure your office, management, and accounting practices are also up to date and as streamlined as possible.
Modern financial software solutions, specifically a payment reconciliation system, can not only save you hours and quickly detect any potential issues, but this kind of advanced technology allows you and your employees to spend more time on your core responsibilities — providing exceptional service to your guests.
Why Hotels Need Efficient Payment Reconciliation
If you still reconcile manually with an outdated spreadsheet system, consider the amount of time it takes, not to mention the increased risk of human error that can add even more time to the process.
A modern payment reconciliation solution is also a smart financial investment. Real-time monitoring allows you to track transactions as they occur, which means you can more easily (and more quickly) detect potential issues and cases of fraud.
It also helps enhance customer service by enabling you to research specific transactions quickly and efficiently when needing to address chargebacks.
Drawbacks of Manual Payment Reconciliation
Are you still unsure about the benefits of upgrading to a modern payment reconciliation solution? Here are some of the most common challenges of manual cash and credit card reconciliation:
- Time-consuming. Manual reconciliation often takes hours, which adds up and prevents your employees from focusing on other key tasks and responsibilities.
- Greater potential for human error. Manual reconciliation can often result in human error, which often adds additional time and frustration to the process.
- Difficult to manage as hotel operations grow. Scalability is key in the hospitality industry, which is why you want technology that can easily adapt to your growth. Manual reconciliation processes often lack scalability, which means you will struggle to keep up with an increasing number of transactions.
- Lack of real-time visibility. Since payment reconciliation is dependent on employees, you don’t have the ability to view transactions and other related financial information as it comes in.
- Increased risk of fraud. Manual reconciliation often lacks proper oversight, which means instances of fraud are more likely to occur. It can also delay the detection of problems and potential issues.
Key Benefits of Adopting a Modern Payment Reconciliation System
An automated solution can expedite your entire payment reconciliation process, saving ample amounts of time and enabling your business to improve overall efficiency.
In addition to streamlining operations, you will have the ability to monitor transactions as they occur, which enhances your financial visibility and reduces the potential for fraud and problems with chargebacks.
An automated solution is not only essential for audits and compliance, but it can generate organized reports quickly and efficiently.
Features to Look for in the Right System
You want to consider a fully automated system that allows you to be hands-off — ideally, one that generates reports overnight so that your employees have the information they need when they start their day.
Other important features include:
- A solution that integrates seamlessly with your point of sale (POS) and property management system (PMS)
- The ability to import, tag, and categorize all transactions while simultaneously allowing for rules-based reconciliation
- The ability to receive immediate alerts for discrepancies or instances of potential fraud
Ready to Upgrade to a Modern Payment Reconciliation Solution?
If you’re interested in transitioning to an automated solution, we invite you to consider Total Recon, our automated, cloud-based solution that allows for easy customization so you can streamline operations and balance your day with automation. Schedule a free demo today to see the benefits of Total Recon in action, and download our free eBook — Your Complete Guide to a Better Cash & Credit Card Reconciliation Process — to learn even more.
