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The hospitality industry is a notoriously hectic one, so balancing spreadsheets and writing invoices is the last way you need to be spending your evenings. Even if you consider yourself a pro with spreadsheets and numbers, utilizing one of the many accounting products available will ultimately improve your bookkeeping experience. This list includes software designed specifically for the hotel business, as well as more widely known products that can be customized to your needs.

Upfront Conclusion

The best accounting software for hotel industry right now is Quickbooks Pro and Wave.

8 Best Accounting Software For Hotel Industry

  1. Quickbooks Pro — Best Software for Reliability
  2. Wave —Best Software for Independent Hotels
  3. M3 — Best Software for Chain Hotels
  4. Omniboost — Best Software for PMS and POS Integration
  5. myDigitalOffice — Best Software for Data Management
  6. Sage Intacct — Best Software for Medium-Sized Businesses
  7. Oracle — Best Software for Growing Businesses
  8. Cloudbeds — Best Software for Small to Medium-sized Businesses

1. Quickbooks Pro – Best Software for Reliability

Best Accounting Software For Hotel Industry

PRICING: Free 30-day trial, plans from $22/month.

Although not hotel-specific software, Quickbooks is a leading brand in accounting. Any business, regardless of size or industry, will have considered a Quickbooks product in their search for an efficient bookkeeping solution, so you know you can count on it!

KEY FEATURES:

  • Integration with POS systems
  • Business statements
  • Automated timesheet importation

REASONS TO BUY:

  • Popularity
  • Multi-month discount deals

REASONS TO AVOID:

  • Not industry-specific so lacks tailored features

2. Wave – Best Software for Small Business

Best Accounting Software For Hotel Industry

PRICING: Free.

As one of the few completely free products, Wave is an excellent choice for small businesses that don’t require complex features. The no-fuss functionality makes it an easy software to learn and use, even for beginners.

KEY FEATURES:

  • Simple payment tracking
  • Invoices can be sent via several digital platforms
  • Client payment reminders

REASONS TO BUY:

  • Affordability – free with no hidden fees.
  • Easy client management
  • Recommend above other free software

REASONS TO AVOID:

  • Does not integrate with all banks
  • Slow to update according to user requirements

3. M3 — Best Software for Chain Hotels

Best Accounting Software For Hotel Industry

PRICING: Free trial and price quote available on request.

Designed specifically for hoteliers, M3 is best suited to large businesses spanning multiple hotels across several locations. It offers expansive functionality that will streamline administrative efficiency.

KEY FEATURES:

  • Seamless PMS integration
  • Budget tracking
  • Financial forecasting

REASONS TO BUY:

  • Popular with other users
  • Understands hotelier needs
  • Customisable

REASONS TO AVOID:

  • Requires previous accounting knowledge

4. Omniboost — Best Software for PMS and POS Integration

Best Accounting Software For Hotel Industry

PRICING: On request.

Another software built for the hospitality industry directly, Omniboost is a popular choice amongst hoteliers worldwide. With users in over 24 countries, Omniboost is particularly praised for the ease with which it integrates with PMS and POS systems.

KEY FEATURES:

  • Synchronizes with POS software
  • Account forecasts
  • Dashboard overview

REASONS TO BUY:

  • Maximize efficiency by automating all accounting tasks
  • Quick to update and implement client suggestions

REASONS TO AVOID:

  • Slow customer service response to those outside US time zones

5. myDigitalOffice — Best Software for Data Management

Best Accounting Software For Hotel Industry

PRICING: Free trial, pricing on request.

myDigitalOffice is a data management rather than an accounting system, but its data processing capabilities render it a necessary product for any hotel business. Removing the need for stacks of disorganized paper reports, myDigitalOffice tracks financial performance with a concerted effort to make everything digital, thus benefitting business and the environment.

KEY FEATURES

  • Cloud-based
  • Real-time metrics
  • Graph-based dashboard

REASONS TO BUY:

  • Saves time, money, and paper
  • Responsive customer support

REASONS TO AVOID:

  • Slow development

6. Sage Intacct — Best Software for Medium-Sized Businesses

Best Accounting Software For Hotel Industry

PRICING: On request.

Providing an all-in-one solution to accountants struggling with paperwork, Sage Intacct is ideal for growing hotel businesses who are reliant on efficient accounting.

KEY FEATURES:

  • User accessibility can be restricted
  • Clear overview of metrics
  • Seperate accounts for each property are reconciled into a central dashboard

REASONS TO BUY:

  • Secure
  • Scalable

REASONS TO AVOID:

  • Lacks automation in some areas

7. Oracle — Best Software for Growing Businesses

Best Accounting Software For Hotel Industry

PRICING: On request.

Oracle offers a performance-based approach to business accounting. It consolidates individual costings and generates financial reports that provide a detailed insight into the strengths and weaknesses of your business.

KEY FEATURES:

  • Individualised plans for performance imporvement
  • Labour costings

REASONS TO BUY:

  • Agility
  • Emphasis on future development

REASONS TO AVOID:

  • Slow customer support
  • Limited customisation
  • Clunky interface

8. Cloudbeds — Best Software for Small to Medium-sized Businesses

Best Accounting Software For Hotel Industry

PRICING: Monthly subscription costs available on request.

Claiming to save each employee over 4 hours of work everyday, Cloudbeds seeks to maximise the daily efficiency of your hotel business. With the ability to manage multiple properties from one platform, Cloudbeds is a good choice for carrying out basic accounting tasks for a modest number of hotels, but will require integration with additional software in order to cover advanced accounting tools.

KEY FEATURES:

  • Multi-property management
  • Supports almost all payment providers
  • Pricing Intelligence Engine (PIE) ensures consistent revenue

REASONS TO BUY:

REASONS TO AVOID:

  • Requires integration with other software to deliver extensive financial management

Frequently Asked Questions

Should I use software built specifically for the hotel industry?

There are certainly benefits to investing in software designed specifically for hoteliers. It offers a level of customisation and understanding that non-specific software lacks, which ultimately will save time and money for your business. On the other hand, a good accounting product should be usable in almost any context. As long as it offers the features you value most – be it financial forecasting, invoice tracking, or a data-driven dashboard – you should see vast improvements in the efficiency of your business’s bookkeeping.

What is cloud-based software?

Also referred to as web-based, cloud-based software is a piece of software that is hosted in the cloud; i.e, remotely. Rather than requiring specific applications or computers from which to function, the software is accessed via the internet. This allows users to gain access from anywhere in the world, instead of being limited to computers on business premises. From an accounting perspective, it contributes to a reduction of labour costs and time (because remote work is more accessible) and it’s also particularly helpful for businesses with buildings in more than one place, like hotel chains.