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The forecasts say cloud for hospitality finance

The signals are clear that now is the time for hospitality companies to pursue the cloud for financial management.

The hospitality industry is facing a push/pull of growth and consolidation. Amid mergers, acquisitions and overall industry disruption, there is a stronger lens on financial management. More hospitality companies are improving their practices by getting better access to real-time financial data through the cloud.

Historically, businesses such as hotels manually pulled data from separate systems at each hotel property. Not only is this time-consuming, it’s more challenging to consolidate, analyze and accurately report on this disparate data. The cloud connects multiple data sources, such as internal property management systems and external financial institutions, and connects to existing on-property systems to automate workflow approvals and establish standardized operations processes.

With consolidated, real-time data, hospitality companies can improve back office finance functions, accounts payable, general ledger and reporting activities. They also can make better-informed financial management decisions and potentially improve compliance.

A clear answer to complicated challenges

Hospitality financial management can be complex, as it involves multiple systems, properties and geographies. The cloud removes these walls to work across property portfolios—regardless of hotel brand, on-property system or infrastructure environment. The cloud also offers:

  • Scalability. Cloud solutions can scale according to the requirements of a business, enabling greater flexibility and potential savings.

  • Convenience. Since companies can access financial information in real-time through mobile devices, tablets and computers, it decreases the effort and time needed to keep technology current.

  • Transparency. The cloud facilitates an extensive level of transparency that can help hospitality companies make decisions quickly and with less risk.

  • Savings. Cloud technology costs significantly less than traditional solutions, and flexible options exist, such as a “pay by the drink” model.

Providers are responding to the need for real-time financial information and are delivering customized solutions. The Hospitality Finance Cloud Solution is the first industry-specific solution from the Accenture Oracle Business Group. Solutions like these give hospitality operations the power to connect faster and across various properties.

In today’s volatile business climate, the cloud will allow organizations to react more quickly to changing business and economic conditions to remain competitive in the market.