The development of digital technologies has transformed the leisure and hospitality industry, allowing businesses to prioritise convenience and efficiency without compromising on customer experience.
From contactless payments and online banking to mobile and app booking systems, technology is now an essential element in any customer journey and business operation.
But while these technologies can be used to elevate the guest experience, they can also play a huge part in a business's back-end operations, helping to take their function one step further.
Let’s explore some of the ways you can enhance these digital technologies to streamline accounting processes and strengthen the financial resilience of your business.
Not only do web-based reservation systems offer customers up-to-date information on availability and pricing, but they also enable business owners to seamlessly track the number of bookings, spaces remaining and expected monetary income.
Many of these online booking systems naturally integrate with modern accounting programs, offering real-time visibility of your financial position - including an accurate view of what’s pending from customers who still have further instalments to pay.
For many leisure and hospitality businesses, such as caravan parks, hotels, and restaurants, which rely on seasonal peaks, having a seamless link between booking systems and accounting systems can significantly improve financial resilience. Having a clear outline of current balances, upcoming outgoings, and expected income from advanced bookings will allow you to plan ahead and ensure cashflow forecasts are as expected.
It wasn’t long ago that businesses were limited to relying on payments on arrival, meaning any bookings ahead of time would be at the mercy of that transaction once the customer showed up. These days, online booking systems mean that the options are far greater - particularly with the rise of solutions like Apple Pay and PayPal.
This means that leisure and hospitality businesses are now able to spread their income over the year, rather than having an influx of payments when customers arrive during peak seasons. One option is for customers to pay the full balance upon booking, or pay in flexible instalments, meaning that you have a steady stream of income throughout the year.
For those who want to offer more flexible payment plans for customers, online booking systems also offer the option to pay a deposit upon booking, followed by an automatic payment of the remaining balance closer to the booking date. By having this automated process, not only does it reduce the chance of late payments, but it also saves time on the manual administration of contacting a customer to take their remaining payment.
Whatever payment option you choose, these online booking and payment systems have the ability to significantly increase your reserves, giving you greater financial resilience for quieter seasons and any unexpected outgoings.
Another thing to consider is that, whether you accept bookings only through your own website or across multiple sites, online booking systems remove restrictions on only accepting bookings during opening and closing hours. This means you can capitalise on the opportunity that those late-night scrollers represent, potentially leading to an increase in sales and greater income for your business.
It’s clear that utilising technology to enhance your booking system not only benefits your customers, but it is also a key component to business growth if you use it to streamline your accounting processes.
By connecting your booking and accounting software, not only will it be easier to manage cashflow and increase reserves, but it will also provide a single source of information for your business’s income. This makes bookkeeping much more efficient and less time-consuming, offering a more realistic view of your finances and streamlining monthly and year-end tasks.
Duncan & Toplis provides accounting and business services specifically designed to support businesses in the leisure and hospitality industry. Contact us to find out more.
