When it comes to choosing a financial management system for your hotel, you want to make sure that you are getting the most bang for your buck.
That means finding a system that has the functionality to handle all of your unique needs; a system that transcends borders, languages, and currencies.
If your hotel operates in multiple locations, handles multiple currencies, or caters to international guests, the international functionality provided by SunSystems from FinanSys can be a lifesaver.
This comes in three different forms:
SunSystems’ multi-company functionality allows you to maintain an unlimited number of hotels across multiple locations from a single database, and manage complex business changes, updates, and international financial requirements.
This is ideal for hotel groups with multiple properties spread across different countries. It is also a vital functionality for smaller hotels that want to maintain accounting control and compliance as they expand their operations.
New legal entities, or Business Units as they are referred to in SunSystems, can be set up quickly through a simple Business Unit Copy routine.
Each Business Unit within SunSystems from FinanSys can be unique whilst also allowing you to maintain a consolidated view. Business Units, if you require them to, can have their own:
- Individual chart of accounts – each business can be standalone or mapped into a consolidated group chart of accounts. Each business unit can also have its chart of accounts mapped and grouped to local management and statutory reporting requirements.
- Analysis – can be unique to each entity’s requirements, if only certain offices operate certain business streams, then the appropriate analysis can be set up as required.
- Currency – each business unit can support unlimited transactional currencies, which can also convert to both a local base currency as well as a group reporting currency. This allows you to see live figures across the group without having to re-state or convert currencies for reporting.
- Standing data – standing data such as suppliers or customers can be unique to each business unit or kept in sync if desired.
- The year ends – each entity can have unique periods and year-ends allowing you to support even the most complex of accounting and reporting requirements.
- Local tax – each business unit also maintains support for the required local tax treatment to help ensure local compliance.
In addition to the flexible multi-company set-up, consolidation within SunSystems is simple and efficient. The out-of-the-box consolidation process takes into account all of the factors that can impact consolidation.
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SunSystems from FinanSys provides true dual base currency processing and the ability to maintain different transaction currencies on a single transaction without the need for cumbersome manual currency conversions.
This is perfect for hoteliers dealing with international guests or suppliers, as it eliminates the risk of errors and saves you time and money.
This powerful functionality enables you to buy, sell and stock goods in any currency, account in parallel currencies, bank or make payments in other currencies, and report back to overseas parent companies in the currency of your choice.
The dual currency processing enables hotels to fully comply with both GAAP and Euro accounting and reporting standards.
Up to five different values can be held against every transaction throughout the SunSystems suite: four currency values and memo or statistical value.
The four currency values all have different characteristics, as follows:
- base currency value (value 1) – a currency that is fixed for the ledger
- transaction currency value (value 2) – a currency that can vary with each transaction
- second base or reporting currency value (value 3) – another fixed currency for the ledger
- fourth currency value (value 4) – a fixed or variable transaction currency.
The flexibility to use any conversion rate, such as daily, weekly, monthly, yearly average, published rates and so on, is another advantage.
This can be automated to populate currency for each transaction or manually entered if necessary.
It supports all major world languages—it can serve as a Chinese accounting system, an English accounting system, a Spanish accounting system, and much more.
Apart from being available in multiple languages, SunSystems also addresses multiple reporting regimes. It packs compliance with multiple regulatory and reporting requirements including localised support for regional reporting regulations.
The software’s multi-language capabilities pertain to the User Interface, Master Files (COA, segment codes), Data, and Reports.
This means data entry can be done (usually with the help of automation) by a French-speaking staff who manoeuvres around the system in French, all the while producing the reports automatically in French and English.
When it comes to choosing a financial management system for your hotel, make sure to pick one that offers multi-currency, multi-location, and multi-language functionality.
These three features are essential in order to cater to the needs of your international guests and suppliers. SunSystems from FinanSys is a great option that offers all of these functions and more.
If you’re looking for a system that can help you streamline your hotel’s accounting and finance operations, SunSystems implemented by FinanSys is the perfect solution. Get in touch with us today to find out more.
Book a no-obligation requirements call with an expert to see what the system can do for you.