Month-end closing in 5 days

Grip on your figures = faster adjustments = better results  

The month is over, but that's not a strict 'finish line' in our hotel industry. Rooms are rented out continuously, the restaurant continues to operate, and business groups are scheduled. In the meantime, you want to know where you stand. Was that higher occupancy also profitable? Were you able to keep personnel costs under control? And did the margin on breakfast remain stable? 

You can check the figures throughout the month, but the profit and loss statement really gives you a good picture. The sooner you have it finalized, the sooner you can make adjustments. Statler helps you with this. By setting up processes smartly, the month-end closing is no longer a race against the clock, but something you can keep under tight control. 

Check out our checklist and get started! 

Revenue via PMS 

Run all revenue through the PMS. This gives you insight and prevents surprises. 

• Connect your POS to your PMS  

• Connect your PMS to your accounting software daily  

• Check monthly to see if the guest ledger matches. Do you regularly see discrepancies? Then check weekly to stay ahead of the monthly rush. 

Automate salary costs  

Salary costs are mainly recorded via your payroll software. The data comes from the time registration system. It is important to automate these actions: this prevents duplicate actions and errors. 

• Link the time registration to the payroll software. This will prevent duplicate work.  

• Also link the payroll software to the accounting system; the payroll journal entry will then be posted before the first of the month. 

• Any on-call workers or allowances can be processed in a second run during the first few days of the following month.  

• If necessary, make reservations based on recorded hours. 

Process purchase invoices daily  

A good tip from practice: process your purchase invoices daily and don't wait until the last minute. Receive invoices digitally (PDF or XML) in your accounting software or purchase invoice software. 

• Have suppliers email invoices directly to the system. The accounting software or purchase invoice software can receive them digitally (PDF or XML).  

• Use an authorization workflow. Invoices are reviewed and, once approved, automatically prepared for payment.  

• Post invoices directly in the administration  

• Has something been invoiced incorrectly? Request a credit note 

Automatic cost allocation  

Every hotel has to deal with costs that must be paid in advance. Think of maintenance contracts, subscriptions, or licenses. You can have these costs automatically distributed over multiple periods, both in the future and in the past. This way, the costs always match the correct period. 

Depending on the settings, your reversal entry will go through the balance sheet account: 

• Prepaid expenses (or:) 

• Invoices still to be received 

Use the Fixed asset module for depreciation  

The accounting software includes an Asset module as standard. Enter all investments with the correct depreciation period. This prevents separate corrections afterwards.  

It offers more advantages: 

• Good overview of your fixed assets  

• The correct depreciation costs are automatically posted each month. 

Automate fixed journal entries  

Every hotel has recurring entries. Think of accountant fees or fixed contract obligations. Make sure you automate these. That means less manual work – and therefore more control. 

Reserve fixed costs  

Some invoices are received later, from commission costs to linen and temporary staff. These are usually fixed suppliers, but make sure you make a monthly estimate and book a reserve. Use fixed journal entries where you only adjust the amount. 

Ensure fast stock movements  

Do you work with inventory entries? Make sure the value list is available within a few days and book any changes immediately. 

Keep a daily bank book  

With a bank link, statements are automatically imported. Update them daily and resolve any discrepancies immediately. Small discrepancies can turn into time-consuming corrections. 

Paying via payment batches  

You want to stay up to date, especially when it comes to payments. Payment batches allow you to automate this step more effectively. 

• Create payment batches in your accounting software  

• Ensure the correct payment settings for creditors  

• Use digital approval if necessary  

• Import via a link or export file in your banking environment 

Generate the VAT return via software  

Have your accounting software generate and submit the monthly VAT return. Less manual work, less risk of errors. 

Set up the current account relationships 

Set up the current account relationships correctly in the accounting software. This way, an entry in one administration is automatically mirrored in the other. The current account remains balanced and you avoid manual corrections afterwards. Preferably, only work with a current account relationship with the parent company. 

Keep the balance sheet clean  

A correct profit and loss account starts with a tidy balance sheet. So keep an eye on your balance sheet account during the month. Use reconciliation options to maintain a good overview. 

Be sure to check:  

• Credit cards  

• Cash  

• Clearing accounts  

• Suspense items  

• Guest ledger  

At the end of the month, pay extra attention to: 

• Accrued assets and liabilities  

• Net salaries  

• Taks 

How quickly do you close the month? 

A quick month-end closing does not require extra people. It requires structure, discipline, and smart automation. Once you have structurally organized the above processes, the year-end closing will also change. It will no longer be a stressful peak moment in the first months of the year, but a logical extension of the month-end closing in December. 

Ask yourself these three questions:  

• Are my revenue, payroll, and purchasing flows fully automated?  

• Do I update my bank and balance sheet accounts on a daily basis?  

• Do I have real-time insight into performance compared to the budget and last year? 

If you can answer 'yes' to all of these questions, then you're already ahead of the game. A quick closing means more insight and room for strategic adjustments.  

The Statler BI platform provides an overall insight into figures and key KPIs. We know from experience that you can achieve so much more with the right reports. So connect your PMS, time registration, and accounting software to Statler BI. We will automatically update your daily, monthly, and annual reports.  

The speed of your figures determines the quality of your decisions - and therefore the course of your hotel !