How long hotels need to keep financial records varies depending on the country in which each hotel’s owning company is registered. In the US, most federal tax records must be kept for three years after the return is filed. In the other six countries covered here, the minimum is five...
Does hotel income audit automation work with Oracle OPERA and Micros?
M︂an︆y ful︀l-︉servi︎ce h︉o︄t︁el︅s︅ close the da︁y i︀n OP︂ER︄A an︋d tak︎e︎ pay︌ments t︇h︅rough︁ Micro︃s. B︊y the next mo︁rning, th︈e n︈i︅gh︉t️ au︉d︉it has︉ l︄ef︄t︊ a pi️le of︌ r︂epor️ts: reve︆nue, cas︅h, c︄redit cards︇, allowa︅n︆ces︃, F&B. B︊efo︁r️e︆ aut︆omating the in︅come️ aud︊i︈t︄,︀ f︀inance teams u︅s︀ually ask the same thi︅n︋g: "W︎il︆l w︁e︊ have to c︇hange o︇ur...
Hotel Income Audit: Procedures and Guide to Automation for Finance Teams
Hotels lose revenue every day to undetected posting errors, missed charges, and unapproved adjustments. Industry research from Prostay estimates that average revenue leakage across hospitality businesses runs as high as 14.9%. Most of that leakage is preventable. The hotel income audit exists to catch it. Yet at many properties, the income audit...