ON-DEMAND WEBINAR
Hospitality Essentials: Bookkeeping Best Practices
Original air date: Mar 14, 2024
Watch the recording to gain a solid understanding of accounting basics and learn how to use financial reports with ResNexus. It's straightforward, essential knowledge for keeping your business running smoothly, and it's never too late to start!
Key takeaways
Real-Time Inventory Sync: When a room is booked on Expedia, it is instantly removed from Booking.com and your own website. This "instant update" is the most effective way to prevent double bookings.
The "Billboard Effect": The video emphasizes that being on these major sites acts as a massive advertisement. Guests often discover you on an OTA but then visit your direct website to book, which ResNexus helps facilitate.
Reduced Commission Fees: Because the connection is "Direct," you avoid the extra per-reservation fees typically charged by third-party channel manager software.
Centralized Management: You can adjust rates, set minimum stay requirements, and close out dates for all platforms simultaneously from one single ResNexus grid.
Watch the webinar
Chapters
0:00
1:16
3:32
7:34
12:11
14:55
21:54
25:53
27:51
29:25
Introduction
Accounting Basics
Cash vs Accrual
Five Account Types
Double Entry Bookkeeping
Financial Reports
ResNexus Financial Reports
Night Audit
Hire an Accountant
Q&A