Otelier Rec, a software tool that can automate reconciliation workflows to save hotels thousands of dollars per month, is the newest addition to Otelier’s unified performance optimization platform.
ATLANTA, MARCH 19, 2024 – Otelier, the hospitality performance optimization platform that puts data and efficiency at the heart of hotel operations, has launched an innovative new product, called Otelier Rec, that automates financial reconciliation workflows, saving hotels potentially thousands of dollars per month.
Rec tackles the increasingly difficult challenge of identifying and resolving discrepancies in financial records, preventing unnecessary revenue and expense leakage. Removing manual methods and automating financial reconciliation helps hotels uncover missing revenue they otherwise may have overlooked, saving expensive labor hours ilrakn the process. Automated reconciliation speeds up month-end closing, allowing for near real-time reporting of profit and loss statements and enabling better visibility into hotel performance.
“There are so many stakeholders involved in a hotel booking that it’s easy to find discrepancies by the time revenue flows through to the bottom line,” said Niki Johnson, Chief Product Officer at Otelier. “For example, when OTA bookings are canceled late or the guest leaves early, many hotels end up paying full commissions on those bookings at the end of the month. Automatically detecting discrepancies and proactively taking action leads to accuracy and savings.”
Rec includes three automated financial reconciliation workflows:
- Bank Reconciliation is a set of workflows that help ensure cash and credit card revenues are correctly making their way from the Property Management System (PMS) and/or Point-of-Sale System (POS) to your bank account.
- OTA Reconciliation prevents overpayment to third parties like Booking.com and Expedia by automatically monitoring booking status, cancellations, and room charges for bookings, ensuring accurate commission payments.
- Income Journal Audit automates the daily transfer of reconciled income directly to your hotel’s accounting system, including revenue, taxes, cash, credit card transactions, and ledger balances. Configurable to your hotel’s needs, this workflow remembers as you map codes over time and reduces the time spent on this daily task.
Otelier Rec is available as an add-on to any of Otelier’s products, including DigiAudit, IntelliSight, and TruePlan.
“Discrepancies in accounting can add up to thousands and even tens of thousands of dollars per month at full-service hotels. Without automated reconciliation tools, hoteliers are undoubtedly leaving money on the table,” said Otelier CEO Vic Chynoweth. “We’re excited to add Otelier Rec to our product lineup, the latest step in delivering a unified platform that meets the evolving needs of today’s hotelier.”
Otelier was launched in February 2024, bringing together the best features and functionality from MDO, Datavision, inTouch, HelloGM, Focal Revenue Solutions, and Broadvine, to deliver a unified platform that puts data and efficiency at the heart of hotel operations. Otelier’s suite of products includes:
- DigiAudit: a night audit compliance solution that allows hoteliers to automate back office tasks, reduce operating costs and stay in compliance.
- TruePlan: a budgeting and forecasting solution that allows hoteliers to simplify and streamline budgeting processes and forecast with confidence.
- IntelliSight: Otelier’s new business intelligence solution that allows hoteliers to aggregate cross-functional data for powerful analysis and insights.
To learn more about automating financial reconciliations at your hotel, visit otelier.io.
