Historically the belief has been if you want good trust accounting and owner statements you have to choose a property management system (“PMS”) with built-in trust accounting. The problem is those systems are often hard to use, are not tried and true accounting systems, not very flexible and don’t provide much in automation functionality or integrations with other time saving applications. Fortunately, today there’s a better option.
Why a Best-in-Class Solution
First, best-in-class allows vacation rental companies to choose the best PMS that fits their business needs. Companies shouldn’t be making their most critical software choice based on accounting. They should be choosing the rental management platform that provides the best front-of-house functionality to drive bookings, create an attractive website, communicate with guests, integrate with other software and manage their different channels.
After choosing the PMS that’s right for the business, a company can identify the best-in-class financial management solution, which has two key credentials. First: trust accounting capabilities. A solution that can’t handle the exacting requirements of trust accounting (precisely, efficiently, and consistently) isn’t a good fit in an industry where those requirements create hours of work on a monthly basis.
The second non-negotiable feature of accounting software for a vacation rental management firm is the ability to integrate with other software systems. When the financial engine of the company “plays well” with other software, it creates a seamless digital link across operations. Best-in-class solutions integrate widely and seamlessly – and they transform firms in the process.
Benefits of an Integrated Best-in-Class Accounting Solution
Like choosing the best PMS that meets the front-of-house needs, choosing the best accounting system for the business drives efficiency in the back-of-house operations and better reporting and insights to drive business growth. Whether choosing QuickBooks because of its easy-to-use functionality or Sage Intacct for its robust multi-entity, multi-dimensional system with rich custom reporting & dashboards, a best-in-class approach provides vacation rental management companies options. Consider some of the advantages of an integrated best-in-class system:
- Save Time – No more transferring data between accounting & the PMS. Decision makers inside and outside of accounting save hours of work when they don’t have to manually transfer data between systems or go hunting for the numbers they need.
- Eliminate Errors – Human errors that lead to incomplete or unreliable figures stop being a concern once data moves automatically (instead of manually) between separate systems.
- Improve Insights – Connecting accounting data with all other data sources gives decision makers the best insights available into the financial implications, positive or negative, of whatever course of action they’re considering.
- Adapt Faster – When circumstances require bold, definitive changes, integrated software makes it faster to formulate a plan and makes it easier to feel confident that plan will work.
Sage Intacct – Raising the Bar for Best in Class
If the definition of a best-in-class accounting solution for a vacation rental management firm is something that can accommodate trust accounting and integrate with other solutions, Sage Intacct sets a new standard.
As one of the only solutions on the market with a robust multi-entity and multi-ledger system, Sage Intacct was built for trust accounting. It turns what is an obstacle at a lot of firms into an effortless process (and a competitive advantage) for firms with Sage Intacct.
Similarly, the extent of integration available goes above and beyond. VRAccountant by Ximplifi provides a turn-key flexible integration between PMS’s like MyVR and Guesty to Sage Intacct that supports the nuances of trust accounting, arbitrage models, and owners. If your current approach to accounting disappoints in any way, Sage Intacct is the solution. Schedule a meeting with Ximplifi to explore what a best-in-class solution looks like at your organization.