Cloud accounting provider iplicit has won two prestigious hotel clients after demonstrating its compatibility with the sector’s widely-adopted method for handling finances.
The software provider has signed agreements with the Fairlawns Hotel and Spa, near Walsall in the West Midlands, and Lime Wood in the New Forest, both award-winning destinations.
iplicit says its suitability for the Uniform System of Accounts for the Lodging Industry (USALI) makes it ideal for hotel clients keen to get a comprehensive picture of their financial performance in real time.
Commenting on this, iplicit partner manager, Matt Lewns, said: “We’re thrilled to have signed two leading hotels as iplicit’s latest customers. It shows why people are moving towards iplicit and why we suit the hotel industry well.”
He said iplicit was suited to businesses using USALI, which has been the industry’s preferred way of presenting and understanding hotel performance since the 1920s.
USALI ensures uniformity in accounting and reporting, with data available across the different departments of a hospitality business. It goes beyond basic profit and loss accounting to look at different revenue streams and profit margins across the operation.
“iplicit’s cloud accounting platform enables hotels to see financial performance and track key performance indicators (KPIs) in real time, rather than waiting for days or weeks after month end,” Lewns added.
iplicit’s open API (application programming interface) can integrate with existing systems used by hotels, such as PMS (property management system) and procurement software.
Lime Wood, in Lyndhurst, Hampshire, is a 33-bedroom hotel which was originally a medieval hunting lodge. Set in landscaped grounds, it has a spa, gym and indoor pool, with 33 rooms including 12 suites, one forest cabin, one lake cabin and two forest cottages.
Group financial controller, Charlotte Smith, said: “We were impressed that iplicit allows an unlimited number of dimensions in financial reporting.
That means there is no need to spend a lot of time outside the finance system, compiling figures in spreadsheets. It will also mean less time is needed for preparing meaningful management and departmental reports. Much of the time the team previously spent on these tasks can now be released so they can add further value to the award-winning business of which we’re all proud.”
Fairlawns is set in 12 acres of landscaped grounds at Aldridge in the Black Country, offering rooms, events spaces, a spa and wellness facilities. It was a winner in the TripAdvisor Travellers’ Choice Best of the Best Awards for Hotels – one of only six hotels outside London to make the list.
Fairlawns Hotel & Spa managing director, John Pette, said: “iplicit’s unlimited reporting dimensions will enable us to view our financial performance in detail and in real time. We’ll be able to analyse the business room by room, alongside the performance of different parts of the business.
“The system can also handle authorisation workflows and expenses and will integrate with our room booking and spa systems.”