Executive Insight: Benefits of Accounting as a Service (AaaS) for Hospitality

Can you describe how Accounting as a Service technology can benefit a hotel’s operations and bottom line?

Accounting as a Service (AaaS) provides numerous benefits to a hotel’s overall operations and bottom line. As the hospitality industry becomes increasingly dependent on technology, investing in a cloud-based accounting and financial solution is one of the most important steps a hotelier can take to ensure increased productivity and boosted bottom lines.

AaaS considers how automation has changed the way we look at accounting in the 21st century. On-site accounting models are quickly becoming obsolete as more financial services migrate to the cloud, bringing with them an expanded set of services at much lower costs and opening the door for a fully remote and cloud-based accounting system.

M3’s origins are in the hospitality space. How does it benefit a hotel client to have an accounting platform developed by hospitality professionals?

Now more than ever, accounting providers need to be able to approach industry-specific obstacles head-on with software features that help support their customers’ individual needs.

Because every aspect of a hospitality-tailored accounting solution is developed, designed and deployed to make a hotelier’s life easier, hoteliers can trust that an industry-tailored platform will offer catered accounting services to help drive a hotel’s financial performance.

Hotel-specific accounting platforms offer access to key hospitality industry data sets, such as proprietary hotel benchmarking indices, enabling real-time property comparison across hundreds of hotels for critical industry insights and customized data reports tailored to each hotel within a given customer’s portfolio.

A range of hotel operations require accounting software solutions -- is it possible to scale offerings to suit small operators, boutique chains, and enterprise-level hotel brands?

From single-property owner-operators to expansive portfolios exceeding 100 hotels, a cloud-based accounting provider can deliver innovative and scalable solutions to a range of hotel operations – all while helping customers drive financial performance and manage successful hotel operations.

Effective scalability and dashboard customization are essential tools to increase profitability and boosts bottom lines for hoteliers. Seamless integration with other key systems and tools in the industry allows hoteliers to deploy new platforms across a multitude of properties.

The hospitality industry is experiencing unprecedented impacts due to COVID-19. Are you concerned about the future of the industry?

The future of the hospitality industry is in capable hands thanks to the forward-thinking back-office solutions that are available to hoteliers. COVID-19 drastically affected the industry’s economic outlook, forcing owners and management to reevaluate strategic plans and budgetary choices.

After realizing the potential long-term impact of COVID-19 on customers, M3 immediately enacted cost-savings initiatives and software enhancements at no cost to ease the new challenges customers faced while supporting a larger work-from-home, back-office enterprise. M3 plans to continue to do the right thing by its customers by offering customized product releases, additional support hours and direct customer savings through reduced property fees.