In the increasingly competitive landscape of vacation rental management, finding the right tools to streamline your workload and maximize profitability is essential. The majority of vacation rental managers use a PMS when scaling their business, but finding vacation rental accounting software that can handle the complexities of financial management is notoriously difficult.
Counting the risks
Many PMS’s will provide reliable payment modules at the front end that automate transactions and pay vacation rental homeowners — but this is only half the story. It’s the accounting software at the back end that completes the circle and unleashes a PMS’s full potential by managing OTA fees, holding security deposits and integrating with well-known payment processors. Not all PMS providers build these tools, but without them, you won’t feel the benefit of real-time tax insights, detailed expense tracking or revenue reporting that you can act on.
These accounting modules need to be flexible and able to handle huge, complex data sets, otherwise, property managers are doomed to rely on alternative platforms or painful manual workarounds. This can involve juggling multiple software systems, using manual spreadsheets or relying solely on generic platforms such as QuickBooks or Xero — not an ideal solution for time-strapped vacation rental managers.
365Villas fix
The team at 365Villas has just launched an enhanced platform that tackles vacation rental managers’ key accounting challenges and streamlines financial management. It was years in the making and will be continually improved.
Accounting was already a part of its PMS but by focusing on reshaping the functionality, 365Villas now provides an industry-leading platform for the sector.
An area that is often a key missing link for the limited number of PMS providers offering accounting software is robust profit and loss functionality. 365Villas has addressed this notoriously difficult area to develop and now offers a complete solution that gives agents P&L visibility across property managers’ entire business, not just per portfolio.
Other functionality that has also been expanded by working closely with vacation rental managers and listening to their pain points and accounting challenges, includes:
- a unified revenue report that makes it easier to monitor financial performance
- new tax insights and reporting, for better tracking and reconciliation of taxes
- handling retained funds for cancellations or damage
- handling channel fees
- simplified expense organizer with enhanced tracking & allocation
- one-click breakdowns of any expense or revenue line item
- streamlined report-building tools
- external revenue tool to absorb local referral fees or commissions from other agents
These new developments will not only give vacation rental managers full visibility on how their properties are performing, but will also incorporate other areas of expense such as overheads and non-property related charges, giving a much clearer picture of business performance as a whole.
This vacation rental accounting software works across all types of business models, including property owners, professional property managers, and hybrid models, where the client is both a property owner and manager of other properties, freeing up their time by removing arduous admin processes so that they can focus on giving guests a better experience.
If you’re too busy to manage your books properly, you are losing money. To find out how our accounting tools can help, book a demo today.
