Otelier launches automated reconciliation program

Otelier, the hospitality performance optimization platform, has launched Otelier Rec, a new product that automates financial reconciliation workflows. According to the company, the product can save hotels thousands of dollars per month.

Rec looks to solve the 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 in 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,” Otelier Chief Product Officer Niki Johnson said in a statement. “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 and/or point-of-sale system to your the hotel’s 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 a hotel’s accounting system, including revenue, taxes, cash, credit card transactions and ledger balances. Configurable to each hotel’s needs, this workflow remembers as hoteliers 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,” Otelier CEO Vic Chynoweth said in a statement. “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, bringing together key 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.