A Large Hospitality Services Company
The Company is an industry-leading hotel management, investment, technology, and development company, with a diverse portfolio of hotels across North America, the Caribbean, Latin America, and Europe. With an executive team consisting of some of the most experienced hotel management leaders, the Company is a trusted partner for top ownership groups and major hotel brands.
The Company faced several challenges in maintaining their daily cash accounts, reconciliation, vendor reconciliation, payroll processing. They required an efficient accounting system and a team that could help them in calculating taxes faster and preparing MIS more effectively.
Due to its time-consuming nature and susceptibility to errors, the manual accounting process caused delays in generating financial reports, impacting the overall efficiency of the system.
The lack of an efficient accounting system resulted in poor performance and delays in cash account maintenance, reconciliation, vendor reconciliation and payroll processing thereby increasing the working capital needs
The lack of expertise made the accounting process prone to errors, which led to ineffective cash management, and inaccurate financials and affected the decision-making process.
The hotels had several departments with varying budget requirements, and it was challenging to consolidate the budget data and ensure accuracy in budgeting.
We, at Finadvantage swiftly understood and addressed the Company’s challenges by providing comprehensive accounting services. We automated the accounting process, which helped the Company in managing its cash accounts, reconciliations, and payroll processing more efficiently.
By outsourcing these tasks to FinAdvantage, the Company was effectively able to generate better cash savings through reduced working capital by improving their cash and vendor reconciliation timelines and the Company was able to calculate critical financials faster which helped in effective decision-making
FinAdvantage’s automated solutions, helped in managing their cash accounts, reconciliations, and payroll processing more efficiently
Leveraging the use of technology, we achieve Improved Accuracy and Efficiency while reporting financials. So, you can focus on what you do best.
Automation services provide simplicity by streamlining complex and time-consuming processes, reducing manual errors, and enabling quick access to accurate data.
Remaining competitive for a company in an industry is key to its success, with the growing cost of competition companies need to optimize cost by professional outsourcing of work can reduce operational costs by 30%-50%. We at FinAdvantage with delivery centers in India are able to reduce costs by more than 50% – 60% by delivering quality with effective technology solutions at the time zones effective for the personnel in the US
Success in today’s financial markets requires unprecedented levels of speed, accuracy, and cost efficiency beyond what a human workforce can provide. Automation helps reduce these costs by almost 55%-80%.
We at FinAdvantage have embraced technology in the solutions we provide to effectively reduce labor interventions and increase efficiency and reduce costs.
