The Best Hospitality Accounting Software 2024

M3 Accounting is the best hospitality accounting software for hoteliers of all sizes. Its end-to-end solution is packed with valuable features for organizing financial reports, analyzing business performance, and simplifying accounting workflows.

Most accounting software offers these functionalities, but very few, like M3, cater specifically to the hospitality industry. But even such niche technology has specialized accounting solutions depending on the business.

For example, Inn-Flow automates daily accounting workflows for smaller hotel chains, while Nimble Property has a customizable dashboard for a quick overview of your financial performance across properties.

To make your choice easier, we’ve compiled a list of the five best hospitality accounting software in 2024.

Table of Contents Table of Contents

1. The Best Hospitality Accounting Software Ranked
2. The Best Hospitality Accounting Software Reviews
3. The Best Accounting Software for Hospitality Businesses Compared
4. Conclusion - What is the Best Hospitality Accounting Software?
5. How we Test Accounting Software
6. How to Choose the Best Accounting Software
7. FAQs

Show Full Guide

Table of Contents

1. The Best Hospitality Accounting Software Ranked
2. The Best Hospitality Accounting Software Reviews
3. The Best Accounting Software for Hospitality Businesses Compared
Show Full Guide
4. Conclusion - What is the Best Hospitality Accounting Software?
5. How we Test Accounting Software
6. How to Choose the Best Accounting Software
7. FAQs

The Best Hospitality Accounting Software Ranked

Here’s our list of the five best hospitality accounting software for specific workflows.

• M3 Accounting: Best Overall Hospitality Accounting Software
• Inn-Flow: Best Hospitality Accounting Software for Automating Workflows
• AccountsIQ: Best Hospitality Accounting Software for Intelligent Forecasting
• Nimble Property: Best for Property-specific Accounting
• PVNG (by Aptech): Best for Flexible Operations

The Best Hospitality Accounting Software Reviews

Before jumping into the reviews, let me walk you through our selection process.

First, we compiled a list of the top-rated hospitality accounting software based on user ratings from reputed sites like G2 and Capterra.

Next, we thoroughly scoured user documentation and watched countless how-to videos to assess how the software works.

Based on our research, we assessed each tool on key factors every accounting software should score high on—ease of use, price, features, scalability, and integrations.

You can learn more about our evaluation criteria here.

Now that’s covered, here’s our list of the top five hospitality accounting software in 2024.

M3 Accounting — Best Overall Hospitality Accounting Software

M3 accounting is an end-to-end hospitality accounting software designed specifically for the hotel business. Hoteliers of all sizes can use the application to prepare balance sheets, create financial reports, and reconcile bank transactions.

It has two accounting solutions:

• Accounting Core offers easy-to-use modules to streamline accounting functions. You can create custom financial reports, generate tax forms, set up budgets, and so on. It’s for management teams looking to drive visibility across multiple properties.
• Core Select™ is the M3 starter pack for accounting. It offers self-service accounting capabilities that let you produce bank statements, reconcile transactions, and import data seamlessly. The solution is built for smaller hotels and management companies with up to five entities.

Both solutions allow third-party integration with your property management (PMS) and point-of-sale (POS) systems. They also offer custom reporting and financial statements. Your accounts and reports are updated regularly so your team always has the latest data at their fingertips.

However, I found its interface to be quite unintuitive. It’s clear that M3 prioritizes functionality over usability—something experienced accountants and hoteliers churning large volumes of data will appreciate. Novices, on the other hand, will find its jargon-filled dashboard difficult to comprehend initially.

But this isn’t cause for concern since M3’s customer success team holds regular webinars to educate its users on the platform and hospitality accounting. You can also enlist the help of CPAs, MBAs, and industry veterans via M3’s outsourcing services.

M3 Pricing Plans

M3 doesn’t share its pricing plans on its website. For a detailed price breakdown, you need to sign up for a free demo with its sales team.

Inn-Flow — Best Hospitality Accounting Software for Automating Workflows

Inn-Flow simplifies back-office accounting tasks by automating invoice entry, bank reconciliation, and vendor payments. Its features are suitable for large hotels and hospitality chains coordinating between multiple stakeholders.

Its AI-powered bookkeeping feature streamlines mundane tasks like daily accounting entries, invoice approval workflows, and bank and credit card reconciliations. Compared to M3’s manual processes, automating tasks in Inn-Flow reduces accounting report errors.

Automation also ensures the financial insights from Inn-Voice’s automated financial reports are reliable. You can view the financial performance at each hotel across different time periods. Moreover, these reports are compliant with industry standards like the USALi 11th Edition Chart of Accounts.

However, Inn-Flow also understands even the most advanced technology can make mistakes. Which is why it offers an outsourcing service to hire bookkeeping assistance.

Inn-Flow Pricing Plans

Inn-Flow’s accounting software is available for a monthly subscription per hotel. Additional services like payroll and labor management follow per-employee pricing. For more details on its pricing plan, you’ll need to reach out to the sales team.

AccountsIQ — Best Hospitality Accounting Software for Intelligent Forecasting

AccountsIQ is a cloud-based accounting software with powerful analytics features. You can monitor real-time sales, track costs, and consolidate financial data across entities. Its forecasting and accounting tools are useful for hoteliers running a multi-location hospitality chain.

Its cloud-based system offers centralized control over all your financial reports like accounts payable, bank reconciliations, and transactions. Using its API, you can link your POS and PMS systems so reports are updated in real-time.

But its stand-out feature is its business intelligence (BI) software. The program consolidates data from all locations to provide a multi-dimensional analysis of your business’s financial health. The reports are presented in fully interactive dashboards so you can drill down into the data further.

The dashboards are role-based, letting you measure performance by location and department. For example, you can see how well restaurants in a specific location are faring. Even though I found its user interface to be very basic, it was still easier to navigate than M3 accounting’s platform.

AccountsIQ Pricing Plans

AccountsIQ has three pricing plans:

• Essentials at £199 (~$253) per month with all the basics like budgeting, reporting, and bank connections
• Growth at £450 (~$573) per month includes everything in essentials plus business intelligence capabilities
• Enterprise is AccountsIQ’s custom plan with advanced features like custom reporting and API access

Nimble Property — Best for Property-specific Accounting

Nimble Property is an all-in-one hospitality accounting platform offering P&L statements, balance sheets, and combined reports for comparative analysis. All this is available in a single login so hoteliers with multiple properties can manage their finances easily.

It lets you connect your bank accounts so transactions are automatically updated in the system. You can also streamline accounting workflows with AI-enabled billing and multi-level approval processes. It also supports real-time alerts, so you never miss an important update.

You can track and measure all your transactions and earnings with 60+ industry-specific reports and statements. Insights from these reports use historical data so that you have the complete picture while setting your budget and operational costs.

Nimble presents all these features on an intuitive dashboard. You can personalize the dashboard’s interface with responsive widgets so you see vital financial data and insights immediately.

Nimble Property Pricing Plans

Nimble doesn’t list its pricing publicly. You’ll need to reach out to the sales team to understand their pricing plans.

PVNG (by ApTech) — Most Flexible Hospitality Accounting Software

PVNG is ApTech’s accounting software solution for the hospitality industry. It offers basic accounting features like third-party integrations, invoice scanning, and budgeting—ideal for hospitality businesses of all sizes.

Its simple interface is divided into modules so hoteliers can easily control all financial aspects of their business.

The Accounts Payable module lets you manage your vendor invoice workflows. You can review invoice information, confirm cheque details, and provide auto distribution capabilities. It also helps streamline daily accounting processes with its bank and deposit reconciliation.

Its General Ledger module can import information directly from Excel spreadsheets—quite dated compared to auto import options available with M3 and AccountsIQ. However, you can still perform basic tasks like budgeting, forecasting, and financial analysis with ease. Moreover, all the data is supported by reliable financial controls and audit trails.

For more advanced functions, you’ll need to subscribe to its paid add-ons:

• Execuvue is ApTech’s business intelligence application offering in-depth reporting and analysis
• Targetvue is ApTech’s budgeting and forecasting solution offering a central database for planning and managing hotel activities.

These applications can work as a fully integrated solution or individually with your existing hotel management solution, giving you more flexibility compared to other tools on the list.

PVNG (by ApTech) Pricing Plans

All applications are sold as individual add-ons. You’ll need to reach out to ApTech’s sales team to learn more about its pricing plans.

The Best Accounting Software for Hospitality Businesses Compared

Conclusion – What is the Best Hospitality Accounting Software?

M3 Accounting is our choice for the best hospitality accounting software in 2024. Its end-to-end solution offers a comprehensive feature set perfect for hospitality businesses of all sizes.

You can create balance sheets, track bank transactions, and generate custom reports. However, first-time users may feel overwhelmed by its jam-packed interface.

If you’re looking for simpler solutions, Inn-Flow’s and Nimble Property’s easy-to-use interface may be a better option. Inn-Flow also offers automated workflows so smaller businesses can save time on mundane accounting tasks.

But one thing is clear: There’s a tool for everyone. You just need to find the right one, and we think the best place to start is with M3 Accounting.

How we Test Accounting Software

• Pricing — We check if the platform offers a free version. We also assess how much value its paid plans offer.
• Features — We evaluate each platform’s features to investigate if it meets the needs of the hospitality industry.
• Integrations — Accounting software should be able to connect and communicate with third-party tools like PMS and POS systems used to run the hotel.
• Automation — We check each platform’s automation capabilities, and evaluate whether it simplifies the accounting workflows or makes them more complicated.
• Ease of use — We test each platform to check whether they have a high learning curve. Can novices easily pick up and use the platform?
• Third-Party Reviews — We read first-hand accounts from actual users to determine popular opinions about each tool in the hospitality industry.

How to Choose the Best Accounting Software

• Budget — Work with your team to evaluate whether the software offers a fair value for its price, i.e., you get the features you need at your price point.
• Ease of Use — Evaluate whether the platform is easy to use and doesn’t require a lot of training. The easier a platform is to use, the faster it will be adopted by your team.
• Compatibility — Ensure the platform is compatible with your existing tech stack. Also, check if the software has a mobile version, as it offers users more flexibility.
• Key Features — Sometimes, key features are only available with higher plans. Make sure to check if the software offers all the features you need within your budget.
• Scalability — Assess whether the software scales easily with growing requirements. Also, check the additional functionalities it provides with scaling.
• Customer Support — Understand the company’s customer support options. Does it have a chatbot, email support, phone support, or a customer success manager?

FAQs