For many vacation rental hosts and managers, it’s becoming increasingly difficult to keep up with the day-to-day bookkeeping of an ever-expanding business. Now more than ever, hosts want to decrease the burden of these tasks. An integration like Rental Ninja is a perfect solution to help with your finances and bookkeeping.
The most common problems in managing vacation rental finances
The management of vacation rentals requires a lot of work behind the scenes, and one of the most important tasks is finance and accounting. There is no shortage of problems that can be catastrophic in the growth of a business if not addressed in the right way. Many hosts still carry out manual financial tracking, which may seem like it saves time, however can present a number of problems. Here they are a few of the most common problems:
1. Incorrect or incomplete data
This is especially the case of the most successful vacation rentals, the volume of data handled is enormous: quarterly taxes, guest invoices, other management tools, payment to suppliers, insurance, etc. Undoubtedly, in a situation like this, any error in the data can throw the accounts out of balance.
2. If tracking is manually done, it is impossible to have an idea of the accounts in real time
Without management software, it is difficult to get an overview of the state of taxes due. In addition, it requires more time and effort, which is time consuming. In the case of vacation rentals, a standard accounting software may not be sufficient. You may need a software that meets the specific needs of a vacation rental owner / manager.
3. Manual bookkeeping is a tedious and unmanageable task
This is without a doubt the most common problem and the one that makes many hosts and managers throw in the towel or fail to achieve the expected benefits. Especially if there are several people in charge of managing a rental, the process can become even more complicated.
4. Problems in keeping track of income
If your accounts are balanced, this is the main sign that everything is going well, but when they are not, problems start to arise. Nowadays, payment methods are very varied, which on the one hand is positive for guests, but can create more problems if the management is not properly automated.
5. Lack of automation is the main cause of bad management
Automated vacation rental management not only frees up manual tasks and saves time, but also connects all parts of a business, so that all data, accounting, communications and other management is updated in real time from a single interface.
Rental Ninja and Smoobu: the key to global property and vacation rental management
As we have established, having a reliable system is therefore essential, and that is why a management software with Smoobu will cover all these needs thanks to one of our integrations: Rental Ninja.
By incorporating Rental Ninja as a tool you will be able to automate accounting easily from a single unit, creating a perfect ecosystem to handle all aspects of property management without errors and instantly.
Greater process autonomy
Automated accounting systems are less prone to errors than manual methods. In this case, Smoobu and Rental Ninja perform the calculations automatically, reducing the risk of calculation errors and guaranteeing a true-to-life accounting.
Better organization of your business
Our integration with Rental Ninja can help you keep your financial records organized and accessible from anywhere. You’ll have all your transactions, invoices and other financial documents at a glance, making it easy to find and reference the information you need instantly.
This is especially useful for multi-person management teams, as it will be much easier to share all your financial documentation with your legal advisors by giving them access to your account.
Saving time without worry
Automated accounting systems save a considerable amount of time on day-to-day manual tasks by eliminating manual data entry and streamlining taxation processes. It will be possible to automate administrative tasks such as creating invoices, tracking payments and much more, freeing you from having to keep track of everything manually and avoiding tax risks and problems.
An automated accounting system provides real-time visibility of your financial data, so you can make informed decisions quickly. You will have access to financial statements, reports and revenues, allowing you to better control the solvency of your tourist accommodation.
Risk-free global management and expenses under control at all times
With Rental Ninja you can create alerts for any missed payments, so you can also keep track of tenants and guests who are late with their payments, helping you to improve your cash flow and avoid financial setbacks.
Register for our joint webinar to learn more about how Rental Ninja and Smoobu can help you
Because poor financial management can ruin a host, automated tools have never been more important than they are today.
We want to help hosts and managers get better results every day, and a webinar gives us the opportunity to learn more about what our customers’ real needs are first hand.
We will discuss these topics in depth and be able to answer your questions in person. Register here and join us or watch on-demand at your best convenience on March 16th at 4 PM CET , we look forward to seeing you!
Table of Contents
- 1 The most common problems in managing vacation rental finances
- 2 Rental Ninja and Smoobu: the key to global property and vacation rental management
- 3 Register for our joint webinar to learn more about how Rental Ninja and Smoobu can help you