As a business owner in the hospitality industry, you’re probably familiar with the daily reports a hotel or restaurant prepares to keep track of performance and inform future business decisions. From room occupancy to guest feedback to business forecasts, the hospitality sector spends much of its time juggling these reports, which is time-consuming and costly.
Traditional systems have struggled to cope with the massive amounts of data they handle, and hospitality firms are exploring ways to streamline and automate complex document management to drive efficiency.
So, what’s the solution?
The answer to this question is none other than ‘Artificial Intelligence.’ Let’s find out how.
Improve ROI with AI-powered Document Management Systems
The effective implementation of AI in the document management process will reduce the usage of paper significantly, making the entire process efficient and environmentally friendly. Studies conducted across the globe reveal that a shift to paperless documentation results in significant returns, with businesses achieving total ROI in under 12 months and payback in less than 18 months.
AI-powered document management systems leverage computer software to organize electronic documents. AI can play an instrumental role in digitizing the document management process to eliminate paper and enable the hospitality sector to meet its environmental sustainability goals and lead it towards a paperless future.
Docyt AI: Redefining Document Management for the Hospitality Sector
Docyt has emerged as a groundbreaking solution for the hospitality industry in efficiently handling complex and bulk financial data. Our solutions are tailored to meet the distinctive needs of the hospitality sector.
Here are the highlights of how Docyt AI’s accounting automation revolutionized the hospitality industry –
1. Streamlined Document Management through AI-powered Automation
Docyt’s efficient AI-powered accounting automation enables the hospitality sector to overcome paper bills and automate most of their manual daily routine tasks like paying bills, tracking & reconciling corporate credit card spend, creating revenue reports & financial statements, managing expense reimbursements, and getting cash and merchant processor deposit tracking through real-time Uniform System of Accounts for the Lodging Industry (USALI). Docyt AI’s Reconciliation Center consolidates all bank statements across various accounts into one centralized hub to streamline the entire reconciliation process.
2. Real-time Financial Reporting
Docyt AI integrates with PMS systems, shifting data management to AI and automation to provide our hospitality clients with real-time financial reporting. Our platform supports multi-hotel accounting, giving hoteliers a holistic view across all locations. Docyt AI generates real-time USALI financial statements. Our platform enables business owners to predict upcoming trends, comparing the performance based on KPIs and financial and non-financial metrics using customizable, advanced reporting and dashboards to make informed decisions.
Docyt AI has earned the trust of some of the biggest international hotel chains, including Wyndham Hotels & Resorts, Holiday Inn, Courtyard Marriott, Fairfield Marriott, Ramada, Days Inn, Delta Hotels and Country Inn & Suites to name a few. Docyt is also a Hospitality and Lodging Industry partner of the Asian American Hotel Owners Association (AAHOA), California Hotel & Lodging Association, Hospitality Financial and Technology Professionals (HFTP), and Choice Hotels.
3. Mobile Capabilities for On-the-Go Efficiency
Docyt AI has advanced mobile capabilities to empower hospitality professionals worldwide to manage their documents efficiently. It facilitates faster scanning of receipts & invoices via mobile devices, ensuring document management is not restricted to within the office walls. Mobile capabilities also promote a flexible & responsive work environment and significantly impact operational performance and employee efficiency.
4. Safeguards the Sensitive Financial Data
Docyt ensures data security through a vast number of security measures like – data encryption, 2-factor authentication, facial recognition, fingerprint sign-in, OAuth2.0, locking your account and data to your primary phone and any other authenticated devices added by you, and by ensuring utmost compliance with the global security standards.
To learn more about Docyt’s Data Security procedures, click here.
5. Tailored Financial Reporting Insights
The Docyt platform automates financial reports using advanced customizable reporting features to provide business owners with tailored and meaningful financial performance insights. This enables them to make informed strategic decisions based on real-time data. The platform is also equipped with features such as ‘merchant processor’ and ‘cash deposit tracking’ to improve financial visibility and allow business owners to explore new revenue streams.
6. Creating Memorable Guest Experiences
Docyt automates a vast range of manual tasks for the hospitality sector. For example, staff can be freed from repetitive work to focus on delivering an exquisite guest experience and generating extra revenue from repeat customers. Furthermore, Docyt’s AI-powered solutions ensure swift and accurate data processing, reducing the chances of error and improving staff efficiency, further improving guest experience.
Docyt has been a game-changer for the hospitality sector in its pursuit to overcome paper documentation and manual tasks through intelligent automation. Our ground-breaking technology automates mundane accounting tasks leveraging AI and providing real-time industry insights to business owners to make intelligent decisions.
If you’d like to learn how Docyt AI optimizes your financial operations, contact us.