General Ledger & Financial Close for Hospitality
Hospitality
9-12 months
5 phases
Step-by-step transformation guide for implementing General Ledger & Financial Close in Hospitality organizations.
Why This Matters
What It Is
Step-by-step transformation guide for implementing General Ledger & Financial Close in Hospitality organizations.
Is This Right for You?
51% match
This score is based on general applicability (industry fit, implementation complexity, and ROI potential). Use the Preferences button above to set your industry, role, and company profile for personalized matching.
Why this score:
- • Applicable across related industries
- • 9-12 months structured implementation timeline
- • Requires significant organizational readiness and preparation
- • High expected business impact with clear success metrics
- • 5-phase structured approach with clear milestones
You might benefit from General Ledger & Financial Close for Hospitality if:
- You need: Modern ERP or willingness to upgrade
- You need: Clean chart of accounts
- You need: Documented close process
- You want to achieve: Achieve a close cycle time of 1-2 days
- You want to achieve: Increase reconciliation automation rate to 75-90%
This may not be right for you if:
- Watch out for: Data silos from disconnected systems
- Watch out for: Decentralized operations complicating standardization
- Watch out for: Legacy systems hindering integration
- Long implementation timeline - requires sustained commitment
What to Do Next
Start Implementation
Add this playbook to your workspace
Implementation Phases
1
Assessment & Readiness
8-12 weeks
Activities
- Conduct current state process mapping
- Assess ERP maturity and integration readiness
- Clean and standardize chart of accounts
- Document existing close process and pain points
- Identify key stakeholders and secure CFO/controller sponsorship
- Evaluate bank and PMS/POS integration capabilities
Deliverables
- Current state process map
- ERP readiness assessment report
- Standardized chart of accounts
- Documented close process
- Stakeholder engagement plan
Success Criteria
- Completion of process mapping
- Stakeholder sponsorship secured
- Identified integration capabilities
2
Solution Design & Vendor Selection
8-12 weeks
Activities
- Define automation requirements
- Select platform for automation
- Design integration architecture
- Define KPIs and success metrics
- Develop change management and training plan
Deliverables
- Automation requirements document
- Selected vendor/platform
- Integration architecture design
- KPI and success metrics framework
- Change management plan
Success Criteria
- Vendor selected
- Integration architecture approved
- KPIs defined and agreed upon
3
Pilot & Quick Wins
8-12 weeks
Activities
- Automate bank reconciliation
- Auto-post recurring journal entries
- Implement close checklist and task management
- Pilot with 1-2 properties
- Gather feedback and refine workflows
Deliverables
- Automated bank reconciliation process
- Recurring journal entries automation
- Close checklist
- Pilot feedback report
Success Criteria
- Successful automation of bank reconciliation
- Positive feedback from pilot properties
- Completion of close checklist
4
Rollout & Integration
12-16 weeks
Activities
- Expand automation to all properties
- Integrate PMS, POS, payroll, and accounts payable modules
- Deploy AI-powered reconciliation
- Centralize reporting and consolidate data
- Enable real-time dashboards and analytics
Deliverables
- Fully automated GL process across properties
- Integrated financial systems
- Real-time reporting dashboards
- Consolidated financial data repository
Success Criteria
- Full rollout completed
- Real-time dashboards operational
- Integration of all financial systems
5
Optimization & Continuous Improvement
Ongoing
Activities
- Refine AI models based on feedback
- Automate variance analysis and exception reporting
- Implement feedback loop for continuous improvement
- Train teams on new workflows
Deliverables
- Refined AI models
- Automated variance analysis process
- Feedback loop mechanism
- Training materials for teams
Success Criteria
- Reduction in errors and exceptions
- Positive stakeholder feedback on improvements
- Increased automation rates
Prerequisites
- • Modern ERP or willingness to upgrade
- • Clean chart of accounts
- • Documented close process
- • Controller/CFO sponsorship
- • Bank integration APIs
- • Multi-property chart of accounts alignment
- • Integration with PMS and POS systems
- • Centralized financial data repository
Key Metrics
- • Close Cycle Time
- • Reconciliation Automation Rate
- • Error Rate in GL Entries
- • Days Sales Outstanding (DSO)
- • Audit Preparation Time
Success Criteria
- Achieve a close cycle time of 1-2 days
- Increase reconciliation automation rate to 75-90%
- Reduce error rate in GL entries to less than 1%
Common Pitfalls
- • Data silos from disconnected systems
- • Decentralized operations complicating standardization
- • Legacy systems hindering integration
- • Staff resistance to change
- • Compliance complexity with industry regulations