Cloud-Based Accounting Software Development for Hotels and Restaurants

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Scope of Work: Cloud-Based Accounting Software for Hotels and Restaurants This document outlines the scope of work for the development and implementation of a cloud-based accounting software solution tailored for the hotel and restaurant industry. 1. Project Goals: The primary goals of this project are to: • Develop a comprehensive, user-friendly, and secure cloud-based accounting software platform. • Streamline financial operations for hotels and restaurants. • Provide real-time insights into financial performance. • Integrate seamlessly with existing systems (e.g., PMS, POS, CRM, GIS, STR). • Offer customization options to meet specific business needs. 2. Functional Requirements: The software must include, but is not limited to, the following functionalities: 2.1 Core Accounting: • General Ledger: o Customizable Chart of Accounts based on the Uniform Systems of Accounts for Hospitality Industry. o Journal Entry Management (including recurring entries). o Trial Balance generation. o Financial Statement generation (Income Statement, Trailing 12, Balance Sheet, Cash Flow Statement). o Automated reconciliation processes (Bank Accounts, Credit Cards, etc.) • Accounts Payable (AP): o Vendor Management (including contact information, payment terms, W9,1099 Status, etc.). o Invoice Processing & Image Management (including automated AI data capture, coding and entry). o Payment Processing (integration with payment gateways). o Expense Tracking and allocation. o Purchase Order Management. • Accounts Receivable (AR): o Customer Management (including contact information, billing addresses). o Invoice Generation (including customizable templates). o Payment Processing (integration with payment gateways). o Collections Management (including automated reminders). o Sales Tax Management. • Inventory Management: o Inventory Tracking (including real-time updates). o Cost of Goods Sold (COGS) calculation. o Inventory Valuation methods (FIFO, LIFO, Weighted Average). o Stock Control and alerts (for low stock levels). o Recipe Management (for restaurants). o Waste Management (for restaurants). • Fixed Asset Management: o Asset tracking (including depreciation calculation). o Asset reporting. 2.2 Hotel & Restaurant Specific Functionalities: • Integration with Property Management Systems (PMS): o Automated data transfer of room charges, guest information, and other relevant data. • Integration with Point of Sale (POS) Systems: o Automated data transfer of sales transactions, payment information, and other relevant data. • Revenue Management: o Tracking revenue by source, segment & rate plans (e.g., room revenue, food and beverage revenue). o Occupancy rate calculation (for hotels). o Average check size calculation (for restaurants). • Reporting and Analytics: o Customizable reports and dashboards. o Key Performance Indicators (KPIs) specific to the hotel and restaurant industry (e.g., RevPAR, food cost percentage). o Real-time financial performance monitoring. • Budgeting and Forecasting: o Budget creation and management (Based on CPOR, Fixed, % of Sales, % of Cost, By Day, By Month, Annual) o Forecasting tools based on historical data and trends (Based on CPOR, Fixed, % of Sales, % of Cost ( By Day, By Month, Annual) 2.3 Additional Features: • User Roles and Permissions: Granular control over user access and permissions. Two-Factor Authentication is a must. • Multi-Location Support: Ability to manage financials for multiple properties or locations. • Mobile Accessibility: Access to the software via mobile devices (iOS and Android). • Data Security and Compliance: Robust security measures to protect sensitive financial data. Compliance with industry standards (e.g., PCI DSS, GDPR). • Audit Trail: Comprehensive audit trail of all transactions. • Reporting and Analytics: Customizable reports, real-time dashboards. • Integration Capabilities: APIs or other methods for integrating with existing systems. • Multi-Currency Support: Ability to handle transactions in multiple currencies. 3. Technical Requirements: • Cloud-based platform: The software must be hosted on a secure and reliable cloud platform (e.g., AWS, Azure, Google Cloud). • Scalability: The software must be scalable to accommodate future growth and increased transaction volumes as well as number of sites. • Security: Robust security measures, including data encryption, access controls, and regular security audits. • Performance: The software must be responsive and performant, even with large volumes of data. • Availability: High availability and uptime. • Browser Compatibility: Compatibility with major web browsers (Chrome, Firefox, Safari, Edge). 4. Implementation: • Requirements Gathering: Conduct thorough needs assessments to understand specific requirements and workflows. • Software Development: Design, develop, test, and deploy cloud-based accounting software. • Data Migration: Migrate existing financial data from legacy systems (if applicable). • Integration: Ensure seamless integration with existing systems (PMS, POS, CRM, etc.). • Customization: Provide customization options to tailor the software to specific business needs. • Training and Documentation: Provide comprehensive training for staff and develop detailed user documentation. 5. Support and Maintenance: • Ongoing Technical Support: Provide timely and responsive technical support. • Software Maintenance: Regular software updates and bug fixes. • Service Level Agreements (SLAs): Define clear SLAs for support response times and system uptime. 6. Deliverables: • Fully functional cloud-based accounting software platform. • Comprehensive user documentation. • Training materials and sessions. • Data migration plan and execution. • Integration with existing systems. • Ongoing support and maintenance. 7. Acceptance Criteria: The software will be considered accepted when it meets all the functional and technical requirements outlined in this scope of work, and after successful user acceptance testing

Keyword: Web Development

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