ThinkAccounting is an integrated financial solution that pairs ThinkReservations’ powerful internal reporting with professional, U.S.-based bookkeeping services. Designed specifically for the hospitality industry, ThinkAccounting provides property owners with expert financial oversight without the need to learn a new software interface.
1. How It Works: Seamless Integration
ThinkAccounting is not a separate software platform. Instead, our team of experts works directly within your existing ThinkReservations account.
Native Interface: Adding ThinkAccounting does not change your user interface or add new tabs to your dashboard. Our team utilizes the Reporting and Chart of Accounts systems already native to your ThinkReservations account.
Data Integrity: Because the service uses your live reservation data, there is no risk of sync errors or data mismatches between your property management system and your sub-ledger.
2. The Foundation: Night Audit
To ensure the highest level of financial accuracy, ThinkAccounting requires that the Night Audit feature be enabled on your account.
The Night Audit is a crucial end-of-day process that "locks" a business day's financial data, preventing accidental changes to past transactions and ensuring your books remain balanced.
Why Night Audit is Essential:
Data Accuracy: It guides you through verifying departures, balances, and payments, ensuring your daily totals are correct before they are finalized.
Audit Trail: Once a day is "audited," transactions for that date can no longer be edited or deleted, creating a reliable audit trail for our bookkeeping team.
Integration Ready: A completed Night Audit is required for those utilizing the QuickBooks Online or Desktop integrations to push daily summaries automatically.
3. ThinkAccounting Managed Services
Our U.S.-based hospitality accounting experts handle the heavy lifting of your property’s back-office finances.
Monthly Bookkeeping & Reconciliations
Comprehensive Oversight: We reconcile bank accounts, credit cards, merchant accounts, and revenue.
Fixed Assets & Depreciation: Expert tracking of long-term assets to ensure your balance sheet is always accurate.
Tax Compliance: Support for filing sales and occupancy taxes to keep your property compliant with local regulations.
Professional Financial Reporting
Receive standardized, easy-to-read monthly reports produced by our team using your ThinkReservations data:
Profit & Loss Statement
Balance Sheet
Statement of Cash Flows
Accounts Payable & Receivable tracking
Payroll Administration
Customized payroll formatting and reporting.
Management of tax withholdings, unemployment insurance, and Form 941 filings.
4. Security & Peace of Mind
Insured Services: Our accounting services are fully insured for cybersecurity and errors & omissions.
Expert Support: Access dedicated support via email or video for monthly reviews of your financial health.
Flexible Terms: No long-term contracts; our services are provided on a month-to-month basis.
Getting Started
If you are interested in ThinkAccounting, our team will assist with the initial setup, which includes:
Enabling Night Audit: We will help you review your transaction history and prepare your account for its first Night Audit.
Historical Clean-up: We ensure your past data is accurate before we begin our monthly management.
Chart of Accounts Setup: We help align your internal ThinkReservations categories with your professional accounting needs.