Financial Control in Hospitality

Performing reconciliations:
accounting software allows reconciliations to be performed automatically and rapidly;
these include reconciling cash book balance with balance on bank statement and reconciling control account balances with balances from sales ledger and purchases ledger.

Ease and capacity of information storage:
computers provide virtually unlimited space for storing data on discs (hard disks, servers, removable disks and even on the internet);
these require very little space and may retain information for years;
besides, information can be safeguarded by making backups (keeping same information on different disks);
using computers reduces considerably the use of filing cabinets.

Security:
information on computers are considered to be safe;
this is because access to information can be restricted by using passwords;
also, in some accounting software which allows multi-users, it is easy to trace which user has performed what transaction;
this reduces the risk of fraud.
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