As a business owner, you must be on top of your cash inflows and outflows. Unfortunately, financial management and reconciliations are often ignored and left to the end of the month because, to be honest, they aren't fun and can take up a lot of time without the right tools and processes in place.
We have developed some key financial management features to assist and make this part of your business as easy to manage and efficient as possible:
1. Reconciling Airbnb payouts
Airbnb will pay you approximately 24 hours after a guest has checked in, and your payment may include multiple reservations, resolution adjustments, and can make it hard to assign to the right properties. This gets even harder as you grow as you have less time and more properties.
Here is how we have helped solve these issues for you:
We provide you with a view of all of the Airbnb Batch payments that are linked to your account/s. You need to connect your accounts to the Airbnb payouts to retrieve this data; read more about that here. You can mark these as received by simply checking the box to the far right of the table.
We will assign the reservations, and any associated resolution amounts to each property automatically. See below for an example:
You can then reconcile the amount shown in our batch payments to your bank account. Why do you need to do this? This ensures that you have received the money you are entitled to, and no reservations are being held up for payment.
Once reconciled, these reservations will be marked as reconciled on the financial statements. Find out how to set up your Financial Statements templates.
Coming Soon: If you don't receive the money from Airbnb and your homeowner does, we are releasing an invoice tool shortly that will allow you to easily produce a monthly invoice for the amounts you are owed.
2. Marking Tasks as paid
As our business grew, it became an onerous task to reconcile cleaners' invoices to reservations and ensure that we were paying for the work that was done. With the platform that we built, we solved this issue by ensuring that the cleaners are working out of the same tool and everyone has easy access to completed jobs.
We make it easy to run reports to see completed jobs in several different ways, whether per property, per assignee, or all jobs within a selected time frame. Here is how you do it:
Navigate to Task -> All Tasks and then click the filter button at the top of the table.
From here, you can easily filter down your results to suit your needs. For example, let's say you have received an invoice from Cleaner Company A for a week of jobs. If you have allocated the jobs to them through our platform, you can easily filter based on the time period, the right assignee, and the completion status. Then, easily ensure this matches their invoice.
Once you have reviewed and paid your completed cleans, you can easily record this in our system so that you can stay on top of your payments. Once marked as paid, this will also be indicated as paid on the month-end financial statements.
The assignee will also see that the task has been marked as paid when looking at their task view through the Hometime Platform. An example has been provided below:
All Tasks that have an amount in the "Amount charged to Homeowner" field will be added to the month-end statement. If the amount you pay the cleaner matches what you pay the Homeowner, you can add the same amount in both fields. The currency will be set to the payout currency that you have in Airbnb.
