Overview of Night Audit

The Night Audit is a key daily process in property management that ensures all transactions are accurately recorded and the property is ready for the next day. In Stayflexi, this process is streamlined to help properties efficiently manage their financials and operations at the end of each day.

Purpose of the Night Audit:

• Check Financial Records:
  • Verifies all payments, room charges, and services used during the day.
• Update Guest Accounts:
  • Makes sure that all charges and payments for each guest are correct.
• Prepare for the Next Day:
  • Adjusts room availability and other details to ensure smooth operations.

Key Tasks in Stayflexi:

• Review Transactions:
  • Automatically reviews all daily transactions, like room bookings and service charges.
• Guest Account Review:
  • Ensures all guest folios are accurate, showing the correct room rates, services used, and payments received.
• Report Generation:
  • Generates key reports such as revenue summaries, occupancy rates, and transaction summaries for the day.

How the Process Works:

• End-of-Day Closure:
  • The night audit begins when the front desk is closed, ensuring all daily activities are finalized in the system.
• System Updates:
  • Stayflexi’s system automatically updates financial records and generates daily reports or you can manually do Night Audit.
• Final Adjustments:
  • Any errors or discrepancies found are corrected to ensure accurate records.

Importance of the Night Audit:

• Financial Accuracy:
  • The audit helps ensure financial records are correct, which is important for budgeting and forecasting.
• Operational Readiness:
  • By updating room inventory and reconciling accounts, the audit prepares the property for the next day, ensuring a smooth operation.
• Performance Insights:
  • The audit provides valuable reports that offer insights into trends, helping management make strategic decisions.