CFOs, casino controllers, accounting managers and gaming-focused project managers are faced with the challenge to employ modern technology to improve efficiency and drive business growth. They also face strict regulatory requirements, which necessitate accurate performance metrics.
Being able to assess information across the enterprise, as well as at a departmental level is key to improving operations and hitting business objectives. It’s not unusual for finance teams in the gaming and casino industry to oversee multiple properties; this is something that can complicate processes and add considerable amounts of time onto routine tasks.
Ultimately, accounting teams seek to achieve transparency across the organization and have a clean audit with revenue allocated appropriately. A cloud-based casino accounting software can do wonders for companies working to optimize their business systems.
Now, casino operators can improve the management of administrative and financial departments, and gain tools to increase the success of purchasing and inventory with casino accounting software integrated into casino management software.
Implementing such an accounting system helps casinos run their back office, as well as deliver information to staff, all which is likely to improve the customer experience. There are several benefits of modern ERP solutions that will satisfy the needs of a tribal gaming and management company:
Real-time Data Insights
Better insights lead to quicker, more informed decisions. Real-time views of financials at a department level enable team members to view cash inflows and outflows across the company as a whole, while giving more granular business intelligence. Filtering data instantaneously to stakeholders in a way that is impactful to specific roles eliminates the need for the financial team to deliver summary-level Excel files that typically take excessive time to prepare without the accuracy of advanced systems.
Dashboards that reveal actionable insights are available at the touch of a button. It’s also possible to compile data from various departments, while mapping and posting daily financial activity at the transaction level. This valuable information enables leadership with the flexibility to execute weighty decisions in an efficient, timely manner.
Those who are employed by casinos work in a fast-paced environment that can take them from meetings to the floor and back on a regular basis. Having access to information and data any time, anywhere gives employees a competitive advantage.
Mobile accounting solutions are accessible from any smart device and can deliver real-time reports with department-specific performance metrics, along with data-view permissions designated by role.
Streamline Revenue Audit Process
It’s easier to adhere to regulatory requirements when teams aren’t taxed with hand-keying cash inflows and outflows into spreadsheets. This takes valuable time and resources and subjects the business to the risk of human error, which could lead to an unwanted audit.
Transaction-level audit-ready financials can be automated. Aggregating every single casino transaction into one detailed report provides the accounting team with digital data at their fingertips.
Many gaming organizations work with manual, paper-based procurement processes that don’t allow for quick approvals and electronic workflows and authority thresholds. A modern accounting software gives leadership the luxury of approving processes while on the go from their mobile device.
Staff can manage purchases through a real-time dashboard, and the submitter will receive an email notifying them of approvals, so they can complete their orders in a timely manner. The system also provides documentation and tracking so users can see where orders are in the pipeline. Staff will be able to better focus on crucial business needs, rather than tracking down an approver to sign off on requests.
Clear out old storage rooms and rid the workspace of file cabinets and paper records that take valuable space from the organization. ERP systems allow for the storage and exchange of digital documents.
By hosting important and historic documents in the cloud, they can be accessed by the team, no matter where they are working and at any time, as long as they have an Internet connection. For documents that require approvals, the system records edit history by user. Built in security features also help safeguard intellectual property. Uploading documents into one system helps to reduce errors, smooth processes, and save time and money — it also keeps items in one location and audit-ready.
As mentioned above, gaming organizations are often spread across several properties. Streamlining multi-entity consolidation is often the driving force for a connected ERP system. Financial management is a complex and nuanced process and it can become vastly more complex when different locales and casinos with varying structures roll up into one parent entity.
Linking multi-entities in one easy-to-use accessible system makes management easier and more efficient. Entering a new entity is now simple and takes only moments; processes and controls are mirrored from the master structure and users can select among determined data sets.
Improve efficiency and cost savings by implementing a modern cloud-based accounting system. Contact us to learn more about our Accounting Software for Tribal Gaming and Management or to request a complimentary software consultation.