While operating at maximum efficiency, a casino’s success is hinged on its ability to take care of optimal revenue levels, like any business. And given the big amount of economic transactions that flow through casinos on a daily basis — both in quantity and value — there are many opportunities for error. Especially if leaders have made the correct investment into valuable time-saving resources like technology, there’s also a high potential for the finance department to accomplish daily, routine accounting tasks in a very more efficient and optimal manner, as is that the case with most casinos that offer poker and slot games (or 슬롯게임 in Hangul).
What can have a transformative impact on a casino’s operations is investing in accounting software that’s built to handle the unique nuances of the gaming industry. The correct technology puts a reimbursement into a casino’s bottom line and adds time back to its employees’ workdays — and successively, their focus shifts from managing transactions to projects that add major value to the business.
Here are four ways casino accounting software can save casinos time, produce a greater return on investment (ROI) and foster more productive, growth-oriented strategic finance teams.
1. Automation of Manual Processes
The ability to automate manual processes that may cut down finance departments is a key advantage of any accounting software solution — and accounts payable (AP) traditionally has been one in each of those processes for several casinos.
What saves our typical casino customer 12 minutes per transaction is automating manual workflows to complete the AP process. No more tracking down signatures and waiting on manual approvals — departments can approve everything on the fly with casino accounting software, streamlining entire AP processes and other inefficient workflows. This implies AP clerks not should look to buying agents to seek out pertinent order/receiving documents since they’re automated through the casino accounting software platform. As an example, if a manual process took roughly 12 minutes to finish whenever, at 300 transactions per week, a casino saves approximately one employee’s worth of your time weekly just by introducing a software solution like casino accounting software. Proving just how substantial these time savings may be for a casino’s finance department, many properties have manual processes that always take over 20 minutes of effort per transaction.
2. Greater Transparency and Digital Document Management
With such a big amount of transactions going down inside a casino daily, the sheer amount of data that the finance department must keep track of is immense. And without the right technology, finding the proper information takes up plenty of your time, whether it’s for an audit or just to make sure of accuracy.
A casino accounting software affords casinos even greater time savings and workflow efficiency by providing increased transparency and accessibility throughout all standard accounting processes. Rather than burdening a revenue audit manager with compiling stat data at every step, a casino-specific accounting software solution will automatically capture all of the mandatory information and actions, for accuracy review, making all of the info readily accessible anytime, anywhere.
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3. Automation of Revenue Audit Analytics
A revenue audit is vital to their reputation and overall long-term success from a compliance perspective, and it isn’t only necessary for casinos. Traditionally, resulting in an awfully inefficient process that’s often vulnerable to errors, a revenue audit may be a tedious process that forces staff members to spend hours meticulously reviewing every transaction manually.
With casino accounting software, however, detailed transaction data and proper supporting documentation are all pulled into one “system of truth.” As a result, those staff members accountable for working within the system instantly have visibility into all essential revenue audit data, which allows them to form audit-ready financials and meet anti-money laundering (AML) compliance requirements. Without adding staff to the budget, casinos ultimately get a leg up within the fight against fraud.
Streamlining this process and automating data capture end up in fewer errors and makes the finance department way more efficient, positioning them to form more value-added contributions to the casino and its growth.
4. Advanced Business Intelligence
Limited in how they will leverage their data are casinos that depend upon manual workflows for his or her accounting processes. A casino accounting software, on the opposite hand, provides real-time reports supporting the info that’s automatically entered into the system, creating a department-specific flash report with stronger and more consistent insights.
Ending up in stronger decision-making and boosts profitability, this functionality also arms casino leaders and their teams with advanced business intelligence. Leaders charged with gaining insight from financial reports are able to leverage far greater amounts of information than they may without a casino accounting software’s automated data delivery capabilities, whether it’s summarizing data across casino properties or pulling specific reports. The ROI is within the power of offering users pivotal, instant business intelligence — from growth opportunities to potential areas of improvement — with the clicking of a button.
Why Use casino accounting software?
There’s little question that incorporating technology into financial processes is important for casinos to work with greater efficiency and grow their bottom line. The key’s implementing the proper technology with a partner that lives and breathes gaming the way you are doing.
Given the intricacies of the gaming industry, leveraging a casino-specific accounting solution like casino accounting software, plus the facility of a partner with vast industry experience, best positions casinos for the best ROI with their technology investment. In fact, many casinos have achieved realized ROIs of overflow 200% from implementing a casino accounting software, with projected total cost ownership of 63% but their previous solutions.
With a financial application that’s specifically designed to fulfill the unique challenges you face, you’ll be able to gain peace of mind in knowing you’ve got the tools to consistently — and efficiently — achieve better data integrity and obtain deeper financial insight.