Client: Hotel Bürgenstock
Situated in the heart of Switzerland, the Bürgenstock Hotel is a prestigious five-star establishment celebrated for its unparalleled luxury and hospitality. With its commitment to world-class services, the hotel attracts a discerning international clientele, offering them an extraordinary alpine experience.
Perched along the idyllic shores of Lake Lucerne, the Bürgenstock Resort is a beacon of luxury and serenity. It stands as a sophisticated sanctuary set against the backdrop of Switzerland’s breathtaking landscapes. This case study explores the significant advantages gained from implementing ReconHub at the Bürgenstock Resort Lake Lucerne. It highlights how this cutting-edge solution has transformed the resort's payment reconciliation.
Introduction
Bürgenstock, a premier destination, caters to an international clientele by dedicating itself to providing a seamless payment experience. It accommodates guests' preferred payment methods, accepting a wide range of cards including Visa, Mastercard, Discover, American Express, JCB, CUP, and various other international payment options, ensuring convenience and satisfaction.
The Challenge
Boasting three five-star hotels, an extensive culinary selection, and luxurious spa, beauty, and health services, the hotel faced a complex challenge in reconciling various international payment methods. It was crucial to ensure accurate, reconciled cash flows for each transaction, regardless of the payment platform used - be it the Hotel's property management system (Oracle PMS), the restaurants cash registers (Micros), booking portals, websites, or travel agencies. This complexity was further amplified by the need to accept local payment cards to serve their domestic guests effectively.
Moreover, the hotel had to reconcile these transactions quickly and accurately to maintain the integrity of its financial records. The manual reconciliation process was time-consuming and prone to errors, affecting the efficiency of the hotel's financial operations.
The Solution
To tackle its financial challenges, Hotel Bürgenstock adopted ReconHub, an advanced solution that integrates seamlessly with various payment platforms. This innovative tool automated the reconciliation process by accurately matching transactions from cash registers, acquirer data, and bank settlements, ensuring pinpoint accuracy at every financial phase. This automation significantly reduced the time and effort required for managing financial transactions, boosting transparency and streamlining the periodic closing of books.
The deployment of ReconHub at Hotel Bürgenstock brought an unprecedented level of clarity to their financial operations. It eliminated approximately four hours of manual reconciliation work each day, thereby freeing up substantial time for more valuable tasks than the tedious manual reconciliation of card payments. With ReconHub's meticulous transaction reconciliation, the accounting team could focus on addressing real challenges rather than being bogged down by repetitive manual tasks. This enhanced transparency not only accelerated audit processes but also substantially minimized the risk of discrepancies or errors in the financial records. As a result, accountants could spend more time on strategic analysis, significantly improving the efficiency and effectiveness.
The Results
The strategic incorporation of ReconHub into Hotel Bürgenstock's financial ecosystem heralded a profound shift, particularly in key areas:
