Boom revolutionizes vacation rental finances with AI-powered Integrated Accounting

MIAMI, FL – Boom, the world’s first AI-powered property management system (AiPMS), has launched its Integrated Accounting solution, revolutionizing the way vacation rental managers handle their finances.

Unlike traditional property management systems which outsource their accounting functions to third-party solutions, Boom’s Integrated Accounting goes far beyond trust accounting, placing high-quality financial reporting at the center of operations.

The cutting-edge, native software features fully connected virtual ledgers, seamlessly linking booking channels, operational workflows, channel fees and more.

Holistic accounting

Manual reconciliation is one of the most time-consuming areas of short-term rental operations, and where there’s the most room for human error. By directly integrating with bank accounts and automatically categorizing fees, incomes and outgoings across departments, Boom’s Integrated Accounting ensures that every action is automatically reconciled. From guest bookings to upsells, renovations to payroll, every cost is included, creating a dynamic and accurate profit and loss (P&L) sheet both by property and for your entire portfolio.

Boom’s Integrated Accounting adopts a holistic approach, reconciling payments as soon as they occur to avoid manual errors, providing real-time visibility into each property’s financial health, as well as an overarching view of the whole business.

Designed to simplify complex workflows,Integrated Accounting from Boom automates the entire financial lifecycle. When an invoice comes in, the payment process is initiated, and the system reconciles the transaction immediately in the P&L sheet. On the incoming side, new booking funds are properly segregated and tracked to ensure compliance with the highest industry standards for trust accounting.

This integrated accounting system follows the launch of Boom’s dashboard, a detailed one-page overview for property managers of how their entire portfolio is performing, in real time. AI collects data from all areas of the business and creates a mission control center for managers, calling out the most important factors and KPIs requiring attention so there are no nasty surprises.

Shahar Goldboim, CEO and Co-Founder of Boom, said: “The accounting solutions available to the best short-term rental managers up until now just aren’t on the same level as their operations, or the rest of the cutting-edge technology they use. 

“When we set out to build our Integrated Accounting, we started by asking a group of real property managers and CFOs, ‘What would your ideal accounting system look like?’ The result is a solution that addresses their true pain points, giving them a 360-degree view of their entire business while also making it easy to drill down into the finer details. We’re empowering property managers to run their businesses exactly how they want to, without having to worry about compliance or mistakes.”

The article Boom revolutionizes vacation rental finances with AI-powered Integrated Accounting first appeared in TravelDailyNews International.