“BookingTrust helps us keep on top of the financials daily where previously we would have a month end scramble to balance and reconcile transactions. Short-term rental management is a high transaction business, with a lot of moving parts so the ability to store and audit financials is extremely important for business transparency and business integrity.
Allan Baillie - Goodstays, NZ
Director, General Manager of Business and Operations
Based in the stunning Queenstown Lakes, New Zealand, Goodstays is a locally owned and operated accommodation business that provides budget to luxury holiday homes and homes for rent. They cater to everyone from solo travelers to large groups, with many options for tailored experiences.
1) What inspired you to start Goodstays?
After returning from Australia after 8 years in Sydney, we acquired a property management business with just a few holiday houses in it. This was 2009. We had rented houses for holidays on the coast whilst living in Australia and thought it would work well as a product in Queenstown. We separated the few holiday houses in the portfolio and rebranded them Goodstays and embarked on a project to have real time live calendars and bookings with a merchant facility online. 13 years later, we’ve taken $40 million in bookings and serviced 350, 000 guest nights. We’ve been busy!
2) What are the key ways you create transparency for your owners?
From the start we provided notifications of bookings and monthly reports to our owners which we developed internally. As OTA systems developed over the following years our internal reporting became redundant and OTA operating systems and the use of Trust Accounting systems have provided this type of reporting as part of the license.
3) Why would you recommend using trust accounting software for a short-term rental business?
We have always used trust accounting systems and recommend that people do. It adds a layer of transparency for all parties and provides a platform to perform audits. It is a high transaction business with a lot of moving parts so the ability to store and audit financials is extremely important for business transparency and business integrity.
4) How has working with BookingTrust helped your business?
Prior to using BookingTrust we were using a reservations and trust accounting system that was an all-in-one package and was out of North America. It required a lot of “workarounds” to get our financial data in a format that was compliant with New Zealand accounting and banking systems. Now, using separate systems for reservations and accounting, it has allowed us as a business to put tasks and skill sets of staff in the right place. Aces in spaces so to speak.
As reservation OTA’s have become more sophisticated and automated, BookingTrust helps us keep on top of the financials daily where previously we would have a month end scramble to balance and reconcile transactions.