An emerging trend in today’s business is the opportunity to outsource – that is, transition some of the back-office operations to a third party service provider. Many business owners and managers have found it easy to do outsourcing because of the minimal investment required, immediate and tangible results and bottom-line savings. The key is to select suppliers with proven track records, who you trust to get the job done.
Bookkeeping is one of the primary tasks small and medium businesses are looking to outsource. It’s the perfect one too. Although it takes time (especially when done internally) it’s repetitive as it’s primarily data entry, requires little to no communication to get done and the results are highly visible. You can leave your documents, come back to it the next day or so and reports are available for you to view. After all, how many business owners do you know who like to do bookkeeping?
In addition to bookkeeping, an outsourced team taking care of your hotel accounting processes has the following benefits.
A team of experts
The accountant not only takes care of your numbers and compliance, he should also be able to give you advice based on what he sees your business needs given how your finances are churning over time.
Some accountants (like PJT) specialise in the pub, club and liquor industry, so have access to industry news and trends, and great experience under their belt. That’s knowledge they can share with you to apply in your business, which is tried and tested many times over. An in-house accountant would probably be more accessible to you but it’s doubtful he’d have the extensive industry knowledge specialist accountants do or the breadth of exposure to industry trends which can benefit your business.
If you own several hotels, trade, buy and/or sell a hotel portfolio, would you expand your accounting team as your ownership changes too? Having an outsourced hotel accounting experts team is the way to go in this case. You don’t need to worry about the hiring and firing spree that you would otherwise be involved in.
Reliability with regards to compliance
An outsourced accounting team has to be on their toes with regards to any news concerning compliance. Usually, they have an idea ahead of time of the latest legislation changes that are brewing. This keeps them prepared and ready to act for your business.
Your team will be focused on one facet
Having a focused team will do wonders for business. Normally, you’d have the day-to-day operations team, and the back-office staff. But we all know things can get mixed up in terms of their roles and that creates confusion, distraction, frustration and ultimately costs your business in productivity.
With an off-site accounting team, you can be sure that that’s the only thing that they’ll be doing. Whether it’s bookkeeping or accounting, that’ what they’ll focus on. This frees up your on-site team to focus their attention on pleasing customers and driving profits.
You’d naturally want to be guided in your decision making process and that’s what your accurately managed books and financials do. Together with the advice from your accountants, you should have a clearer mind of what to do next.
What can experienced hotel accounting experts do for your hotel, liquor store, pub and club business? Book a no obligation meeting with our industry experts today to discuss your needs.