Hotels are no strangers to economic and financial struggles, especially with the growing demand for AirBNBs and other issues like irregular cash inflows, compliance with legislation, and increasing competition. Moreover, these businesses are still reeling from the effects of the COVID-19 pandemic. As hotel accountants, our specialists here at Allenby Accountants can support hotel owners and hospitality specialists to survive these challenging times and gain the confidence to improve their finances.
As specialist accountants, we work with various clients in this industry. We have the credentials and capabilities to bring a wide range of solutions to simplify hotel accounting and bookkeeping. Plus, we offer other solutions to help with tax-related concerns and business financing. Here’s how we approach hotel accounting with our services:
- Set up individual targets – A successful business thrives on careful planning and goal-setting. Our hotel accountants work with hotel owners to set individual targets such as the cost per occupied room, projected revenue per room, and cost per available guestroom. They also assist in tracking cash inflows and outflows, using tools like Fluidly for daily, monthly, or weekly cash flow forecasting. This careful monitoring ensures sufficient funds are always on hand to meet payment obligations.
- Prepare accurate accounts – Proper record-keeping is essential to understand precisely where funds are coming and going. Allenby’s hotel accountants meticulously break down expenses and income, comparing them to previous periods and forecasts. We advocate for accurate transaction recording, allowing for a clear financial picture.
- Ensure compliance and smooth operations – Our specialist accountants can recommend the right software for accounting, bookkeeping, and taxes to ensure compliance with VAT and PAYE legislations. Online platforms like Proforecast can also boost operational efficiency as it supports labour projections, revenue forecasting, and capital planning. In addition, we can encourage spending on capital expenditure and claim capital allowances to maximise the value of expenditures.
Consult a hotel accountant from Allenby
Arrange a no-obligation meeting or consultation with one of our hotel accountants by leaving a message here. You may also call 0208 914 8887.