Just as there are media and technology accountants, you will also find a hospitality accountant who offers different kinds of accounting services tailored to the unique needs of businesses in the hospitality industry, particularly hotels, restaurants, and pubs. A hospitality accountant plays various roles:
Ensure business compliance
Being specialists in the industry, hospitality accountants are very knowledgeable about the tax laws and other regulatory requirements that hotels, restaurants, and pubs need to follow. They can make sure that you are paying your taxes right and on time and that you are fulfilling all your legal obligations.
Manage cash flow
Tracking your cash flow is important as it is the lifeline of your business. Without an efficient cash flow management system, you may end up short on funds for paying your bills, suppliers, and even your employees. A hospitality accountant can help you develop an accurate understanding of cash inflow coming from your sales and other sources as well as cash outflows or company expenses. Aside from recording all financial transactions, your accountant can also establish an effective accounts receivable system, create credit and collection policies, and minimise outflows.
Take the hassle out of financial management
Every venture needs solid financial management to succeed and consistently grow. It is difficult to achieve this if you are busy managing the day-to-day activities of your restaurant or hotel. You have guests to accommodate and marketing strategies to execute. If you are feeling the burden of financial management, then it's time to seek professional help from a hospitality accountant. They will take care of your accounting, taxation, bookkeeping, payroll, and VAT treatments so that you can focus on the core business activities.
Implement the right applications
A hospitality accountant will also be a big help in choosing the right technology if you are looking for software to use for easier food ordering, hotel booking, or staff rota management. They can make sure that the platform suits your unique business processes and needs.