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There is a range of challenges facing hotels in the current economic climate such as: –
Compliance with legislation such as minimum wages, VAT, Health & safety, capital allowances, etc.
Wafer thin margins due to intense competition
Explosion of Airbnb
Irregular cash inflows
Keeping Customer loyality and maintaining online reputation
Being a specialist Hotel Accountants, we work with a range of clients in this sector. These are some examples of what and how we do it for our clients: –
Minimum wage cost. by avoiding hiring new staff, providing additional training to existing staff members.
Setting up individual targets for the hotel such as projected revenue per room, cost per occupied room and cost per available room.
Meet budgeted targets of cash inflows and outflows by working on cashflow forecast everyday/week/month, making sure that business has sufficient cash all the time to meet its payment requirements. We use online platforms such as Fluidly for this purpose.
Preparing an accurate set of month-end accounts, with income and expenses breakdown, with comparisons to forecasts and previous periods. Proper recording of transactions to reflect, where the money came from and where it went.
Ensuring the business is complying with legislation for VAT and PAYE.
Being specialist hotel Accountants, we know the right software’s that a business should subscribe for a particular situation.
Improving operational efficiency by using more sophisticated online platforms such as Proforecast. It helps in labour projections, capital plan, revenue forecast.
Actively chasing payment from debtors. Escalating non-paying customer for quick action.
Claim Capital Allowances. To maintain their level of service, Hotels need to spend a lot on Capital expenditure. It is even more important to appropriately claim Capital Allowances to make the maximum value of the expenditure.