Exceeding guests expectations through efficient management of your talented staff to acquire profitable and loyal guests can lead to a successful business in this industry.While a big focus for restaurants revolves around the food, service and atmosphere, owning and operating a successful restaurant really starts with good accounting.
You can improve back-end and customer facing business performance through practices you can follow with the help of our industry-specific solutions. While the accounting function is not the most exciting part of owning a restaurant, it is certainly one of the most important aspects that should be taken seriously.
While many businesses in the tourism and hospitality industry face common challenges- fluctuating exchange rates, tight margin and increased competition - each has unique operational concerns. The experience of our team - across audit, tax, consulting and financial reporting - helps you tackle and proactively assist you in reaching your commercial goals.
Accounting is very important in every hospitality service, not only for the institution but also for other interested parties such as banks and stakeholders, etc. if the business wants any financial assistance from the bank or stakeholders it must provide all the records of the company's asset and liabilities, cost and expenses. This will be possible only if it maintains a proper accounting system.
COVID-19 is a major blow to the hospitality industry due to which many restrictions were laid down by the authorities to avoid the spreading of the virus. Many protocols and rules were introduced and many countries went under a lockdown which made it difficult to travel, which resulted in a sharp decline in occupancies of restaurants and hotels etc. hence it affected the revenue and cash flow of the organizations. It was an unpredicted challenge that was faced by every person.
The present situation drastically affected the free mobilization of domestic as well as international tourists all over the globe, as a result, the business turned to be dull. To face this challenge every organization is trying to cut down the costs and maintain an adequate cash flow. Hence, accounting assists the organization to identify all costs and eliminate unnecessary expenses.
There are still many countries where social distancing is mandatory, so to follow the protocol many organizations are appointing less staff, with a reduction in payment. Here, accounting helps to calculate the variation in wages and salaries accurately. If the organization is not able to install appropriate accounting software then also it can outsource its accounting services to other professionalized accountants on a part-time basis which may reduce the cost and will also provide efficient service.
Focusing on the long-term success of your hospitality business, we provide tax planning and compliance; assistance with debt restructuring; benefit plan audits; and audits, reviews and compilations of your company's financial statements.
Restaurants, leisure providers, food producers and catering companies rely on us for an annual audit delivered in a way that works for both the business and its shareholders. Clients with overseas interests or parent companies, or who are part of a wider group, depend on us to prepare their consolidated accounts.
We offer broad advice in the following areas;
