In the hospitality industry, one of the most common and important aspect to look at is bookkeeping service due to comprehensive recordkeeping routine, efficient use of time, and reduced human errors. Hotels in particular are often in need of a professional to keep track of their finances, inventory and other important data.
Mistakes in an established hotel’s ledgers can cost the proprietor — and their clients — a fortune. Counting room occupancy, reconciling accounts, organizing daily sales, cash on hand, refunds, budgeting… Millions of dollars of profit can be lost if an unappreciated mistake is overlooked for too long.
A professional bookkeeping service is able to take care of your business needs so that you don’t have to worry about keeping track every smallest detail yourself! All it takes is a few hours a month (depending on the size and scale) – and your staff will be freed up to do more productive work elsewhere.
But why? What do they offer hotels that they don’t provide for other businesses?
Here are the benefits that only a bookkeeper can offer.
One characteristic that makes them especially valuable to hotels is their expertise with numbers. Hotels need to maintain accurate records so they can adhere fully with state and federal regulations, as well as federal mandates like minimum wage or taxes for example.
Bookkeeping service provides the hotel with efficiency. In order to remain competitive, they need to be able to organize and maintain records in a manner that maximizes their ability to do so while also saving time. The easier they can stay on top of their finances, the better chance they will have of increasing their profits.
3) Financial Management
With a bookkeeper’s help, hotels can gain control over their financial management. They can implement important strategies for cost control and debt reduction. They can also take advantage of tax breaks to reduce the amount of taxes they have to pay each year. Bookkeeping services provide better money management, accounting, tax preparation, payroll services; cash flow analysis helps to identify high-profit periods and slow periods. Maintaining accurate records provide peace of mind during difficult times as well as maintaining books during good times.
4) Helping to Manage Credit Cards and Cash Flow
Your bookkeeper can accurately track credit card information, streamline your billing procedure, help to manage refunds, and keep an eye on business trends — so that you can more easily spot and respond to market changes. You’ll be able to see a real picture of what’s happening with your business at any time: How much is coming in? How much goes out? When do you need more cash on hand? Where should you cut back? And, if needed: Where can you find more revenue sources?
5) Keeping Track of Inventory
If you have an inventory of food (or other supplies) you need to keep track of to avoid over-purchase and under-purchase, your bookkeeper can track that information for you. You’ll be able to see a real picture of what’s happening with your business at any time. And, if needed: Where can you find more revenue sources?
6) Generating reports
As the owner of a hotel, you know that keeping accurate reports of your business is one of the most important parts of making smart decisions. Fortunately, there are a variety of bookkeeping methods to choose from. Each has its own advantages depending on what you’re trying to track and how often you need to generate invoices or financial reports. Outsourced bookkeeping service lets you know the financial status of your establishment at any given point in time. Knowing the state of finances is crucial when it comes to making day-to-day decisions such as staffing and budgeting. These reports include revenue and expense projections for future periods, analysis of past revenue performance for decision making purposes, and much more.
As you can see, hotels have many more benefits from a bookkeeping service than other businesses. It is a valuable investment that can help them remain ahead of the competition and give them an edge in the marketplace.
Do you want to save time and money on bookkeeping for your hotel? You’re not alone. Bookkeeping is a tough job, and when it comes to finding a qualified professional in the competitive hotel market, it’s hard to find someone that won’t break the bank. A lot of hotels have found an easier solution: Nimble Property’s hotel accounting & bookkeeping services.
A short demo later and they are freed from financial burdens while the company handles their heavy workload (to some extent). It’s usually less expensive – sometimes by as much as 50% – and you have your peace of mind knowing your accounts are being watched closely. Outsourced bookkeeping for hotels sounds pretty good, right?
We’re a full-service accounting firm that handles all aspects of travel and hospitality industry-related business, so we offer a wide range of accounting services at a reasonable price. You don’t have to worry about whether or not your bookkeeper is qualified or where they’re located (or if they’ll save you money on taxes), because we’ll do all the heavy lifting while they take care of day-to-day accounts and bookkeeping.