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Problem Faced by Businesses in the Hospitality Industry

In the hospitality industry, high priority is given to customer satisfaction. It is highly dependent on the availability of leisure time and disposable income. People are spending more on experiences, and hence hospitality is growing. The hospitality industry consists of 4 sectors – lodging (accommodations), food & beverage, travel & tourism and recreation. But there are some challenges faced by the hospitality industry, which are –

Limited Resources

In-house bookkeepers and accountants are not something that every small business in Hospitality Industry can afford. For a small business, it is an overhead expense, and it has a long-term cost implication. Also, you lose out on operation space as it is used for workstations, computer system placement and so forth.

Seasonal Business

The hospitality industry is highly seasonal, meaning there are off-seasons and peak seasons. While the term hour is more apt for the food & beverage sector, the industry overall has a highly fluctuating revenue.

Unpredictable Events

The industry gets very quickly affected by external factors like how it is affected by the pandemic. People do not travel during such an event as the industry is highly dependent on leisure time and disposable income. It can suffer significantly to the extent that a lot of small businesses have to close their operation.

How Whiz Consulting Help You Tackle these Issues?

Having provided hospitality accounting services in Australia for a decade now, we at Whiz Consulting understands how the industry and its different sectors operate. We also have provided service to various industries and understand that bookkeeping and accounting services for the hospitality industry are quite challenging. And so, with our service, we help you to tackle the challenges of bookkeeping for hospitality.

You can take advantage of a group of experts, qualified accountants at Whiz Consulting. These experts will assist you at every step of your accounting and bookkeeping. When you outsource your accounting and bookkeeping functions with us, you can be assured that you can start focusing on your core activity and also reduce your overhead expense.

For times like now, where the hospitality industry is halted due to COVID-19, our service will help you survive by helping you reduce the human resource cost on the accounting department. In a general scenario, our service help reduces your dependency on resources like physical space and payroll for hiring an in-house accountant.

Services We offer at Whiz Consulting

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & CC Reconciliation
  • Payable & Receivable Function
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Cash Flow Forecasting
  • Preparation and Lodgement of BAS & FBT
  • Budgeting Quarterly / Yearly
  • CFO Advisory Every Monthly
  • Planning of Taxes
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on Managing Revenue, Expenses, Cash Flow
  • Lodging Income Tax Return
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Accounts Payable

We prepare a daily, biweekly, or weekly report as requested for accounts payable and send the same to you so that you never breach payment terms with your clients. In addition, our outsourced accounting service covers the scanning of invoices to make sure about payment terms and so forth that adhere to your company policy. We will make sure that things are exactly as they should be, and we will make it our responsibility to raise a red flag with you when they are not.

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Accounts Receivable

You cannot expect your business to sustain, let alone talk about growing if you are unsure how much you ought to receive from your debtors. You also need to make sure you receive what the others apart from the debtor owe you while ensuring that it is done promptly to keep that cash flow moving. We ensure that our clients receive money from the debtors on time, either by reminding clients of the overdue payments or contacting the debtors directly on your behalf

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Financial Reporting

With years of experience working with Australian clients, we know exactly what is needed for Australian Accounting and regulatory bodies' requirements. We can produce for you Periodic Reports, Business Activity System (BAS), Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis and much more. So you can trust us with your financial reporting requirements, and we can even get in touch with your CPA and make sure everything is there as and when he wants.

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Payrolls

Outsourced payroll services at Whiz Consulting include receipt and analysis of payroll data, reporting payroll taxes, issuing payment and reports to employees (pay slips), and reporting data to end-user. We look after biweekly, weekly, or monthly payrolls for our clients, including PAYG, Superannuation, Tax Calculations and Deductions, and e-mailing salary slips to employees. In addition, our online accounting service will help you keep a vigilant eye on the complete payroll activity for your business.

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Business Activity System (BAS) Preparation

We have been providing accounting and bookkeeping services in Australia for a long time now. So we understand and know the mandatory regulatory filings like BAS, and we can prepare BAS returns for our clients, which their CPA's or BAS agents can file. So you can count on us for the accuracy of these statements, and we will make sure these statements are prepared well before due dates.

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BAS /FBT Lodgement

We are proficient in filing yearly, quarterly or monthly BAS & FBT returns with the ATO. We can also calculate and pay PAYG and FBT amounts. Therefore, you can rely on us for the accuracy of these statements, and we will make sure that these statements are prepared and lodged well before due dates.

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TAX Filing

Having dealt with clients in Australia for over a decade and having a highly experienced Australian CPA in our team, we can prepare and lodge your tax returns, be it for Companies, Trusts, Partnerships, or Individuals. We also advise and assist our clients in planning tax liability in the most efficient way.

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Why Choose Whiz Consulting for your Accounting and Bookkeeping?

At Whiz Consulting, we provide you with the capacity to focus on the core function of your organisation as we help you by taking care of your bookkeeping and accounting services for the hospitality industry. If you are looking for Accounting and Bookkeeping services, here is why you should choose us -

Experience

With over a decade of experience and technical know-how of the industry-specific requirements, our team will assist you to streamline your accounting, bookkeeping and taxation process.

Cost Reduction

An expert professional bookkeeper and accountant with high experience and in-depth knowledge of the hospitality industry can cost you 70% more than hiring our service.

Compliance

We make sure your business is compliant, helping you to avoid legal issues or penalties. We do so with ease as we are familiar with the accounting principles and existing rules and regulations prevailing in the industry.

Constant Consultation

You can reach out to us for any query, and we provide boundless phone and e-mail consultations with our experts, and they will prepare a customised plan for you based on your particular business needs.

Business Growth

We help bring scalability with our services like KPI, Virtual CFO etc provided by experts. As we take care of your vital function, you can focus on your core function.

Consistent Report

You provide you with regular detailed financial reports and customised reports tailor-made to the business's needs and requirements. These reports help you to make crucial financial decisions.

Frequently Asked Questions (FAQs)

Following are the basic duties and responsibilities of a hospitality accountant:
• Expense tracking- Every penny spent for business purposes should be tracked, recorded, and managed. It is essential for preparing the budgets and determining the business's financial condition. Accountants need to ensure that no expense and no department is missed while tracking the money spent.
• Payroll processing- As there are numerous departments in a hospitality business, accountants are required to track the working records of every employee and enter them in the books accurately and truthfully.
• Budget management- Budget preparation requires a lot of market research and time as it plays a vital role in the business's success. It requires appropriately and accurately prepared financial statements and reports for comparison purposes. Current market trends and historical data are used to prepare the budget to run the business.
• Financial reporting- It is one of the important tasks that an accountant needs to complete monthly. It helps in determining the operational and financial status of the business. The owners, partners, and other stakeholders require financial statements and business reports to plan business strategies.
• Financial auditing- Financial auditing involves comparing the actuals with the budget and making sure everything is presented as per the guidelines. It helps determine which department is working well and which needs improvements. The accountant must be familiar with every category and expense related to the business.
The most important quality for any accountant, including a hospitality accountant, is proactiveness. The hospitality industry is complex and ever-changing, so it is good to have someone working proactively and not reactive to situations. Besides this, it is good to have an accountant who has a good understanding of different sectors and departments of the hospitality industry.
There are different processes in the hospitality industry that are covered under accounting. Some of the processes are preparing an accurate collection of accounts every month, payroll processing, and preparation of financial statements and reports. Any process that has a financial impact on the business is covered under accounting. In addition to these, accounting also manages the business's tax planning, budget preparation, and business planning process.

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