In the hospitality industry, one focuses on customer satisfaction by providing leisurely needs rather than basic ones. It is majorly dependent on the availability of leisure time and disposable income.
The hospitality industry consists of 4 sectors – lodging (accommodations), travel & tourism, food & beverage, and recreation. People are spending more on experiences, and so hospitality is growing. The reason behind this could be globalisation or change in lifestyle of people, but the urge to travel or visit new places is getting higher.
Despite all the lucrative sounding features of the industries, there are many challenges faced by the hospitality industry. Let us talk about a few of them–
Hiring full-time employees mean long-term cost implication both for cost and operational space. The space is utilised for workstations, placement computer systems, and so forth, which could be used for functional purposes.
The hospitality industry is a primarily seasonal business, so that you might have low sales in the off-seasons and high footfall and sales in peak seasons. The revenue is exceptionally fluctuating.
The hospitality industry is very vulnerable and quickly gets affected by natural factors. People may not be traveling by choice or due to government rules and regulations. This sector can suffer significantly to the extent that many small businesses have to close their operation.
Bookkeeping in the hospitality industry is quite challenging, considering all the obstacles the industry faces. Whiz Consulting has been providing hospitality accounting services for a decade now and understands how the industry and its different sectors operate. We know every pro and con of the industry. And so, with our hospitality bookkeeping services, we help you to tackle with challenges of bookkeeping for hospitality.
With our service, you can take advantage of a group of qualified accountants in the United Kingdom who will assist you at every step of your accounting and bookkeeping. We can assure you that once you outsource your accounting and bookkeeping functions with us, you can start focusing on your core activity. You will also reduce your overhead expense.
When the hospitality industry is halted due to COVID-19, our service will help you survive by deducting the cost of human resources from the accounting department. In a general scenario, our service will reduce your dependency on resources like physical space and payroll for hiring an in-house accountant for the hospitality industry.
Whiz Consulting is the one-stop solution for all your hospitality accounting services need. Whether you are looking for accounting for restaurants, hotels, or any other sector of hopitality, we can provide you customised sevices to fit your need. Our restaurant accounting services in particular is quite popular amount our clients in the UK. We make use of best accounting software for restaurants to conduct accounting for restaurants. Similarly we use popuplar accounting software for hotel businesses as well.
Whiz Consulting provides you with the capacity to focus on the core function of your organisation while we take care of your accounting and bookkeeping services. If you are looking for hospitality bookkeeping & accounting services, here is why you should choose us -
Our team, with experience of over a decade and technical know-how of the industry-specific requirements, will streamline your accounting, bookkeeping, taxation, and payroll process.
Avail our service can save you 50% cost compared to an in-house bookkeeper and accountant who has in-depth knowledge of the hospitality industry can be complex and a costly process.
Our experts are up to date and familiar with the accounting principles and existing rules and regulations prevailing in the industry, which will help your business avoid non-compliance.
We will provide unlimited phone and email consultations with accountant professionals helping you to solve any issues or queries related to our services.
You can focus on your core function while we take care of your vital function, thus allowing efficient accounting and bookkeeping practices in place, allowing your business to grow.
We provide regular detailed financial reports and other reports related to work progress as and when required. You can make use of these reports as they will help you make crucial financial decisions.