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Problem Faced by Businesses in the Hospitality Industry

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–

Limited Resources

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.

Seasonal Business

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.

Unpredictable Events

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.

How Whiz Consulting Help You Tackle these Issues With Hospitality Accounting Services?

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.

Services We offer at Whiz Consulting

Bookkeeping Service

We provide the following bookkeeping services –

  • Bank & Credit Card Reconciliation
  • Accounts Receivable & Payable Management
  • Payroll Calculation & Tax Payments
  • Inventory Management & Reconciliation
  • Monthly Financial Statements
  • Financial Ratios Reporting
  • Budgeting Quarterly/Yearly
  • Cash/Revenue/Expenses Forecasting
  • KPI Reporting
  • Strategic Advice on managing revenue, expenses, cash flow
  • HMRC VAT Filing
  • Preparing & Planningfor taxes
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Accounts Payable

We provide daily, biweekly, or weekly Accounts Payable reports as per your requirement. This ensures that you never breach payment terms with your clients. Our outsourced accounting service covers the scanning of invoices to make sure payment terms and so forth that adhere to your company policy. We will make certain things are exactly as they should be, and it is our responsibility to raise a red flag with you when not.

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Accounts Receivable

Accounts Receivable is a vital part of any business; without it, you cannot expect your business to sustain, let alone talk about growing. You need to be sure how much you must receive from your debtors and how much others owe you while ensuring this is done promptly to keep that cash flow moving. We remind our clients of the overdue payments or by contacting the debtors directly on the client's behalf to ensure that our clients receive money from the debtors, which is done in time.

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Financial Reporting

We know exactly what is needed for UK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with UK clients. This includes Periodic Reports, Income Statement Analysis, Profit & Loss, Balance Sheet, Ratio Analysis, and much more. We also connect with you chartered accountant and make sure everything is there as, and when he wants, you can trust us with your financial reporting requirements and make sure you adhere to all UK GAAP standard.

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Payrolls

Whiz Consulting's outsourced payroll services include receipt and analysis of payroll data, reporting the payment of payroll taxes, issuing payment and reports to employees, and reporting data to end-user. We look after biweekly, weekly, or monthly payrolls for our clients, including PAYE, Pension Contribution, National Insurance, Tax Calculations, HMRC, and Deductions, along with emailing salary slips to employees. Let us help you by keeping a vigilant eye on the complete payroll activity for your business with our online accounting service.

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TAX Filing

With our team of experts, we will take care of all tax compliance like VAT, HMRC, etc. With our experience of handling United Kingdom accounting and bookkeeping, we can prepare and lodge your tax returns for any business. We also provide tax advisory services and assist our clients in planning tax liability in the most efficient way.

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Why Choose Whiz Consulting for Hospitality Accounting Services?

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 -

Experience

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.

Cost Reduction

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.

Compliance

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.

Constant Consultation

We will provide unlimited phone and email consultations with accountant professionals helping you to solve any issues or queries related to our services.

Business Growth

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.

Consistent Report

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.

Frequently Asked Questions (FAQs)

There is no specific education qualification for a hospitality accountant, and thus any person with a qualification of an accountant and hospitality industry experience can be the right fit. A bachelor’s degree in accounting is the minimum requirement for an entry-level accounting position. AAT (Association of Accounting Technicians), ACCA (Association of Chartered Certified Accountants), ACA (Associate Chartered Accountant), or CIMA (Chartered Institute of Management Accountants) all could be good candidates for hospitality accountants.
The accounting for every industry is regulated by FRC (Financial Reporting Council), which promotes integrity and transparency in business. Accounting compliance for recording transactions and preparing financial statements is defined by GAAP (Generally Accepted Accounting Principles). However, in the case of auditing and taxation, the accounting compliances are defined by the FRC.
Though the hospitality industry includes numerous services, five main sectors are usually connected. All these sectors need proper accounting regularly to present a fair business image. Following are the main sectors of hospitality:
• Food and beverages- It is the biggest sector of the hospitality sector and includes restaurants, cafeterias, catering companies, and cafes. The expenses incurred by these businesses vary from money spent on preparing the food to manage the place. Also, they have numerous invoices based on the services provided, which need to be managed accurately.
• Lodging- The lodging sector includes the businesses that provide guesthouses and overnight stays, such as hotels, vacation rentals, and bed & breakfasts. These businesses have several daily transactions from every customer, which affects the business’s profitability.
• Recreation- Recreation activities can last for a few hours, a day, or an extended period. It provides customers with a way to entertain themselves, learn some things, or pursue hobbies. Some of the activities or services that comprise the recreation sector are campgrounds, theatres, amusement parks, zoos, museums, and art exhibits.
• Travel and Tourism- Travel and tourism are among the biggest and ever-growing parts of the hospitality industry. The transactions here include mode of travel used, lodging booked, food and beverages consumed, identifying places to visit, and scheduling a business meeting.
• Meetings and Events- It includes different business, social, and sporting events that can vary from big to small events. The major events and meetings include sporting events, family reunions, holiday celebrations, trade shows, business events, etc. All these events and meetings have many expenses that must be recorded and managed correctly.

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