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Challenges Faced by Businesses in the Hospitality Industry
In the hospitality industry, the main focus is on ensuring customer satisfaction by catering to leisurely needs rather than basic ones. This industry heavily relies on the availability of leisure time and disposable income.
The hospitality industry is divided into four sectors: lodging (accommodations), travel & tourism, food & beverage, and recreation. With people increasingly spending on experiences, the hospitality sector is experiencing growth. This trend can be attributed to globalization and changes in lifestyles, as more people feel the urge to travel and explore new places.
However, despite its appealing features, the hospitality industry faces numerous challenges. Let’s discuss 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 TaxPeak Accountants Help You Tackle these Issues With Hospitality Accounting Services?
Bookkeeping in the hospitality industry is quite challenging due to the various obstacles the sector faces. TaxPeak Accountants has been providing hospitality accounting services for a decade and understands the intricacies of the industry and its different sectors. We are well-versed in the pros and cons of the hospitality sector, and our specialized bookkeeping services help you navigate these challenges effectively.
With our service, you can benefit from a team of qualified accountants in the PAKSITAN who will assist you with every aspect of your accounting and bookkeeping needs. By outsourcing your accounting functions to us, you can focus on your core activities and reduce overhead expenses.
During times when the hospitality industry is disrupted, such as the COVID-19 pandemic, our services can help you survive by cutting costs related to human resources in the accounting department. In normal circumstances, our services reduce your need for physical space and payroll for hiring an in-house accountant.
TaxPeak Accountants is your one-stop solution for all hospitality accounting needs. Whether you require accounting services for restaurants, hotels, or any other sector of the hospitality industry, we provide customized services to fit your requirements. Our restaurant accounting services are particularly popular among clients in the PAK, as we use the best accounting software tailored for restaurants. Similarly, we employ popular accounting software for hotel businesses to ensure precise and efficient accounting.
Services We offer at TaxPeak Accountants
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
- Tax Filing with FBR
- Preparing & Planningfor taxes
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.
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.
We know exactly what is needed for PAK Accounting and the requirement of regulatory bodies, and we can produce the same for you as we have years of experience working with PAK 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 applicable standards.
Tax Peak Accountants’ Outsourced Payroll Services
We provide comprehensive payroll management, including:
- Payroll Data Handling: Collection and analysis of payroll data.
- Tax Reporting: Reporting payroll taxes to the Federal Board of Revenue (FBR).
- Salary Payments & Reports: Disbursing salaries and providing detailed reports to employees.
- Contributions & Deductions: Managing Employee Provident Fund (EPF), Employee Old-Age Benefits Institution (EOBI) contributions, income tax, and other statutory deductions.
- Salary Slips: Emailing salary slips to employees.
Streamline your payroll with our efficient online accounting services.
er 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.
Our team of experts will handle all tax compliance, including Sales Tax and FBR regulations. With deep expertise in Pakistani accounting and bookkeeping, we prepare and file tax returns for any business. We also offer tax advisory services to help clients optimize their tax liabilities effectively.
Why Choose TaxPeak Accountants for Hospitality Accounting Services?
At TaxPeak Accountants, we enable you to focus on the core functions of your organization while we handle your accounting and bookkeeping services. If you’re in need of hospitality bookkeeping and accounting services, here’s 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)
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.
