While a steady stream of guests is crucial, a hotel’s long-term success hinges on meticulous financial planning and management. Our hotel accountants can help. With years of industry experience, our experts at Allenby Accountants understand the unique challenges affecting hospitality businesses. We offer specialised bookkeeping and accounting services for your sector to take the guesswork out of these tasks and allow you to focus on delivering outstanding guest experiences every time.
Today’s economic climate is giving hotel owners a range of challenges, such as:
- Thinner margins due to more competition
- Compliance problems with complex laws on VAT, capital allowances, and health and safety
- Irregular cash flows
- Skills shortage
- Competition from the widespread popularity of Airbnb
Our specialist hotel accountants work with various clients in this competitive sector. We will provide the support you need to confidently navigate and overcome those challenges by recommending tailored solutions and providing personalised advice based on your situation.
What can we do for hotel owners?
- We’ll help you establish key performance indicators like cost per occupied room, projected revenue per room, and cost per available room.
- We meticulously track income and expenses, providing monthly breakdowns compared to previous periods and forecasts so you can see exactly where your money comes from and goes.
- Our hotel accountants can create detailed cash flow forecasts (monthly, weekly, or daily) to ensure that you always have sufficient funds to meet financial obligations.
- We’ll also handle your PAYE and VAT obligations so you can comply with regulations.
- Our hotel accountants can pursue late payments from customers to keep your cash flow healthy.
- Claiming capital allowances can reduce your tax burden. We’ll help you maximise these benefits.
- Finding the right accounting and bookkeeping software can save you time and money. We’ll guide you toward the best option for your needs.
Get tailored accounting services from Allenby.
Request a callback here or call 0208 914 8887 to arrange a complimentary, no-obligation consultation with our hotel accountants.
