Why Hotels and Restaurants should outsource accounting?
Updated Financial ReportsTime to time financial report updating is a very long process. When you outsource your accounting to outsourced accounting companies. They process your books, perform the accounting measures (GAAP) and provide you updated Financial Reports as per your requirement.
Cut the Extra Cost Virtual Accounting reduces overheads of training, hiring and making infrastructure available to in-house accountant. It is very economical to outsource your accounting to a virtual accounting companies, that saves your money.
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Less Errors, More Accuracy The virtual accounting companies are very professional and expert as their core operation is to provide accounting services to various businesses. So when you outsource your accounting services to them, their work has fewer errors and more accuracy.
Real Time Support The virtual accounting companies can provide you real-time support on accounting and financial operation, so that you can get clarity about your financial position, make decisions for the growth of your business on-time.
Get Time for Business and Improve Productivity The virtual accounting companies saves your time required for accounting and financial operations so you free yourself for core business operations and improvement of your business productivity.
Keep Track of Cash Flow It is not easy to keep track of cash inflow and outflow. But virtual accounting companies helps businesses to understand cash flow by analysing cash inflow and outflow. We provide and explain Cash flow Reports to our clients.
Benefits of virtual accounting for Hotels and Restaurants
Systematic Accounting It is very difficult to do systematic accounting for hotels because there are various categories of expenses. By outsourcing accounting, hotels and restaurants can get systematically managed books. We at Biztally are experienced to handle books of hotels and restaurants.
Faster Invoicing and Billing Process In hotels and restaurants, there are a large number of invoices and bills generated so it becomes very difficult to manage all those invoices and bills. Virtual accounting helps you to process those daily invoices and bills in less time.
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Reduce Timing Time is very important for every business like hotels and restaurants. Virtual accountants saves your time required for calculations and accounting.
Easy Vacancy Management It is very challenging to manage vacancies of rooms in any hotel. Virtual accounting software provides the feature to manage all room vacancies for hotels.
Cost Efficient Virtual accounting helps hotels to save money by reducing accounting cost, payroll cost, and many others.
Accessibility Virtual accounting is very useful when it comes to accessibility. You can access your accounting and financial data from anywhere and anytime. We at Biztally use Google Drive, One Drive, Google Sheets, Google Docs, Office 365 like latest cloud based sharing softwares.
Improve Payroll Processing It is very difficult to manage all payrolls for hotel employees. Why is payroll processing difficult for hotels? Hotels need payroll processed two to four times a month. So it becomes costly to hire in-house accountants. Hotels have a large number of employees and hotels need their payroll processed on time. Virtual accounting improves the Payroll Processing System for hotels and it becomes easy to manage all payroll on time.
Data Backup and Security Keeping Business data secure is very important for every business. We at Biztally keep our clients financial data very secure with important security measures and we always make Non Disclosure Agreement (NDA) with every client of Biztally.
Services we provide for Hotels and Restaurants
- Chart of Account Management.
- Multiple Bank accounts and Credit Card Feed Management.
- Payments and Deposit Transaction Entries with proper Categorization.
- Billing and Invoicing Management.
- Journal Entries Management.
- Payroll Management.
- Fixed Assets and Liability Management.
- Batch Enter Transaction.
- Cash Flow Management.
- Data Migration Management.
- Bank Reconciliation and Account Reconciliation.
- Quarterly and Annually Financial Reporting.
- Revenue Reports.
- Tax Compliance Management. GST Reports, State Tax Report, VAT Report, etc.
What are the major responsibilities of Hotels and Restaurants?
Vacancy Management Hotels and restaurants should manage their room and table vacancy properly so that they can use full resources available.
Customer Service Management Hotels and restaurants should provide and manage services for the customer for good review and customer satisfaction. It helps you to improve your sales.
Order and Booking Management Hotels and restaurants should properly manage their orders and booking so that they can fulfill every customer's requirements and fill up vacancies.
Payment Management Hotels and restaurants should manage their payment portals and should give every option of payment to customers.
Business and Marketing Plan Hotels and restaurants should work on the business and marketing plan for the growth of the business.
PR and Advertising Hotels and restaurants should focus on their public relations and advertising for the growth of the business.
Bookkeeping and Accounting Hotels and restaurants should do bookkeeping and accounting to control extra overhead, to know business revenue, and the position of the business.
Payroll Management Hotels and restaurants have to improve payroll management system to save the extra cost of payrolls.
Tax Compliance Management Hotels and restaurants have to manage their tax compliance for paying taxes on time and get proper deductions on income.
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