PROVIDE AN EXPERIENCE
THAT YOU & YOUR GUESTS ENJOY
Not all the challenges in hotel industry are unique, but many are common in hospitality. The demand for hotel and tourism has dramatically transformed. Consumer behavior within the hospitality industry has also changed. This shift has brought with it a huge impact on the management, marketing activities and financials for the hospitality sector across the globe. In this day and age, it is crucial for your businesses to adapt to disruptive trends. New advancements also bring new problems to the business's financial and accounting team, we must evolve and learn to take on new responsibilities and provide key insight for the business's decisions in critical areas.
The TOP issues JEOPARDIZING
the success of your business
1.) Staffing and workforce monitoring
Within the hospitality industry, the workforce itself is more diverse range of employees than many other industries. Within the staff, the categories are made up with guest facing staff (i.e. front desk, management, hotel restaurant
gift-shop, housekeeping) Then you have back end staff (i.e. back office, IT, security, kitchen staff etc) The hours are also very diverse as well, ranging from full time, part time, overnight shifts, salary and tipped employees. With all of these different roles, managing payroll can be a huge challenge in the accounting department. To overcome these challenges, we sit down and look at the way that you currently monitor and manage your payroll system. We then work toward enhancing your current system to structure a better way to monitor daily labor expenses, overseeing daily payroll processing, managing overtime and enhancing reporting functionalities. Our job is to provide you with the ability to manage transactions and earnings in real time, on demand.
2.) Consolidating different data sources
For hotels that include many different guest interactions, data from many different sources can become overwhelming for a hotel's financial team. The data itself generating from STR reports, PMS data as well as guess satisfaction (surveys, comments and financial data) We help you understand the insights behind the large amount of data to gain useful insight and improve your operation as a whole. If you can see that this is a problem your business is currently facing, then working with us to develop a business intelligence and analytics tool can be just the solution you're searching for. This allows us to identity the points that need enhancing and provide the best tactics for reducing overall cost. In this way, our system will centralize your data and provide analytics on this information to identify the top trends and strengthens your decision-making.
3.) Back up for seasonal demands and rising costs of daily consumables
Preparing for the high rate of fluctuations as well as constant rising changes is essential to understanding the accounting side of your business. Price inflation for daily use products, food and other amenities have risen tremendously in the past few years. Seasonal activities and one time events or even unanticipated events (natural disasters) are the consistent causes of changes for your P&L report. Keeping control on stock and reducing the waste is our primary agenda for the saving on the costs incurred daily. Even though additional processes and tasks for popular and higher traffic seasons every year can be projected, you must have plans to expand your financial team in order to avoid losing additional revenue as well as continuing to provide ideal customer expectations. It's understandable that sometimes natural disasters can and will cause serious issues for the business. You have to have a plan that prepares for the worst-case scenario to occur. Not only for operations but for the financial structure of the business as well. In the hospitality industry, we can scale our services according to the business's demand and keep the operation going, even in the even of a disaster.
4.) Irregular cash inflows
Another Issue within the hospitality industry is irregular cash inflows. Guest who are paying after 30, 60 and even 90 days of their visit. These types of delayed funds can wreak havoc on your books. If the funds are even received at all and aren't stored as bad debts. We utilize the industry's niche by using online marketing campaigns and specifically attracting guests for direct bookings and allowing bookings from other online platforms. This provides for the funds to be maintained and avoid spending on payment collection, reserving your revenue for working capital and more. We also focus on developing cash flow projections for several months in advance, we estimate when the business will be short on money (off seasons) and take appropriate steps beforehand, such as promotions or revising staff allocations. The cash flow budget is also the most commonly requested budget when seeking finance from a bank or another financier.
5.) Data Security
The question of security is not a new topic. Restaurants, hotels, and other companies in the hospitality sector often have complex ownership structures in which there’s a franchiser, an individual owner or group of owners, and a maybe even a management company that acts as the operator. Each of these groups may utilize different computer systems to store information, and the information can also frequently move across those systems.The threat of digital data theft, virus attacks and confidential data leakages is a real and major concerns for the hospitality industry. We understand this and help you setup a software for your business that is secure and prevents hotel data thefts and leaks. This allows for the business's credibility to strengthen, grow and drawn in more clients.
If your business has faced any of these issues within the last 3 years. Call us today (212) 931-8102
WHAT PEOPLE SAY
— Serena Anderson