We offer bookkeeping services for one of the most difficult professions around – hospitality. The hospitality industry can be fun, fulfilling, fast-paced and full of surprises. Along with this though, comes long hours, low margins, Strong competition, regulatory compliance and a large volume of sales transactions.
We offer accounting for hotels, restaurants, and trave and accommodation — all facets of this industry. We will explore practical ways to run your business more efficiently. You’ll understand exactly where your money is going, so you can make changes right away to save more of it. And that’s a language everyone can understand.
Whether it’s restaurant, café, hotel, or tour operator services, we will help you stay on top of cash flow, minimize tax, and streamline your business finances, leaving you to focus on serving your customers.
Bookkeeping in the travel sector involves maintaining financial records related to expenses, revenue, and transactions associated with travel agencies, tour operators, hotels, airlines, and other travel-related businesses. This includes managing customer deposits, cancellations, and refunds, as well as the careful tracking and management of multiple currency transactions.
Key tasks in bookkeeping for the travel sector may include:
❖ Keeping detailed records of travel-related transactions, including ticket sales, hotel reservations, tour packages, and other services.
❖ Tracking revenue from sales, commissions, and additional services such as car rentals, travel insurance, and in-flight purchases.
❖ Monitoring expenses like advertising and marketing, payroll, technology, travel costs, and other operating expenses.
❖ Managing accounts payable and receivable, including processing invoices and making payments.
❖ Reconciling bank statements and preparing financial statements such as the income statement, balance sheet, and cash flow statement
Bookkeeping for the hotel sector involves managing the financial records and transactions of a hotel in order to ensure accurate financial reporting and compliance with regulations. This typically includes recording all income and expenses, managing accounts payable and accounts receivable, preparing financial statements, and monitoring cash flow.
Key tasks in bookkeeping for the hotel sector may include:
❖ Recording room revenue, food and beverage sales, and other sources of income.
❖ Managing accounts payable by recording and paying invoices for items such as supplies, utilities, and services.
❖ Managing accounts receivable by invoicing customers for room bookings, events, and other services provided by the hotel.
❖ Reconciling bank statements and Preparing financial statements such as the income statement, balance sheet, and cash flow statement
❖ Tracking and managing petty cash transactions.
Bookkeeping for a restaurant involves keeping accurate and detailed records of the financial transactions of the business. This includes recording income from sales and tracking expenses such as food and beverage costs, payroll, rent, utilities, and other overhead costs.
Some key aspects of bookkeeping for a restaurant include:
❖ Tracking daily sales and categorizing them by payment method (cash, credit card, etc.) and keeping a record of all sales transactions.
❖ Tracking revenue, expenses, and fees from various online platforms
❖ Keeping track of all expenses incurred by the restaurant, including purchases of food and beverage inventory, labor costs, rent, utilities, etc.
❖ Calculating and disbursing payroll to employees, including tips
❖ Reconciling bank statements and preparing financial statements such as the income statement, balance sheet, and cash flow statement