Hospitality

Hospitality industry is one of the lucrative industries that always has something enticing to offer to guests. It includes hotels, tourism, agencies, theme parks, restaurants, bars, etc. With each passing year, this industry is witnessing a new record of travelers in India.

However, with every good news follows the bad news as well. As the no. Of travelers or visitors increases in these areas, managing accounts, manpower, payrolls, and fixed assets becomes tricky to handle.

Accurateness, reliability, relevancy, and consistency are the factors that accounting demands to administer proper finance decisions. On the contrary, In-house accountants often mislead their owners with positive data in fear of being reprimanded.

Accounts should be based on facts, verifiable data, and neutrality. For that matter, many hospitality industries rely on an external agency to give them a clear picture of their financial accounts.

Using advanced technology, our accountants accumulate financial data and record it using pre-designed structures, resulting in improved, consistent and comparable data. Further, our accounting software can provide audit track records abided by the set industrial regulations, resulting in data credibility. With it regulating the consistency method, our accountants pursue the same accounting principles every year, enabling significant trend analysis.

There are many types of the workforce involved in the hospitality industry, like cashier, receptionist, bell boy, waiter, server, housekeeping staff, IT department, etc. While most of them are hired permanently, some get stationed on a contractual basis.

Thus, hospitality service providers find it a demanding job to maintain the payroll of both these categories, often ending up in inaccurate payments.

Our recruiting team has complete access to the main job portals, monitoring relevant candidate databases and saving them in their software. This enables them to come up with the required candidate details within a stipulated period meeting our client’s requirements. Along with it, we also facilitate payroll processing for both contractual and permanent employees.

Fixed assets take over 70% of investment in the hospitality industry and maintaining them, is a real challenge for in-house personnel. Creating a list of current assets from different locations can be a tedious job to perform.

Registers and spreadsheets are often used by industries to keep track of assets, but those are insufficient on their own. A new acquisition or the disposition of an asset may not be recorded immediately. Added to it, ghost assets that are no longer available physically or are non-functional also depict a part of fixed assets that are being recorded in the company’s balance sheet.

To eradicate such issues, we automate the complete lifecycle of our client’s fixed asset. It includes procurement, depreciation, re-assessment, disposition, etc. Our fixed asset administration team makes use of advanced software instead of the traditional register or spreadsheets method providing accurate details of all the fixed assets (including client’s branches spread across anywhere in India).

The vendor statement usually requires the vendor’s invoices and the company’s invoices to be the same, helping the company analyze how much outstanding balance is there that needs to be paid to vendors.

However, in-house workers either miss certain data to enter their records or don’t consider it important to record it, which, at a later stage, leads to a rift between vendors and the company. The absence of a vendor reconciliation method results in an over-assessment of vendor invoices that a company cannot recognize.

Our specialized team tries to locate the root cause of mismatched accounts between vendors and the company’s system by scrutinizing the opening balance, scanning line items, and ensuring accuracy in a purchase transaction. By fixing their relationships and reducing vendor queries in the future, we are helping both parties. Our controllers leverage modern technologies to manage the process efficiently and effectively.

As we know, statutory laws change according to states. Different states come with distinct regulations, and failing to abide by these rules can end the company in legal trouble. Such companies avoid taking risks and often ask for a third-party agency for assistance. We are equipped with the knowledge of statutory rules and regulations due to our years of experience, network, and exposure in the hospitality industry.

Fear not!!!

We are offering services that help our clients in managing their Hospitality business efficiently

Fixed Asset Verification and Tagging
Hygiene and Inventory Management
Vendor Reconciliation
Contract Manpower Outsourcing
Statutory Compliance

Our Area of Expertise

Fixed Asset Verification and Tagging
Hygiene and Inventory Management
Vendor Reconciliation
Contract Manpower Outsourcing
Statutory Compliance