End to End Hospitality Accounting
Services for Hospitality Industry
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Problem Faced by Businesses in the Hospitality Industry
In the hospitality industry, customer satisfaction is paramount, driven by leisure time and disposable income. This sector comprises four main segments: lodging, food & beverage, travel & tourism, and recreation. Among these, the food & beverage sector stands out, encompassing restaurants, cafes, diners, and clubs, offering diverse business opportunities. However, the hospitality industry faces several challenges.
Limited Resources
Hiring full-time employees mean long-term cost implication both for cost and operational space. The space is utilised for workstations, placement computer systems, and so forth, which could be used for functional purposes.
Seasonal Business
The hospitality industry is a primarily seasonal business, so that you might have low sales in the off-seasons and high footfall and sales in peak seasons. The revenue is exceptionally fluctuating.
Unpredictable Events
The hospitality industry is very vulnerable and quickly gets affected by natural factors. People may not be traveling by choice or due to government rules and regulations. This sector can suffer significantly to the extent that many small businesses have to close their operation.
How does TaxPeak Accountants Help you Tackle these Issues?
We have provided accounting and bookkeeping services for the hospitality industry for over a decade. We understand how the industry and its different sectors operate, and we recognize that accounting and bookkeeping in the hospitality industry are quite challenging. Therefore, we help you tackle these challenges with our specialized bookkeeping and accounting services for the hospitality industry.
At TaxPeak, you can take advantage of a group of qualified accountants who will assist you at every step of your accounting and bookkeeping. By outsourcing these functions to us, you can focus on your core activities and reduce your overhead expenses.
In times like these, when the world is affected by COVID-19 and the hospitality industry is at a halt, our service can help you survive by reducing the human resource costs in your accounting department. In general, our service reduces your dependency on resources like physical space and payroll for hiring an in-house accountant.
Accounting for restaurants does not have to be as complex as you imagine. There are various accounting software options for restaurant businesses that will ease accounting and bookkeeping for restaurants.
Services We offer at TaxPeak Accountants
We provide the following bookkeeping services –
- Bank & Credit Card Reconciliation
- Accounts Receivable & Payable Management
- Payroll Calculation & Tax Payments
- Inventory Management & Reconciliation
- Monthly Financial Statements
- Financial Ratios Reporting
- Budgeting Quarterly/Yearly
- Cash/Revenue/Expenses Forecasting
- KPI Reporting
- Strategic Advice on Managing Revenues, Expenses & Cash Flows
- Planning Individual & Corporation Taxes
- Finalizing State & Federal Taxes and Payments
We make sure you never breach payment terms with your clients by preparing a daily, biweekly or weekly report for accounts payable and sending the same to you on time. Our outsourced accounting service covers the scanning of invoices to ensure payment terms and other processes that adhere to your company policy. It will be our responsibility to ensure that things are exactly as they should be and inform you when they are not.
If you are not sure how much you ought to receive from your debtors, you cannot expect your business to sustain, let alone talk about growing. It is essential to make sure you receive what the others owe you that too on time to keep that cash flow moving. It is our duty to ensure you receive money from your debtors on time. We provide this by reminding you of the overdue payments or by contacting the clients directly on your behalf.
With years of experience working with Canada clients, we know exactly what is needed by the regulatory bodies and produce the same for you. We got you covered, whether financial statements, periodic reports, debtor reports, bank reconciliation reports, financial analysis reports, ratio analysis or any ad-hoc report. We can even get in touch with your CPA and make sure everything is there as and when he wants.
We manage payroll for our clients, including pay calculations, reimbursements, deductions, payslip generation, amounts to be withheld for federal and provincial income taxes, Canada Pension Plan (CPP) contributions, Employment Insurance (EI) contributions, payment of taxes, and preparation of tax returns. We can handle all or part of these tasks for you. Our online accounting service ensures meticulous oversight of all payroll activities for your business.
With the experienced Accountant and CPA in our team who has been serving Canada Clients for an extended period, we can prepare and lodge your tax returns and also planning your tax liability in the most efficient way
Why Choose TaxPeak Accountants for Hospitality Accounting Services?
At TaxPeak Accountants, we enable you to focus on the core functions of your organization while we handle your accounting and bookkeeping services. If you’re in need of hospitality bookkeeping and accounting services, here’s why you should choose us:
Experience
Our team, with experience of over a decade and technical know-how of the industry-specific requirements, will streamline your accounting, bookkeeping, taxation, and payroll process.
Cost Reduction
Avail our service can save you 50% cost compared to an in-house bookkeeper and accountant who has in-depth knowledge of the hospitality industry can be complex and a costly process.
Compliance
Our experts are up to date and familiar with the accounting principles and existing rules and regulations prevailing in the industry, which will help your business avoid non-compliance.
Constant Consultation
We will provide unlimited phone and email consultations with accountant professionals helping you to solve any issues or queries related to our services.
Business Growth
You can focus on your core function while we take care of your vital function, thus allowing efficient accounting and bookkeeping practices in place, allowing your business to grow.
Consistent Report
We provide regular detailed financial reports and other reports related to work progress as and when required. You can make use of these reports as they will help you make crucial financial decisions.
Frequently Asked Questions (FAQs)
Hospitality accountants in Canada must adhere to:
- Canadian Accounting Standards: IFRS or ASPE, depending on the business type.
- Tax Regulations: Compliance with federal and provincial tax laws, including GST/HST and income tax regulations.
- Employment Standards: Adherence to payroll regulations, including Canada Pension Plan (CPP) and Employment Insurance (EI) contributions.
- Financial Reporting: Accurate and timely financial reporting as per industry standards.
- Data Privacy: Compliance with privacy laws regarding the handling of personal and financial data.
Though the hospitality industry includes numerous services, five main sectors are usually connected. All these sectors need proper accounting regularly to present a fair business image. Following are the main sectors of hospitality:
• Food and beverages- It is the biggest sector of the hospitality sector and includes restaurants, cafeterias, catering companies, and cafes. The expenses incurred by these businesses vary from money spent on preparing the food to manage the place. Also, they have numerous invoices based on the services provided, which need to be managed accurately.
• Lodging- The lodging sector includes the businesses that provide guesthouses and overnight stays, such as hotels, vacation rentals, and bed & breakfasts. These businesses have several daily transactions from every customer, which affects the business’s profitability.
• Recreation- Recreation activities can last for a few hours, a day, or an extended period. It provides customers with a way to entertain themselves, learn some things, or pursue hobbies. Some of the activities or services that comprise the recreation sector are campgrounds, theatres, amusement parks, zoos, museums, and art exhibits.
• Travel and Tourism- Travel and tourism are among the biggest and ever-growing parts of the hospitality industry. The transactions here include mode of travel used, lodging booked, food and beverages consumed, identifying places to visit, and scheduling a business meeting.
• Meetings and Events- It includes different business, social, and sporting events that can vary from big to small events. The major events and meetings include sporting events, family reunions, holiday celebrations, trade shows, business events, etc. All these events and meetings have many expenses that must be recorded and managed correctly.
