An Accountant’s Tips for Running a Successful Hotel Business

The success of your hotel business does not just depend on your property’s cleanliness, the number of guests you have each year, or your ability to provide excellent customer service and a satisfying experience to your guests. You also need to make sure that your hotel’s books are handled well and that you are compliant with taxation and VAT regulations. Successful hotel owners know that one of the keys to running a successful business is to work with trustworthy and experienced chartered hotel accountants. A dedicated accountant for your hotel can guide you in keeping your business above-board and profitable. They can give you tips for running a successful hotel business, including the following:

1. Satisfy regulatory requirements. Hotel accountants have a deep understanding of the regulations that are necessary for effective auditing to fulfil regulatory requirements. Their service will ensure proper hotel governance and management, as they help you maximise value when conducting audits in certain business areas. Consider accountants who can advise you on different auditing procedures that will ensure compliance, too.

2. Keep on top of any changes in compliance and taxes. Hotel taxation regulations constantly evolve, but hotel accountants are always updated with them. Hence, you can avoid the guesswork and you can count on them to help you develop strategies for minimising business taxes the legal way. They can help with solutions for property ownership, capital allowance claims, financing, and tax structuring.

3. Hire hotel accountants that are flexible and capable of facilitating risk workshops and handling governance health checks. Likewise, make sure they can help establish remuneration and audit committees on your behalf to help manage the risks. In case you plan to sell the hotel, accountants can help plan the action and manage the risks. They can give advice on re-organisation, re-financing, and equity placing.

4. It is important to check the health of your payroll and VAT to make sure that your hotel remains compliant with taxation regulations and laws. Hotel accountants can provide custom advice to help optimise employee-related expenses.