Why is cloud accounting important to hotel owners – Top 5 benefits

16.05.2024
James Shipp
Hospitality and Leisure
James Shipp, Partner for Lovewell Blake

Good financial management is essential, especially in businesses where seasonality and variation is such an important factor. The high season needs to be properly managed to maximise profitability. Building in flexibility to your operations and scaling down efficiently without losing good staff long term or over stocking basic consumables is key to ensuring your business remains profitable.

James Shipp, Partner for Lovewell Blake

Keeping on top of your financial results can be challenging when there are so many other demands on your time. However, those hotel businesses investing in good cloud accounting infrastructure are seeing the benefits in real time, enabling important decisions to be made based on accurate data.

By utilising a cloud accounting system you are immediately able to take advantage of many opportunities, here are the top 5:

  1. Real time financial data with current bank feeds linked to your accounts
  2. Access to your data anywhere via PC, tablet or mobile app
  3. Ability to outsource your bookkeeping during busy times without upheaval
  4. Connect sector specific booking systems to your accounting records
  5. Link to forecasting software to predict cashflow and accelerate decision making

At Lovewell Blake we are experts in the set-up, transfer and ongoing support of many major cloud accounting options such as Xero and QuickBooks. We can train you and your staff or host your accounting function ourselves. Many clients like a mix so you can manage the important aspects whilst outsourcing reconciliations.

Alongside our specialist cloud team our accounting team can also handle your end of year accounts, tax submissions and remuneration planning as part of a broader engagement. Get in touch for a free initial call or meeting to understand what cloud accounting could mean for your business.

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