The hospitality industry has been through a lot this last year.
And it can feel overwhelming managing all the adjustments for finances.
But Vilardi and Co. is here to make sure you remember the most important aspects of hospitality bookkeeping.
Utilizing a hospitality bookkeeping service is a great way to manage and maintain your finances, especially during the pandemic. If you’re curious about our work, we’d be happy to help you learn more about our bookkeeping services.
However, we also know it’s a good idea to be aware of what to keep in mind when it comes to managing bookkeeping for your hotel or restaurant.
Here are the top 5 things to keep in mind when it comes to hospitality bookkeeping.
A stitch in time saves nine.
If you wait to do bookkeeping until the receipts are piling up, you’ll have a lot more stress and a lot less time to catch up. This often leads to mistakes and costly errors. Be sure to set time aside every week or month depending on your business’s spending to handle the bookkeeping.
Keep an eye on sales tax and sales deductions.
The numbers are not always as hard and fast as you might think. Remember that depending on where you live you may need to account for sales tax and deductions. This can be tricky, as sales deductions and write off rules can change depending on your business. Working with a bookkeeper like Vilardi and Co. will ensure you catch every deduction. Consider utilizing a bookkeeper to handle the finances so you can focus on other things.
Tracking Petty cash is pretty important.
Businesses can sometimes overuse the word ‘petty cash’ when there are random expenses to be made. Make sure to review how many purchases have been made with petty cash so that you’re not accidentally overspending without realizing it. There are plenty of ways to do this but no matter what you do, tracking petty cash is crucial to managing company spending.
File your taxes as soon as possible.
No one likes doing their taxes. But the sooner you finish your taxes, the sooner you’ll be able to move on to the next year’s goals. Take a proactive approach to filing your taxes early and start organizing all your receipts, statements, and records before the end of the year. Then once you have all the information you need, start the filing process. You’ll be glad you took the time to get things finished early.
Use reliable references when managing finances.
While your cousin’s sister’s nephew may be willing to help with the books for cheap as they finish their bachelor's degree, they may not be a good fit for your needs. A simple mistake by a novice could mean a big expense for your business. If you’re thinking of using a bookkeeping service to handle the finances, make it a wise investment. Vilardi and Co. specialize in bookkeeping services for the hospitality industry, so we’ll be sure to keep everything in order.
Managing the books for your hotel or restaurant can take a lot of time and can feel pretty stressful.
But with a little help, you and your team can make sure your books are in tip-top shape throughout the year.
Curious how Vilardi and Co. could address your hospitality bookkeeping needs?