Hospitality
UNMATCHED INDUSTRY KNOWLEDGE
Putting a CPA on your payroll can make a huge difference in whether your business succeeds.
The hospitality industry faces ever-evolving challenges. Consumers have many options for entertainment and travel. Competition and consolidation have also dominated the hospitality industry. As a result, margins in hospitality are often thin. Anything a hospitality business can do to streamline its operations, eliminate unnecessary expenses, and optimize its profitability will flow directly to its bottom line.
HRSS understands the extraordinary competitive pressures the hospitality industry faces. Many businesses feel they cannot afford expert accounting and financial services. Thus, hospitality businesses limp along, with the owners often handling basic tasks like payroll and tax filing and never reaching the next level of business performance.
With the financial and accounting services from HRSS, a hospitality business can perform at its peak. Our services can also help position hospitality businesses for new opportunities for greater profitability and exposure like expansion, franchising, or mergers and acquisitions.
Hospitality businesses that benefit from HRSS’s services include:
- Restaurants & Fast Food Franchises
- Lodgings, such as hotels, motels, and vacation rentals
- Casinos
- Tourism
The hospitality industry is diverse and has varied needs. That said, hospitality businesses can benefit from outsourcing their accounting and financial tasks, so they can focus on their core mission of providing excellent customer service.
Moreover, HRSS’s professional accounting and financial services can improve an already-profitable hospitality business or turn a hospitality business around to profitability.
HRSS appreciates that great hospitality businesses refuse to compromise on customer experience. But to achieve this, a hospitality business must be financially stable and understand its business performance and operations with precision.
Let us help you navigate through the challenges of industry uncertainties.
Services for the Hospitality Industry
Accounting Services
HRSS helps its hospitality clients maintain clear, accurate, and complete financial statements so the business can pass audits for credit, loans, and merger and acquisition opportunities. This allows clients to use financial information from HRSS to create plans and make strategic decisions to grow and expand the business.
HRSS provides support throughout the financial reporting process to help hospitality businesses gain a complete picture of their performance. This support includes:
- Monthly, weekly, or quarterly financial statements
- Detailed cost-recording of purchase invoices
- Daily recording of sales and receipts
Tax Planning
HRSS helps hospitality businesses use tax laws and their treatment of real estate and equipment to take advantage of tax credits, deductions, and depreciation to minimize tax liability.
Payroll Support
HRSS assists hospitality clients to structure their payroll system to ensure payroll is paid and filed properly.
Streamline Operations
With accurate and complete financial data from HRSS, hospitality clients can identify inefficiencies and unnecessary costs and streamline operations to maximize efficiency and reduce overhead expenses.
HRSS Helps Hospitality Businesses Thrive Amid Evolving Industry Challenges
Hospitality business owners are usually not in business to handle payroll, accounting, and audits. Rather, they are in business to serve their customers and make money. With accurate and complete financial data, business owners can take action to optimize their business.
HRSS provides accounting and financial services so hospitality business owners do not need to. Without these burdens, hospitality businesses can focus on providing great service.
HRSS helps position hospitality businesses to serve their customers better and become more profitable. Contact us to learn more.
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