How an Accountant Serves Various Professional Industries
The hospitality and service industry has always been getting more competitive each year. The owners are looking at every possible way to cut costs and improve business efficacy, quality, and customer experience. In the past one and half years, the hospitality industry has been worst affected because of Covid-19. However, business owners still rely a lot on their hotel accountants for business efficiency.
Hotel accounting services include
- Bookkeeping & Payroll Management
- Business Tax Accounting & Advice
- Restructuring & Compliance
- Hospitality Consulting.
- Hotel accountants & their role
Whatever the size of the hotel, accounting is all about recording and retrieving the payables & receivable cash flow.
Accounting also involves reviewing, reporting, and evaluating the hotel’s financial position for a particular period. It helps in budgeting, calculating, and preparing future cost planning.
Accountants help comply with ATO and ASIC obligations and prepare annual financial statements and statutory reporting such as Balance Sheet, Profit & Loss (Income) and Cash Flow, etc.
Accountants also handle the operations front. They are responsible for tracking bills, recurring dues, sales & journal approval, room revenue, guest satisfaction survey, average daily rates, rooms sold, occupancy percentage, competition analysis, operations budgeting, and financial benchmarking.
In most hotels, the accountant and their team are also liable for Time & Payroll management, daily activity tracking, performance monitoring, daily sales generation, profitability analysis, and forecasting.
Hotel accountants do not charge hourly rates like any other consultants. They will charge a fixed fee based on the hotel’s requirements. If necessary, the accountant will assign a junior staff for daily transactions.
With the costs of treating patients rising steeply, it has become necessary for proper accounting of health care. Doctors and other health care workers are hard-pressed for time and can neither neglect their patients nor ignore the importance of tax filing. It is difficult for them to stay updated with the compliances and any changes in legislation with the healthcare industry.
While the pandemic had virtually closed the doors for almost all industries, the healthcare industry was working overtime fighting this unusual pandemic. It genuinely will not be possible for a person to work on something which is not their specialty.
The medical tax accountant has the educational experience, qualification, specialisation, to effectively and perfectly advice the healthcare specialists on their financial matters.
Doctors are already under tension with their patient’s health conditions and may not handle their financial compliances. Handling finances requires a lot of patience, time, and diligence. An accountant can easily manage their financial matters by taking details over the phone.
If healthcare workers make an error, they will have to waste considerable time rectifying the mistakes and paying penalties. The medical tax accountant is up to date with the latest tax rules and efficiently ensures there are no errors while computing and filing.
The accountants work with different doctors at various levels. They have the experience and can show many ways of how to adapt time to increase their profits.
Conclusion: People usually relate an accountant’s job as auditing and filing taxes. Many are ignorant of the professional services they provide.