By Bradford Jones, CPA, CVA, CMA, CFF

For the hospitality industry accounting outsourcing services are proving to be extremely  beneficial for business growth.

From working with our clients in the hospitality industry, we know that well organized data leads to insightful analysis. This is particularly important for hotels and restaurants as they process enormous amounts of data — from guest reservations and contact information to room costs, food and beverage income, and operational expenses.

FAO enables decision makers in the hospitality industry to uncover emerging trends from financial data and leverage that information to operate with a proactive mindset and data-driven insight about their customers.

The Many Benefits of Hospitality Accounting Outsourcing

Focus More Time & Energy Caring for Your Guests

By outsourcing routine tasks like accounts payable, receivables, and bank reconciliations, hotel management companies can streamline operations and become more efficient so management can focus on attending to the needs of their guests.

Streamline Financial Operations

Plus, when your accounting operations are handled by an accounting and finance team with industry experience and knowledge of best practices, you know your accounting will be in compliance with applicable rules and regulations. And your accounting function begins producing better business outcomes, including:

  • Preparing technically accurate financial statements
  • Optimizing cash flow by identifying revenue leakage and unnecessary expenditures
  • Managing payroll more effectively
  • Developing accurate forecasts and budgets
  • Properly accounting for and allocating the unrelated business income of tax-exempt social clubs
  • Optimizing tax filings
  • Uncovering actionable insights from financial analytics

Uncover Insights Into Opportunities that Can Produce the Most ROI

Finding an outsourced accounting firm will help you ensure accurate information flows in a timely and user-friendly manner across various locations and departments to help your hospitality business:

  • Design and deploy data analytics campaigns that track key performance indicators.
  • Evaluate a potential franchising opportunity.
  • Identify innovative strategies for cost savings and investment opportunities across multiple properties.
  • Increase productive communications between properties and corporate leaders.

How to Find the Right FAO Provider for Your Resort, Hotel, Restaurant, or Private Club

Operating a finance and accounting function inside your hospitality business can quickly become overwhelming — especially when budget and staff are limited.

Outsourced accounting helps to ensure that decision makers in the hospitality industry have access to consistent and accurate financial information.

Plus, when you find a reputable outsource provider with hospitality accounting experience, you tap into specialized expertise typically unavailable within the constraints of small organizations and scarce resources.

But, here’s the thing: you’ve got to find the right outsourced accounting provider.

To properly vet an FAO provider, check that the provider has:

  • Be sure the provider has experience working with businesses like yours in the hospitality industry.
  • A proven tech strategy. Ask about the software and tools they use to manage finance and accounting processes. The provider should be able to explain how they plan to integrate with your existing systems, if needed.
  • The ability to scale with you. Can the provider respond to the changing needs of your business?
  • Data security and compliance protocols. Assess the provider’s data security protocols, adherence to regulatory requirements, and compliance certifications.

When you work with PBMares, you can expect us to check all the boxes above. You can also expect us to provide:

  • A highly disciplined and structured process
  • A team with specialized industry expertise
  • A completely virtual, paperless, and non-intrusive experience

Learn More

Private clubs, restaurants, hotels and resorts succeed by running an efficient operation and staying on top of complex accounting responsibilities, all while providing guests with a delightful, stress-free environment. To remain strong, organizations like yours need the support of professionals who understand the challenges you face and the competitive business landscape in which you operate.

At PBMares, our outsourced accounting services make your life easier and your organization stronger. Our experienced finance and accounting professionals deeply understand the hospitality industry and the accounting hurdles you face.

Contact Brad Jones today to learn more about what you and your organization can accomplish when you outsource your accounting and finance functions.