With specialist knowledge and experience in accountancy for the hospitality and leisure sector, the team at CRM knows that getting the finances right in your hotel, pub, restaurant or spa is not simply about managing revenue and expenses. The challenges can be complex and often fall at a time when resources and time are stretched to the limit – when preparing for the busy summer period for instance.
If you own or run a hotel or pub, you will be under constant pressure to manage the day-to-day activities and managing the finances might seem like one burden too many. This is one area where an expert in the field can help to simplify the process, enabling you to concentrate on managing your staff and offering the very best service to your guests.
At CRM we understand the unique financial requirements of the hospitality and leisure industry and know the importance of an accountancy system that will help owners and managers to build a profitable future for the business.
Good accounting practices give you an accurate understanding of cash flow and transactions, to be able to plan and allocate resources where they are needed at the most pressured times of the year.
The basics of leisure and hospitality accountancy should cover:
- Precise month end accounts
- Budget preparation
- Business planning
- Creation of financial statements & balance sheets
- Payroll
The experts at CRM are able to take hospitality accounting to the next level, by helping you to measure a whole range of specific Key Performance Indicators and Key Predictive Indicators such as:
| · Revenue/usage per head of population
· Customer average spend per head · Secondary spend per user · Accommodation occupancy rate · Food vs beverage sales split & profit margin · Average room rate · Revenue per available room · Available room % · Average cost per room · Wage cost %/ratio · Labour turnover · Seating efficiency · Customer satisfaction |
· Complaint resolution
· Room cancellation % · Stock turnover · Number of customers/guests per employee · Staff absence ratio · Current & forthcoming bookings · Subsidy per visit · Capital recovery · Usage per opening hour · Energy cost per user · Maintenance & cleaning cost per sq metre/ room or customer · Advertising/marketing ROI |
If you don’t already monitor these KPI’s, it would be beneficial to pick the relevant ones for your hotel, pub, restaurant or spa – enabling you to make proactive rather than reactive decisions and maximise the potential of your hospitality business.
If your numbers don’t add up and you need to understand why, speak to Noel Heaven, CRM’s leisure and hospitality specialist on 01865 379272.
