The Importance of Accounting in the Hospitality Industry

Hospitality is one of the major growth industries in Australia. Its mammoth growth means it’s vital to have the proper accountancy tools at your disposal, allowing for you to gain an edge over your competition. It also gives you the capacity to manage the growth of your hospitality enterprise and scale accordingly.

Australian Industry and Skills Committee (AISC) figures show that over 850,000 Australians will be working in the hospitality sector by 2023 – increasing from around 500,000 in the year 2000 and 660,000 in 2012.

With so much progress expected for the near future, you must have a strong understanding of the financial health of your financials and overall operations. Doing so means you can predict your pipeline and requirements ahead of time and have an accurate idea of the cash flow you can expect.

In the end, being able to budget correctly, forward plan and meet all of your legislative compliance will put you on the right track for success.

Here are some of the best tools of the trade to help you manage your books and project operations accurately.

Manage multiple locations through Xero

Founded in New Zealand, this globally-used accountancy platform is based entirely in the cloud.

That is a huge benefit for those in the hospitality industry, especially those with multiple outlets or chain operations so all arms of the business can be seamlessly integrated.

It also cuts down on expensive overheads and allows for simple accountancy, including tools that enable you to manage your own payroll, bank reconciliation, invoicing, expenses, inventory management and financial reporting.

 

MYOB for scalability

Starting in Australia, MYOB has spread across the world to become one of the essential taxation and accounting tools for businesses of all sizes. It is especially helpful for venues with lean margins and a lower headcount, providing a stack of features that make it possible to manage the business efficiently by yourself.

MYOB provides the full suite of accountancy tools for those in the hospitality industry, including specific apps like the Cooking the Books kitchen manager and the ability to plugin to Impos.

Connect your point of sale operations to your accountancy software

Impos is an industry-leading POS system that was founded in Melbourne, Australia that has been designed specifically for the hospitality industry. It is suitable for any business in the hospitality sector, from cafes and small bars all the way up to large-scale hotels and chain franchises.

Ultimately, we provide you with all of the hardware and software you need to be able to serve customers at their table and dramatically cut down on service time. But these systems are also able to integrate seamlessly with both Xero and MYOB, funnelling data directly into your accountancy platforms.

This allows you to have instant snapshots of your business health and eliminates the need for paper records (which can contain errors and take time to put together) and other manual processes.

For more information on how our POS system can help you handle your books, get in touch now on 1300 780 286.