Hospitality & Tourism
Hospitality & Tourism
Visitors travel to new places to spend holidays, conduct business, reconnect with friends and family etc. These require accommodation along with many other facilities for a comfortable stay. Thus, Tourism and Hospitality are closely interlinked. This industry is one of the largest and fastest-growing industries in the world. It is projected to create 328 million jobs and support 10 percent of the work force of the world, by 2022. In the UK it generates £9 billion and employs close to 4 million people.
The four main sectors within the hospitality industry are:
1. Entertainment and Recreation:
This includes all businesses that provide an entertainment service. It covers sporting events, music concerts, art and performance, museums, theme parks, and cultural events.
2. Food and Beverage:
The food and beverage industry is the largest sector within hospitality. This sub-sector includes cafés, restaurants, food trucks, pubs and bars, fast-food drive-throughs, nightclubs, and tea and coffee shops.
Businesses within this sector provide accommodation to guests. The lodging industry covers hotels and guest houses of all star ratings. They also include resorts, caravan, mobile and static-home sites, Airbnb, hostels, log cabins, camps, cottages, and chalets.
4. Travel & Tourism:
The fourth sector of hospitality is travel and tourism. It includes travel agents, cruise liners, logistics companies, sightseeing, bus and walking tours, airlines, taxis, and car rental companies.
When tourists visit places they need boarding, lodging, and shopping. This contributes to a significant amount of income generation. The biggest contribution of this industry, to the economy of our country, is creating a host of new jobs.
FOREIGN CURRENCY AND FOREIGN DIRECT INVESTMENT
All touring expenditure incurred by foreign tourists is a source of foreign exchange earnings which increases foreign currency reserves of a country. As Hospitality and Tourism is strengthened by a government, investments in the sector rise as well.
PRESERVATION OF CULTURAL HERITAGE BUSINESSES
Another advantage that the Hospitality and Tourism industry confers on an economy is the preservation of traditional industries and handicrafts. Tourists all over the world take great interest in indigenous products of places they visit.
More and more tourists are attracted by good infrastructural facilities. This derives the need to develop infrastructure like roads, buildings, and power plants. Tourism aids and encourages infrastructure development by making way for dams, roads, connectivity,airports etc, as well as any other activity that helps a tourist visit places in much more comfort.
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When I was looking for an accountancy partner, Lanop was the first provider to respond, inviting me in for
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Role of Accountants in Hospitality & Tourism
Accounting is the art of recording and reporting on financial transactions. Accountants are concerned with tracking and reporting the financial transactions of a business. They are responsible for managing general ledger, cash flow management, collections, recognizing revenue, analysing profitability, reporting earnings, managing debt, and paying taxes of course. Financial services firms need to fill roles like financial reporting accountants, auditors, bookkeepers, accounts receivable clerks, accounts payable clerks, controllers, treasurers, and tax accountants. Typically, the entire accounting organization will report to a Chief Financial Officer as well.
Project accounting addresses these issues by treating each project as a distinct business venture with its own set of books and financial reports. This enables architects and builders to control costs, manage time, use resources efficiently, and ensure profitability. It also goes into greater detail than standard accounts.
- An accountant will identify potential deductions throughout a fiscal year and advise on how to make strategic decisions for year-end deductions
- An audit can easily be avoided if you get the guidance and counsel of an expert accountant year-round.
- Investing in and engaging a professional accountant as an ongoing tactical business advisor will assist owners in maintaining focus on long-term goals.
- A collaborative approach toward an accountant allows make decisions based on data and takes advantage of a consultative relationship that will help make business decisions in a timely fashion.
- The biggest benefit of hiring an accountant is getting advice on how to plan for the future. They can pull reports from the past and examine the seasonality of a business. This helps determine the best time to buy inventory, and budget for big investments so that it can stay competitive and viable.
Accounting services for Hospitality & Tourism by Lanop
CAPITAL AND OPERATIONAL EXPENDITURE BUDGETING
CASH FLOWS AND REVENUE FORECASTING
TAX PLANNING FOR THE COMPANY AND DIRECTORS
VAT AND PAYE SUPPORT
INDUSTRY AND MARKET ANALYSIS
MERGERS AND ACQUISITIONS PLANNING
SEASONAL IMPECT MEASUREMENT
FINANCIAL DUE DILIGENCE
BUSINESS SUCCESSION PLANNING
BUSINESS VALUATION & ANALYTICS
ADVICE ON COMPANY STRATEGY
RAISING BUSINESS FINANCE
VIRTUAL FINANCE DIRECTOR SERVICES (OUTSOURCED CFO)
Why is Lanop the best accountant for Hospitality & Tourism Businesses?
Lanop delivers time-saving solutions that bring comfort to the lives of professionals in the hotel, leisure, and tourist sectors who work in a highly competitive market and require services as a result.
We work with a variety of hospitality, leisure, and tourism businesses, such as hotels, travel agencies, gyms, cafés, bars, and clubs, lodges, hostels, holiday parks, and campsites, to help them optimise their commercial potential.
Lanop: Making Accounting Fun Again
Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our corporate headquarters in Putney, London provide practical and efficient solutions to all your accounting needs.
Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.
Why should you choose us?
Professional & Client Centric
No Surprise Costs
In-house Team of Experts