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Glasgow
+44 (0)141 221 2984
Edinburgh
+44 (0)131 225 6366
Stirling
+44 (0)1786 451745
Dumbarton
+44 (0)1389 765238
Hamilton
+44 (0)1698 459444
Glasgow
+44 (0)141 221 2984

Edinburgh
+44 (0)131 225 6366

Stirling
+44 (0)1786 451745

Dumbarton
+44 (0)1389 765238

Hamilton
+44 (0)1698 459444

French Duncan

Business Advantages


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Hotel Accounting Advisory Services Business Advantages

Gathering a highly qualified internal accounting team can be costly, especially with relevant hotel experience and industry knowledge. French Duncan have developed a team of hotel industry specialists who are able to advise you on hotel accounting, buyouts, payroll, people management and planning, restructuring, audit, tax and any other commercial aspect of your business.

Our team is here to listen and support when required. Working with us is exactly like having your own internal finance function, only better. We are able to provide you with financial reports at the time of need or train your team to extract required information and interpret the results.

Outsourcing enables you to extend your team and obtain additional expert skills to develop your company focus, reduce operating costs and increase efficiency by saving time and manpower. Hotel accounting, provided by French Duncan, will also help to address performance issues with precision providing you with a real time information necessary for effective strategic planning.

Consider the business advantages of our hotel accounting and advisory service:

   

Real Time Information

The ability of cloud-based accounting systems to provide daily income reports, online invoice services and online bank facilities enables your hotel to analyse essential information in real time, without time consuming manual processes. The benefits of this is that it enables you to assess the accounts from anywhere and at anytime, and make strategic and informed decisions without a significant operational time lag. Not only that, cloud accounting software is being continuously updated in order to ensure that your business is future-proof and equipped with the finest technology solutions tailored for your business.

Fully Automated

Having a fully-automated accounting system results in much greater cost efficiencies for your business. Time that would have been spent compiling and checking data can now be solely spent analysing the immediate and accurate data provided by your online software. Your staff will have much more invaluable time on their hands that can be spent making more calculated and informed strategic decisions.

Fast & Accurate

Your online accounting software can significantly reduce the error rates of your accounting processes. This, coupled with reports being produced only four days after the month end means that your time spent making decisions can be significantly reduced resulting in more accurate and real-time planning allowing your hotel to perform to its full operational capacity.

Staff Continuity

2016’s Brexit vote is already having an impact on the hospitality sector with the British Hospitality Association reporting greatly reduced applications from European candidates. The consequences of this being that a greater demand for British labour will lead to artificially high wages for all staff, including your finance team. By outsourcing, you are protecting yourself from a bidding war for the British labour force. Instead, you can be assured that your provider will ensure you have backup resources and staff continuity for this vital function.

Available on all Devices

The ability to access your accounting data from anywhere in the world and at any time enables you and your staff to remain constantly informed of how your company is performing. Immediate operational changes can be put into motion with instant access to your accounting data allowing for swift transitions to increase your efficiency.

Security of Data

The security of your company’s data is of the upmost importance to online accounting systems. As a result, online backups are updated throughout the day and stored in multiple locations ensuring they are never lost. All sensitive information can be tightly controlled with access given to only those who require it and all data is encrypted, protecting you and your company’s data from cyber-attacks.

Cost Saving

Your hotel can save a significant amount on your finance department costs by outsourcing your accounting function. Part of this saving comes from the redeployment of your in-house responsibilities resulting in greater time spent analysing data rather than compiling it. Outsourcing also allows you to scale the size of your accounting needs to suit the size and growth of your business without under-utilisation or added costs associated with recruitment.

USALI Compliant

The Uniform System of Accounts for the Lodging Industry is a standard accounting platform that provides a standardised statement for all accounts. By using online accounting software, your accounts will be USALI compliant meaning that you will be kept up to date with the latest accounting statements formats.

Multi-Currency

Cloud software grants you the added benefit of being able to send invoices, get paid and reconcile accounts in a multitude of currencies. You can also assign default currencies to specific contacts for ease of use. All foreign currency transactions can be converted into your domestic currency with the most up to date foreign exchange rates to make your currency accounting seamless.

Labour Management & Payroll

Temporary staff and fluctuating occupancy rates makes rota management an arduous task. New tools such as Rotacloud and Findmyshift are tailored specifically for the hotel sector so that managers to automate their staff rota with ease from a smartphone or other device. It is estimated that up to 50% of time can be saved by using online rota planning systems whilst saving money on payroll costs. Some of these systems can also be integrated with your accounting software producing higher quality management information.

Forecasting & Budgeting Control

Cloud accounting software provides you and your company with a tailored and specifically designed platform for which to view your financials. As a result, the more visually attractive experience delivers more detailed management reports and information packs which enables you to measure the actual performance of your hotel against past budgets or future projections.

Future Proofed Solution

All aspects of technology are constantly evolving in order to keep up with increasing consumer demands. Your online accounting software is no different. With updates on a regular but not too frequent basis you can be assured that your software will always be kept up-to-date allowing your company to have access to the most sophisticated platforms so you can successfully manage your hotel.