Hospitality industry is one of the lucrative industries that always has something enticing to offer to guests. It includes hotels, tourism, agencies, theme parks, restaurants, bars, etc. With each passing year, this industry is witnessing a new record of travelers in India.
However, with every good news follows the bad news as well. As the no. Of travelers or visitors increases in these areas, managing accounts, manpower, payrolls, and fixed assets becomes tricky to handle.
Let's delve into these challenges and their solutions.
Accounts and Finance Outsourcing
Accurateness, reliability, relevancy, and consistency are the factors that accounting demands to administer proper finance decisions. On the contrary, In-house accountants often mislead their owners with positive data in fear of being reprimanded.
Manpower and Payroll Outsourcing
There are many types of the workforce involved in the hospitality industry, like cashier, receptionist, bell boy, waiter, server, housekeeping staff, IT department, etc. While most of them are hired permanently, some get stationed on a contractual basis.
Fixed Asset Management
Fixed assets take over 70% of investment in the hospitality industry and maintaining them, is a real challenge for in-house personnel. Creating a list of current assets from different locations can be a tedious job to perform.
The vendor statement usually requires the vendor’s invoices and the company’s invoices to be the same, helping the company analyze how much outstanding balance is there that needs to be paid to vendors.
As we know, statutory laws change according to states. Different states come with distinct regulations, and failing to abide by these rules can end the company in legal trouble. Such companies avoid taking risks and often ask for a third-party agency for assistance. We are equipped with the knowledge of statutory rules and regulations due to our years of experience, network, and exposure in the hospitality industry.
Pro-TEAM Solutions Field Of Expertise
- Fixed Asset Verification and Tagging
- Hygiene and Inventory Management
- Vendor Reconciliation
- Contract Manpower Outsourcing
- Statutory Compliance