While increased travel demand and a healthy economy paint a rosy picture for the tourism and hospitality industries, it is vulnerable to threats from multiple fronts. Hospitality businesses are becoming more cost and profit conscious and guests are placing increased importance on price, quality, and the level of services they receive.
These unique challenges require the hospitality industry to be nimble, educated, and equipped with the latest technology to streamline processes and drive financial performance. Owners rely more and more on financial benchmarking data to ensure they are getting the most out of each asset and each management contract. The hospitality industry is turning to robust accounting tools and specialist accounting partners to balance these challenges.
In the year ended 31 March 2017, tourism directly contributed $14.7 billion (or 5.9%) to the New Zealand total gross domestic product (GDP), with a further $11.3 billion (or 4.6%) indirectly contributed. Tourism directly employed 230,793 people (8.4% of the total employment in New Zealand). *
RSM's assurance, tax and consulting professionals have been helping businesses in the hospitality industry improve their performance through the most challenging situations – be it changing customer demands, natural disasters, extreme weather or economic downturns. Our clients include local, national and internationally recognised businesses – from stand-alone restaurants, cafes, bars and retail outlets to accommodation providers such as motels and lodges.
Like any other industry, hospitality accounting is complex and dynamic.
Staying competitive in the marketplace is essential for hospitality businesses and managing your finances effectively plays a key role in your success. Whether you run a large hotel or are an independent restaurant owner-operator, we can develop a tailored service package to match your needs.
In addition to maintaining your accounting functions, we provide the tools you need to monitor business trends and plan for seasonal fluctuations. We will prepare financial reports that are designed around the particular needs of your business and are easy to read and interpret. Together we will evaluate your financial data to help identify and plan for potential financial hazards, so your hospitality business can stay profitable throughout the year. We'll also work hard to strengthen internal controls and keep a close eye on resources in order to direct more revenue to your bottom line.
RSM | Hospitality advisors
Pragmatic, industry relevant advice which equips you with the knowledge to make the right decisions and take advantage of future opportunities.
* Ministry of Business, Innovation and Employment, 10 August 2018 key statistics data read more