Bookkeeping and Accounting Services for HOSPITALITY

Bookkeeping and accounting services for hospitality. We specialize in accounting for the hospitality industry, including Lodging, Bed and Breakfast, Motels, Clubs, Spas, Restaurants, and Campground operations.

We pay attention to the setup of Charts of Accounts to reflect the unique characteristics of this industry, such as

• timely triggering and applying varying prices for rooms

• charging late fees for hotels

• maintaining membership accounts for clubs

• emphasizing cost accounts and COGS accounts for restaurants

• recording revenue in deferred income and accounts receivables accounts to report correct income on the balance sheet

We recommend the setup of several ledgers to separate revenue streams for better planning management. Generating efficient financial reports to make better business decisions will compensate for extra time to support additional ledgers.

Attention to motel owners! Because running motels is by far the most complicated segment in the hospitality industry, we suggest daily reconciliation of accounts. In contrast, clubs are safe to follow the standard monthly reconciliation. We also suggest separating employee tips from the company income, and we do it with the proper setting up chart of accounts.

Our bookkeeping approach in the hospitality industry

Hospitality Bookkeeping Pricing

Restaurant and hotel bookkeeping pricing fees. The hospitality industry runs ongoing operating costs, including fixed and variable. It requires the proper creation of cost accounts in the chart of accounts. Managing these costs and reporting them at regular time intervals will define the success of the business operation. Variable costs (food, utilities, supplies, wages) involve the utilization of the Accounts Payables module in the bookkeeping software. Our hospitality pricing fees assume the need to map costs in the chart of accounts and automate AP processes. Small hospitality business owners usually take cash payments from their customers. We assume that Accounts Receivables are not used in the bookkeeping software.

We show several basic business scenarios to help you visualize our bookkeeping services along with the pricing plans we provide to cover these scenarios. Please, Book Appointment to discuss your specific requirements.

QuickBooks Online works well to keep accurate records for small-size operations in the hospitality industry. However, in some cases, a more sophisticated Inventory solution is suggested for motels and restaurants to manage food waste and cost. We assist in automating CRM software to manage communication with customers, integrating POS, payroll, hotel inventory, and hotel room booking systems with QuickBooks Online for the most efficient record management of the business.

Can you use QuickBooks Online to manage your motel or restaurant?

Eligible Expenses

Basic Pricing Plan

Starting from $320 per month

You are a sole proprietor with up to five employees and up to $25,000 in monthly expenses, generating transactions in a single currency and require reconcile one bank account.

We provide the Basic pricing plan and prepare the T1 tax package (T4 and T5 slips) for a business owner in addition to payroll services.

Starting from $580 per month

You are a sole proprietor with up to five employees and up to $50,000 in monthly expenses, generating transactions in a single currency and require reconcile up to three bank accounts.

We provide the Basic pricing plan, prepare the T1 tax package (T4 and T5 slips) for a business owner in addition to payroll services.

Basic Pricing Plan includes:

• Recording transactions with supporting documents (invoice, check, etc.)

• Reconciling bank account yearly, monthly, or quarterly

• Providing financial statements yearly, monthly, or quarterly

• Meeting to discuss financial statements and suggest improvements

• Supporting Accounts Receivable module +$120

• Supporting Accounts Payable module +$120

• Closing accounts at the year-end, and filing HST

Payroll:

• Handling the remittance of source deductions to the government

• Paying bills, collecting debts, running payroll

• Filing T4 and T4A slips

• Data entry can be prepared by us or by the business owner

• $35 per employee per month if we prepare data

Reach us by email or phone to book an appointment. If you would like to discuss your business over the Internet we work with Zoom, Skype, or Teams.