Hotel Accounting Services - Restaurant Accounting Services - Bi-Outsource
In today’s competitive environment, the restaurant and hospitality industry always aims to enhance the business and reduce the cost by maintaining quality and customer satisfaction level at Top most. However, being a restaurant or franchise owner, they do not get time to manage staff, processing timely payment to vendors, handle day to day operations and most importantly manage accurate hotel accounting and restaurant accounting.
Bi-Outsource offers hotel & restaurant owners with cost-effective hotel accounting services & restaurant accounting services.
Bi-Outsource makes a difference to the normal restaurant bookkeeping services and hotel bookkeeping services by analyzing the key elements of the business and providing integrated accounting solutions. We have an extensive expertise in dealing with the franchise driven hotel or owned by a single-headed ownership with the most cost-effective solutions.
Our Hotel Accounting Services & Restaurant Accounting Services
- Identifying and setting different charts of accounts which prevail as a norm in the hospitality industry
- Recording of sales/revenue on the basis of reports available on your PMS/POS system
- Recording receipts from customer
- Verifying and recording bills from vendors
- Payment to vendors
- Processing employees’ pay and update payroll file
- Processing other tax related reports
- Recording depreciation and other adjusting entries
- Entering Bank Transactions
- Calculation of franchise fees if any as per the standard norms of applicable franchise
- Providing calculation and analysis of occupancy ratio, revenue per room after allocating different overheads and calculation of margin ratio of different departments
- Month-end or year-end closing entries
- Invoice scanning and storing
- Invoice processing & approval
- Expense allocation
- Online payment approval
- Payment Processing
- Handling of vendor inquiries
- Recording payment from customer
- Reconciliation of revenue on monthly/quarterly basis with PMS/POS system and identifying variances if any
- Reconciliation of merchant deposit on the basis of merchant statements, providing collection reconciliation on monthly basis and identifying any short/excess deposit
- Customer aging
- Collections management
- Cash forecasting & reporting
- Balance sheet
- Income statement
- Trial Balance
- Cash flow statement
- Bank reconciliation report
- Detailed general ledger report
- Fixed asset account managements
- Profitability analysis for different recreational centres
- Room wise revenue analysis
- Seasonal Analysis
- Bank book reconciliation with your bank statement
- Credit card reconciliation with your statement records
- Sequencing of checks
- Balance sheet reconciliation
- Payroll setup
- Payday calculations and direct deposits
- Payroll taxes calculation and form filling
- 941, 1099, 940, 944, and quarterly state tax returns
- Reconciliation of Payroll with Quarterly returns