Proactive planning for your business’s year-end

When you set up a business, you choose the accounting period that will work best for your business. But whatever accounting period you are working to, it is absolutely vital that you have clear planning in place to ensure that your financial loose ends are all tied up and your documentation is ready for the end of your own financial year.

In short, you need to proactively plan for your year-end, and you need to start doing this as early as possible!

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How to manage your hotel profit centres

Being in control of your finances is one of the key ways to ensure your Hotel actually turns a profit.

Hotels have a number of different income streams. It is, therefore, essential to analyse the income from these different income streams and match the associated expenditure with the income e.g. effectively create distinct ‘profit centres’ – codes within your accounting software that collate all transactions for one department under a specific tag or heading.

Being able to break down your revenues and expenditure into separate, discreet profit centres gives you more control and a better overview of where the hotel is making money – and where it may be losing money.

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Addressing hotel occupancy figures for increased profitability

If you are running a hotel or guest house, no matter how small, then you need to know how your occupancy figures affect your bottom line.

At any given time of the year, your aim as a hotel manager will be to fill as many of the available rooms in the hotel as possible – that is a given.

Getting in control of your occupancy numbers allows you to instantly see how well you are using these available rooms, helping to reduce the average overhead for each room and, most importantly, to improve your profits.

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How to create more business profit for the year

Getting more sales and more customers sounds like a great prospect, doesn’t it? If you’re sending out more invoices and increasing your existing customer base, then it follows that you’ll also see a hike in profits, doesn’t it?

The answer is ‘Not always’. And if you’re increasing sales each month but not translating this into profits, you can get caught in a downward spiral of low profits, negative cash flow and outstanding debt liabilities.

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