Owners and operators of hotels and similar entities have a lot to manage whether it’s from management changes to providing high-quality service to customers. It’s expected of them to run a profitable business that’s dedicated and organized in their day-to-day operations as well as their financial accounting and bookkeeping.
Current industry challenges
For the hospitality and leisure industry, it can be difficult to stay up to date with shifting tax laws while improving or expanding their business. Recovery from the severe impact of the COVID-19 pandemic will leave the hospitality industry vulnerable to margin pressure and cash flow challenges for several years. Guidance in financial planning is key in these high-pressure, fast-paced environments.
The top five challenges we see in the hospitality industry are:
- Sustainability as an increasingly relevant issue that can affect hotels in multiple areas
- Higher customer expectations on safety and disinfection post COVID-19
- Streamlining process with mobile technology
- Better marketing and reputation management to renew customer demand post COVD-19
- The need to improve the personalization of the guest experience
Why is Wright Ford Young & Co. right for you?
At Wright Ford Young & Co., our team is well-informed on critical industry issues and understanding the variety of emerging challenges and opportunities. Our trusted accounting experts help with smart planning to help your decision making, identifying tax savings, and providing high standard consulting services. We want to take the pressure off financial planning so you can grow your business for the future.