The hospitality industry likes to outsource non-core services. There is now a growing trend to outsource the accounting operations. We invited Ray Baxter, one of the Directors of Baxterworld outsourcing to tell us why this is becoming popular.
Looking after the books is a huge hassle that gets in the way of the prime management function of the business, namely keeping customers happy and finding new customers.
Not having the skills to produce accurate and timely management accounts is a real and present danger in today’s risky business environment.
If your business is expanding and opening new venues then an outsourced service will automatically grow with you.
While most businesses outsource part of their accounting work, such as, end of year accounts, tax and payroll, there is a great advantage to having it all under one roof.
Having a virtual Finance Director is usually mentioned as a great benefit. Where the provider specialises in Hospitality, this helps to drive up profits.
External monitoring, by following tight processes around tills, cash and supplier payments helps reduce fraud.
Outsourcing providers get the work done within your deadlines, to a high quality and at a fixed price.
Ray can be contacted at firstname.lastname@example.org