Australia has so much beauty that it is ridiculously unfair! The Great Barrier Reef in its unfathomable depths and stunning corals, Lake Burbury in its mind-boggling blue, the sprawling Kakadu National Park, Mount Townsend in its glorious heights, and the bustling cities with the prettiest lights would feature on any bucket list. It should come as no surprise that tourism in Australia is a multi-billion dollar industry. Domestic travel in Australia has reached pre-pandemic levels. That is good news!
The logistics, people management, gastronomy, and communication involved in the Hospitality Industry cannot be dismissed as a joke. With these responsibilities weighing on your shoulders, it is only fair that you may occasionally want to catch your breath. We assure you that you can do that.
How?
Through Outsourcing for Hospitality Industry.
Delegating your finance and accounting to offshore service providers saves you time and money!
Sundaram Business Services helped an upscale 5-star hotel in Sydney – with 500+ rooms and a global presence in 100+ hotels – streamline processes at lower costs and timely reporting. With Sundaram, the offsite transition of processes was seamless.
Below are the ways how Outsourcing to Sundaram Business Services can help your hospitality business.
Ensure you meet your quality standards in deliverance. Every. Single. Time.
As a hospitality business, you are good at many things – planning and executing within perfect timelines. You are dealing with people with various skill sets for your different requirements. From a customer experience point of view, the chief indicator of your quality and propellant for your success is your people management and the pleasurability of your gamut of services. Crunching numbers may be your thing. But you do not necessarily have to go through the ordeal. Outsourcing your finance and accounting to experts, before anything else, will allow you to focus on the more significant aspects of your business that come to the forefront in the mind of the end-user when evaluating your business. This means happy customers, better reviews, and more business.
Lower overhead expenses
One of the primary factors determining any significant move that businesses make is – cost-effectiveness. In all sincerity, a hotel could find better use of space than running an accounting firm, which is not inexpensive. Since offshore providers like Sundaram Business Services operate out of India, where the cost of living is lower, the operational cost of running an accounting firm is much lower. The services can be tailored to your bespoke needs to evade superfluous costs.
Access to superior skill
It is foreseen that the global skill shortage will only be exacerbated by a gap in Mathematics education. This does not augur well for the field of accounting, which deals with some serious calculations. This gap could be bridged by Outsourcing for hospitality your requirements to a geography like India where skill is surplus. The intense competition in India allows for more remarkable skills in Finance and Accounting. As quite reasonably, only the cream are employed as accountants. It should be comforting to know that, through outsourcing, your work will be in good hands.
Better Turnaround Time
We know this sounds like a wild claim to make, but outsourcing for Hospitality may, if not will, cut the month-end turnaround time by 50%. These are made possible by incorporating process improvements where and when necessary, thinking ahead, and employing advanced tools and expertise.
Improving vendor relationships
Outsourcing companies that specialize in invoice processing often have well-established workflows and systems in place to expedite the processing cycle. They can handle a large volume of invoices efficiently, ensuring faster turnaround times. This can be particularly beneficial for the hospitality industry, where timely payment to suppliers is crucial for maintaining positive vendor relationships.
Scalability
Outsourcing for Hospitality Industry offers flexibility and scalability for your businesses. As the business grows, the finance and accounting requirements also increase. Outsourcing providers can quickly scale their services to accommodate the changing needs of your company. They can handle higher transaction volumes, additional locations, and complex financial operations without businesses having to worry about hiring and training new staff or acquiring new software and systems
Better informed business decisions
Offshore finance and accounting service providers, or CFO support for Hospitality Industry, can process large amounts of data and access information on industry standards and competitors. Their expertise is not restricted to manual data entry, reconciliations, and transaction processing; they can also dedicate their efforts to interpreting financial data, identifying trends, and developing actionable business intelligence strategies.
Risk Mitigation and Compliance
Outsourcing finance and accounting operations can help businesses mitigate risks and ensure compliance with regulatory requirements. Outsourcing providers are well-versed in financial regulations and standards and can help companies to navigate complex financial compliance issues, such as tax compliance, payroll regulations, and financial reporting requirements.
Our Success Story
The Challenge :
When a multi-product company, primarily into the Hospitality industry, contacted Sundaram Business Services we performed a process analysis, and an in-depth study of their existing business.
The key challenge was that the firm dealt with multiple lines of business – Capital Management, Investment, Investment and Design, asset Management, Hospital Management. Each entity has its nuance requiring a dedicated finance team, causing a delay in the consolidation of accounts. Further, there was a skill shortage that added to the challenges.
The requirement stated by the client was centralised set-up to support its operations to provide greater visibility and transparency to the management. They also needed a scalable partner to support their rapid growth trajectory.
The Solution :
Sundaram Business Services took over the support functions through a remote transition. This is the first time the client considered outsourcing. The client transitioned the receivables process (AR) in their hospitality business to test the waters, and then, encouraged by the quality of work, quickly moved on to outsourcing the payables process (AP) and end of the month activities (EOM). Owing to our prior experience in Hospitality back office support (for an upscale five-star property), our resources jump started the process in record time.
Sundaram Business Services is well-positioned to handle all the back-office activities. The personnel for each process were reallocated to more value-added work as the client is in a rapid growth phase.
At Sundaram Business Services, we understand that…
The crux of the hospitality business is customer service and enhanced guest and business relationships.
Our rich experience of over 10 years working with upscale 5-star hotels with over 2000+ rooms, 4/5 star resort-style hotels, 5-10 rooms resort-style and aggregators. This has helped us
achieve many milestones and learnings, and implement process improvements.
We are adept at working on the hotel’s Property Management Software (PMS) such as Opera, Point of Sale (POS) and accounting software.
Our dedicated team ensures guaranteed productive hours with a pool of skilled employees handpicked to deliver CFO support for the Hospitality Industry.
We are constantly finding better ways to work, whether automating regular tasks or even going above and beyond to ensure the client has no backlogs.
Our services include accounts receivables, accounts payables, end-of-month profit-loss preparations, balance sheet reconciliation under hotel finance.
We also offer pay roll, ESG – budget preparation, data analysis, corporate fund management, corporate payables, corporate receivables under corporate finance.
We are well-equipped to handle hotel reservations via call, emails, and chat.
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Sundaram Business Services is a business process outsourcing company with offices in Australia, India and the UK. With over 20 years’ experience in the Australian market in providing outsourced teams to Australian businesses across Accountancy, Portfolio Management, Self-Managed Super Funds, and Mortgage Broker support, our business becomes an extension of yours.
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