An Opportunity to Change for the Better
Hotels are now in the position to take full advantage of restructuring their traditional Back of House functions to reduce the resources and costs and improve the efficiencies of the management information.
The PKF Nuobello back office hotel accounting model presents hotels of all sizes with a real, affordable solution to use this pandemic to make significant change for the better.
Pandemic and Technological Advances
Even prior to the COVID-19 pandemic severely impacting the performance of the hospitality industry, digital technology advances were having a big impact on the industry. Social media and mobile technologies have changed the traditional business model of how hotels deal with customers.
Hotels are under increasing pressure from competition and to develop new strategies for growth. A major part of the hotel's competitiveness and profitability strategy is to minimise costs and improve operation efficiences without impacting on the customer experience.
COVID-19 has put additional focus on the management of costs. Most hotels have reduced their back office staff levels significantly during COVID. As we look at the reopening strategies post COVID, now is the opportunity for hotels to change their back office model to an outsourced solution.
What are the Advantages of Outsourced Back Office Accounting?
1. Process and Personnel Expertise
- Outsourcing provides opportunity to have a highly-qualified team who can serve the hotel in a fresh, uninhibited and very effective manner.
- Most small to medium sized hotels cannot afford quality financial staff. PKF-Nuobello are able to provide fully qualified senior Financial Controllers to oversee your hotel's back office operations.
- Cloud based financial and HR systems make it easy to process, send and store data securely in the cloud. No longer does your team need to be on-site working on a fixed server based system.
2. Access to High-Tech Hotel Accounting Tools and Analysis
- Outsourcing provides access to high tech accounting tools and hotel accounting experts able to provide detailed analysis of your financial data which should lead to cost savings and revenue improvements.
- Fully reconciled financials are provided on a timely basis, in a best practice format providing ability for management to make timely, informed decisions about the business.
3. Cost Savings and Flexibility
- There is no need to hire an internal back office team. No need to hire new staff and retrain them. Outsourcing removes these headaches and provides continuity of accounting service.
- Outsourcing provides flexibility to the hotel whether you are looking at upscaling or even downscaling. The hotel is not left with recruitment problems or dealing with unwanted staff following a downsizing/restructuring.
4. No Distraction for Employees
- By outsourcing, you have a more focused team of accountants who can perform their tasks well without day-to-day distractions that occur with an in-house team.
- Focus generally leads to efficiency and reduced errors.
A suite of products for the hospitality industry
PKF-Nuobello is a collaboration between PKF Thailand and Nuobello which has developed a suite of products for the hospitality industry.
We have a model and a team to enable hotels to outsource the financial management to provide a level of service not normally possible for a small hotel or hotel group.
The PKF-Nuobello Solution
We understand not every hotel's requirements are going to be the same. Some may want to outsource all of their accounting and HR, others may be happy with their HR department and just want to outsource the accounting. We are flexible in our offering and can tailor a solution to meet the hotel's requirements.
- We will ensure onsite staffing levels are minimised by training and cross-skilling staff.
- Oversee onsite staff
- Set up management information systems to provide accurate and timely monthly financial statements and informative financial analysis with recommendations for revenue improvements and cost reduction initiatives.
We have hired an experienced Hotel Financial Controller who heads up the Hotel Accounting Outsourcing Division of PKF Nuobello.
We have Cluster Financial Controllers (CFC) who will manage a group of 4-5 hotels. The CFC is responsible for:
- Ensuring controls are in place at each hotel, managements accounts are provided on a timely basis.
- Setting annual budget with the management team and reporting against this.
- Coordinating year end financial auditors and ensuring all tax requirements are complied with.
- Providing monthly management report analysing performance of each hotel and discussing with hotel management regarding revenue opportunities and costs savings initiatives.