Outsourced Back Office Hotel Accounting
The PKF-Nuobello Solution
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 smaller hotel or hotel group.
Key Services Offered
- We will ensure onsite staffing levels are maximised by training and cross-skilling existing 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.
Tailor Made Solution
Not every hotel's requirement is 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.
Our solution is overseen by our experienced Hotel Financial Controller from the Hotel Accounting Outsourcing Division of PKF-Nuobello.
Our Cluster Financial Controllers (CFC) will manage a group of 4-5 hotels and is responsible for:
- Ensuring controls are in place at each hotel, and management accounts are provided on a timely basis.
- Setting annual budget with the management team and reporting against this.
- Coordinating with 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 cost saving initiatives.
Advantages of Outsourced Back Office Accounting
1. Process and Personnel Expertise
- Outsourcing provides an 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 the 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 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 in house based system.
2. 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 occurrence of errors.
3. Accounting Tools & Analysis
- Outsourcing provides access to high tech accounting tools and hotel accounting experts able to provide detailed analysis of your financial data which lead to cost savings and revenue improvements.
- Fully reconciled financials are provided on a timely basis, in a best practice format providing an ability for management to make timely, informed decisions about the business.
4. Cost Savings & 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 the 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.