Tourism & Hospitality

About the industry

Tourism & Hospitality industry is a highly customer-specific sector wherein the central goal is the satisfaction of the visitors. Over the last two decades, there has been a significant change in the tourism industry. New trends of running business have come up and while this has further enhanced the quality of services offered to the end users, it has also led to increased competition among business rivals. Unless a hotel is able to maintain its quality of services to the highest degree of efficiency, it is going to lose on customers to another business rival. Such factors make it necessary that a hotel offers the best services to customers and help in furthering tourism prospects in the country.

Kind of services required

To make sure that a hotel is coming up with the highest level of productivity that in turn can satisfy the customers, the management needs to make use of optimum CPA services that in turn can enhance its prospects manifold. Some of the CPA services that are used by the tourism & hospitality industry include business plan development, projections, budgets, business loan assistance, tax services, cash flow analysis, cash and products shortage prevention, inventory control, payroll services, outsourced accounting, point-of-sale accounting, tip allocations, costing and pricing systems (bar, menu and labor), monthly reconciliations and statements, fixed asset records, maintaining detailed depreciation schedules, succession planning, financial planning, estate planning, cost segregation studies, business valuation, litigation support, fraud risk assessments, operational reviews and financial systems solutions.

What RAM Associates can do for you

To ensure that you only have the best CPA services for your eventual growth, you need to team up with a service provider who has sufficient experience in working with the tourism & hospitality sector. We at RAM Associates can offer you in-depth accounting solutions that can fulfill all your specific requirements associated with the business. By going through your business plans, we can formulate plans to manage your finances in the optimum manner and ensure that all of your operations are in compliance with local, state and federal regulations. Such services can in turn help you to achieve long term success in this industry.