{"id":2316,"date":"2022-11-23T11:40:27","date_gmt":"2022-11-23T11:40:27","guid":{"rendered":"http:\/\/www.robbtax.co.uk\/blog\/?p=2316"},"modified":"2022-11-23T11:40:48","modified_gmt":"2022-11-23T11:40:48","slug":"the-importance-of-cash-flow-for-tourism-businesses","status":"publish","type":"post","link":"https:\/\/www.robbtax.co.uk\/blog\/the-importance-of-cash-flow-for-tourism-businesses\/","title":{"rendered":"The importance of cash flow for tourism businesses"},"content":{"rendered":"

With the busy Christmas period approaching, businesses operating in the hospitality and tourism sector will be dealing with increased demand.<\/p>\n

<\/p>\n

Now more than ever, it is important to ensure your cash flow is as strong as it can be.<\/p>\n

What are the basics?<\/strong><\/p>\n

When it comes to running a business, having a solid cash flow is vital. However, poor cash flow is one of the top reasons that tourism businesses shut down.<\/p>\n

It\u2019s a straightforward concept, balancing cash coming into the business against cash going out \u2013 inflow and outflow.<\/p>\n

Inflow into the business can be defined as the payments received from customers for food and drink, but can also cover finance and borrowings.<\/p>\n

Outflows are more complicated and cover costs like rent, rising utility bills, payroll and produce suppliers, not forgetting general maintenance and repair costs for the premises.<\/p>\n

That is where the latest technology can make life easier by keeping track of day-to-day costs as well as often being compatible with the software used by their accountants.<\/p>\n

Forecasting is key<\/strong><\/p>\n

With analysis from a point-of-sale system, businesses should be able to project cash flow for the year ahead.<\/p>\n

Comparing data from the previous year will show the highs and lows of performance and allow planning for seasonal fluctuations.<\/p>\n

Cut back when needed<\/strong><\/p>\n

If you are behind your forecast, action needs to be taken to reduce costs.<\/p>\n

This could include cutting back where necessary and trimming menus, including the least popular dishes, and closing early when trade is slow to make energy and payroll savings.<\/p>\n

Let your cash to the talking<\/strong><\/p>\n

Rather than taking stock on credit, for example, talk to your vendors about a discount on your orders if you pay in full, upfront.<\/p>\n

A bulk cash order could persuade them to cut prices as they also have to think of cash flow.<\/p>\n

Get the paperwork in order<\/strong><\/p>\n

The numbers and paperwork you face may seem daunting and complex, but that is where your accountant can help.<\/p>\n

We can advise on cash flow, ensuring that your books are up to date so that you do not fall foul of any tax issues.<\/p>\n

Need help with cash flow in the tourism sector? Contact us today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

With the busy Christmas period approaching, businesses operating in the hospitality and tourism sector will be dealing with increased demand.<\/p>\n","protected":false},"author":1,"featured_media":2318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,89,20,79,12,87],"tags":[],"yoast_head":"\nThe importance of cash flow for tourism businesses - Accountants in Sutton Coldfield<\/title>\n<meta name=\"description\" content=\"Robb & Co is an independent firm of chartered accountants and specialist tax advisors based in Sutton Coldfield, West Midlands.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.robbtax.co.uk\/blog\/the-importance-of-cash-flow-for-tourism-businesses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The importance of cash flow for tourism businesses - 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