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Business Support Services: Global Hospitality Amidst COVID-19

Asset Management
Business Support Services: Global Hospitality Amidst COVID-19

The reality of the COVID-19 crisis and the imposed travel restrictions inevitably posed significant issues for the tourism industry as a whole. The effect this has had on the hospitality industry is enormous, and the outcome is still not predictable. Now, as restrictions start to relax around the world, the hospitality industry will gradually begin to see some glimmer of hope.

It will take time, however, until the industry will be back to normal if normal is at all possible. The industry is committed, and hotels are cautiously re-opening for the summer travel season, but it's anything but business as usual in this sector. Businesses will need to adapt to protocols, implement new measures to increase the feeling of security, which implies extra cost and reduction of benefits. This new situation requires a careful review of existing processes. Cutting costs and improved efficiency will be vital in regaining profitability.

Businesses will need to adapt to protocols, implement new measures to increase the feeling of security, which implies extra cost and reduction of benefits. This new situation requires a careful review of existing processes. Cutting costs and improved efficiency will be vital in regaining profitability.

When it comes to operations, the hospitality industry is quite dynamic, and workload volume tends to fluctuate. Also, repetitive and standardized back-office tasks can be costly at local wages, or hard to acquire and retain qualified staff. Peak seasons in the hospitality industry tend to bring a lot of business, but it also brings undue stress for the management and staff.

Amicorp has specialized teams of professionals that include accountants who can support businesses with additional services specific to the hotel industry. When you operate a business in this competitive industry, it's comforting to know that professionals are working alongside you, who can keep your books and company in good standing.

With our experience in doing business globally, we can help you improve efficiency and regain profitability. We take care of all the non-core work on an ongoing basis so you can focus on your businesses' core activities.

Our solutions include professional services focused on four main areas:

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ACCOUNTING AND REPORTING SERVICES

  • Bookkeeping services and outsourced accounting
  • Monthly, weekly or daily financial reporting
  • Profit and Loss Reporting
  • Cash flow and working capital management
  • Bank and credit card reconciliations
  • Accounts payable/receivable
  • Preparation of statutory accounts and filings
  • Tax preparation, filing, and planning (VAT, WHT and other tax filings)
  • Budgeting and forecasting
  • Financial (pre)audit

HUMAN RESOURCE SOLUTIONS

  • HR advisory support
  • HR governance
  • Recruitment
  • Employee agreement
  • Payroll
  • Employee benefits & mobility
  • Employee Stock Option Plan (ESOP) administration
  • E-learnings (MiAcademi)

OPERATIONAL SUPPORT

  • Reservations processing
  • Check-in automation systems
  • Email inquiry answering
  • Online review answering
  • Customer surveys
  • Customer database management
  • Content loading & management
  • Pricing and availability updates
  • Any other operations support

LEGAL AND DATA PRIVACY SERVICES

  • Contract drafting
  • Service and employment agreements
  • Data privacy & protection policies (GDPR)
  • Local & global compliance
  • Assurance services (FATCA, CRS, BEPS, ESR, Etc.)
  • Training and development

For more information, please contact:

Hanno de Vriend - h.devriend@amicorp.com