Platinum Jubilee celebrations can provide a springboard for long term recovery

Parties are very much in people’s minds at the moment for all sorts of reasons, but one of the biggest will be celebrating the Queen’s Platinum Jubilee at the start of June.

With an extra bank holiday on Friday, 1 June and the Monday late spring bank holiday moved to the previous Thursday, the celebration will be a four-day event from Thursday to Sunday and the hospitality sector will be hoping the weather is fine for bumper business.

How will the hospitality industry benefit?

The hospitality industry is expecting to sell something like 900 million pints and 7.5 million meals during the celebration, bringing a £105 million boost to the economy and around £29 million going back to the Exchequer through duties and VAT.

The celebration could be just the tonic for the pandemic-battered industry with revellers expected to make use of extended hours in pubs, clubs, and bars across England.

The trick for the industry is to continue with that success when the party is over.

Making temporary success permanent

With bosses in that sector working flat out, it’s more important than ever that accountants are there to advise and provide direction to clients.

This won’t just be the general compliance work, payroll etc, but sitting down with their clients and discussing how temporary success, like a jubilee celebration, can be adapted and turned into long term gain with the correct business strategy.

The advisory role become ever move ever more important as we move closer to fully embracing the  HM Revenue & Customs’ (HMRC) Making Tax Digital regulations, which will affect businesses in all sectors of the economy.

Vital to keep pace with technology

Business and their accountants will have to keep their eye on the ball and be prepared to be fully geared up with the latest cloud-based accounting technology. This is where outsourcing can play a key role.

With cloud accounting allowing for accounts to be accessed from anywhere, the latest apps provide an opportunity to:

  • Access to business finances in real time, 24/7
  • Increase efficiency and lower labour and office costs, particularly with working from home
  • Monitor cash flow. As accounts are constantly updated, it is much easier to spot growth opportunities as well as potential issues as soon as they arise.
  • Allow flexibility to meet changing business and commercial conditions
  • Cut the need for infrastructure investment, when some of the compliance work can be offshored

What can we offer?

Our expertise in this area includes sourcing the appropriate apps, integrating and migrating existing systems as well as providing training and offering a complimentary scoping session so that we can map out your business requirements and processes and make sure businesses are ready for MTD.

GI attended the Accountex in London in May and found more and more accountants were interested in what an expert outsourcing firm like GI can offer.

The business case for outsourcing varies but the benefits of outsourcing can lead to reduced stress, lower costs and the ability to better look after their clients. It’s a competitive world for accountants so top-notch service is vital, otherwise, clients may move on.

Contact our UK-based team of account managers today to find out how we can help your firm.

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