As most within the hospitality industry still struggle to regain their footing after the devastating blow of the COVID-19 pandemic, cutting costs is a huge topic on every business owner’s mind. CEOs and financial advisors often find themselves getting stuck between a rock and a hard place as cutting costs usually leads to employee discomfort. What can you do? How can you cut accounting costs without hurting the folks who work for you?
Ways to Cut Hotel Costs Without Hurting Employees
This is a difficult time for hoteliers indeed. And when push comes to shove, you may need to get creative and come up with some new ways to cut hotel costs without hurting employees. Below, our Indevia automated accounting experts will highlight 5 insightful, harm-reductive ways to cut costs across the board.
Don’t Let the Small Stuff Slide
Small expenses may seem minuscule, but they can easily pile up in a short amount of time. In some cases, fixing your budget could be something as simple as paying better attention to the underlying costs. As an example, hotels often incur huge laundry costs month after month since they are washing towels and sheets for guests every day.
While big and small hotels across the globe are taking better approaches to laundry sustainability, it can still be a daunting note on your bill. You can try to reduce this financial stress by asking guests to reuse towels and sheets throughout the duration of their stay.
Reduce Service Payments
To successfully reduce the amount of money you are paying for services, you need to have a good understanding of your hotel’s facilities. What changes can be made? Can new sensors be installed? Are there leaks or cracks somewhere that are causing the air conditioners to work overtime? Could more efficient lights be installed in the hallways? Are you overspending on your gas or electricity costs?
These hidden systems are always relied upon to be efficient in the background, but they could actually be putting some major holes in your pocket. Not to mention, water or electrical system failures could yield incredibly high maintenance costs. Try to keep some maintenance needs in-house and stay on top of your facilities on a more regular basis.
Reduce Accounting Costs with Automated Services
Keeping an eye on all of your company’s financial transactions is difficult enough, but paying for outdated technologies and systems is even more taxing. Even if you have a huge backlog of data to get through, you can invest in outsourced accounting solutions to help you automate any and every one of your bookkeeping needs.
After you set up your automated accounts, you will never have to worry about falling behind on payroll processing or data collection again. You will also find that state-of-the-art technology greatly improves all of your accounting processes, saving you a lot of money in the end.
Help Create a More Flexible Staff
Your staff is the team you rely on to keep everything running smoothly. Although times are tight right now, it might not be a good idea to let anybody go. Not only does that lose you money in the long run, but it also racks up the high cost of reinvesting in training and supplies whenever you can hire again. There is more than enough evidence to show that treating your staff right can save you money, especially when you can put your heads together as a team.
Instead of reorganizing or letting several staff members go, meet with them to talk about how they can each take on different types of roles and responsibilities during tougher times. When your staff feels valued and taken care of, it can greatly boost the efficiency of your hotel, which will undoubtedly put more coins in everybody’s pockets.
Invest in More Affordable Marketing
You don’t need to completely get rid of your marketing efforts. But there are ways to significantly reduce the amount of money you are spending in this department. By bringing some of your advertising efforts in-house, you are saving a lot day by day. You can generate your own social media posts, blog articles, and website by utilizing the talents of your staff. It shouldn’t be too difficult to stay up to date on the latest SEO trends and understand what kind of marketing will help you bring in bigger bucks.
Get Back on the Right Foot with Automated Accounting Solutions
At Indevia, we understand that running your own company means you will be wearing many different hats at once. Instead of driving yourself up the wall trying to keep track of it all (and letting money slip away in the meantime), you can invest in more succinct and comprehensive solutions that will automatically address all of your needs. Our hospitality online bookkeeping services will prevent you from making that small accounting error that costs your hotel hundreds if not thousands of dollars. Save time, money, and your company’s well-being when you explore our dynamic accounting options today.