Hospitality accounting software and payroll for your business

Hospitality accounting software refers to specialised software designed to meet the unique financial needs of businesses in the hospitality industry. This software streamlines and automates various accounting processes specific to the hospitality sector, such as revenue management and tracking different revenue streams.

Hospitality accounting software enables business owners to efficiently manage their day-to-day accounting functions, including bookkeeping, financial reporting, budgeting, forecasting, and cash flow management. It provides a range of accounting services, including accounts payable, accounts receivable, and financial statement preparation.

There are a number of benefits of hospitality accounting services, helping hospitality businesses grow and streamline their financial management process. Just some of the benefits include:

• Time-saving: The automation features offered by QuickBooks' hospitality accounting system reduce the time spent on administrative tasks, allowing business owners to focus on more important aspects of their operations.

• Seamless bank integration: By connecting bank accounts and credit cards to QuickBooks, transactions are updated in real-time, providing a clear view of cash flow without the need for manual data entry.

• Efficient invoicing: Customised invoices can be sent directly from a mobile device, and automated reminders and overdue alerts help minimise late payments.

• Compliance readiness: QuickBooks ensures compliance with HMRC requirements, including Making Tax Digital for VAT, and provides a thorough check on tax returns.

• Easy time tracking: QuickBooks Time enables businesses to track time across devices, streamlining payroll processes and facilitating accurate invoicing.

• Simplified payroll management: QuickBooks Payroll allows businesses to handle payslips, pensions, statutory pay, and real-time submissions to HMRC. Employees can also enter timesheets, request leave, and submit expenses through the system.

The VAT rate for hospitality, sometimes called the hospitality tax rate, is the VAT rate for most goods and services within the hospitality industry. It is set at 20%. This adjustment marks a reversal of the temporary rates that had been in effect since June 2020.

Initially, in July 2020, the government had introduced a temporary VAT rate reduction to support the sector, which encompassed various services such as hot and cold food in restaurants or takeaways, non-alcoholic beverages, and hotel and holiday accommodations including caravan parks, tents, and related facilities.

The government has since chosen a phased approach to returning to the standard rate, first extending the VAT rate at 5% and subsequently introducing a 12.5% rate before ultimately reverting to the VAT rate in place prior to mid-July 2020 from 01 April 2022.

The best accounting software for hospitality businesses helps you to track inventory and stock, pay invoices to regular suppliers and manage your team’s time and pay - all with cost tracking throughout.

To get the most out of QuickBooks software for hospitality companies, consider QuickBooks Plus. It allows you to manage stock, track your team’s time and keep an eye on project profitability. Start your free trial now or see the latest pricing offers.

Yes you can! QuickBooks Online is a powerful cloud accounting software for hospitality companies that allows you to manage and monitor your finances in real time, from any device. With QuickBooks Online Plus, you can manage projects and stock easily and keep your hospitality business running smoothly.

So you want to learn how to use QuickBooks for your hospitality business? View our range of tutorials and book your free 90 minute onboarding session.

An accountant can help you manage your hospitality business’s finances so you can focus on what matters most - delivering great customer experiences. Grant your accountant access to QuickBooks so they can monitor your finances, create budgets, manage cash flow, prepare financial statements, check them for accuracy and identify things that need your attention. With QuickBooks’ hospitality accounting solutions, your accountant can also make sure that your tax returns are prepared, filed and submitted to HMRC in time for the next deadline. Find an accountant or bookkeeper near you.

In any business, it’s imperative to save time and work efficiently. But for restaurants, pubs and cafés – where margins are tight – nothing is more important than time management. And time management starts with time tracking. In QuickBooks Time, hospitality managers can get a complete picture of how their employees are spending time on the clock. Managers can see how often employees work overtime, and if some employees work more than others. That information can help employers make decisions about schedules and hiring.

Businesses can use QuickBooks Time to track employee time, schedule employees and jobs, and perform job costing. QuickBooks Time cannot take payments or manage inventory. That said, QuickBooks Time integrates with other sales tools and POS systems, including Zettle.

• Sign up for a free 30-day QuickBooks Time trial – no credit card required.

• Invite your employees to QuickBooks Time from inside the app.

• Add shifts to the schedule, assign your team, and select Publish.

• Save your new schedule as a template to use in the future.

• Run a Scheduled vs. Worked report for employees or jobs.