BUSINESS GUIDE DISTRIBUTED WITH


22ND APRIL 2024


Can hospitality overcome the perfect financial storm?


Financial, Legal & Accounting 9


Want to spend


less time on tedious accounting and more time on running a more


Never has so much financial uncertainty posed such a big problem for hospitality


According to a recent UKHospitality survey, a quarter of hospitality busi- nesses have no cash reserves, and a further 29% have less than three months’ worth. Although the scenario seems


bleak, there are proven strategies that operators can use to navi- gate uncertainty with confidence. Outmin, a hospitality-focused automated accounting solution, understands the power of strategic budgeting and forecasting to help hospitality businesses spot profita- bility and safeguard financial health. To help hospitality owners over-


come financial uncertainty, these are a few actionable insights:


Know your numbers Tracking revenue and keeping a close eye on spending in real-time is crucial for ensuring profitability — this is something that traditional accounting often doesn’t provide. By identifying key profit drivers


budgeting can help businesses adapt and prevent costly decisions based on antiquated data.


Get everyone involved A business’s team aren’t just bystanders — they’re valuable sources of insight and feedback. Frontline wisdom can help owners forecast and make better decisions. It also promotes a sense of owner- ship and accountability. When everyone has a stake in the game, they’re more likely to be invested in the collective success.


while controlling expenses, busi- nesses can optimise financial perfor- mance and uncover ways to boost the bottom line.


Stay nimble Businesses,


especially in hospi-


tality, must resist the allure of rigid plan-making. Tey quickly become outdated. Dynamic strategies like rolling forecasts and zero-based


Prepare for multiple scenarios Considering best-case, worst-case and most-likely scenarios is essen- tial. Te practice of scenario plan- ning empowers businesses to proac- tively manage risks and anticipate unforeseen economic challenges. Scenario analysis might take time, but it’s a smart way to manage unforeseen risks.


Track the trends Businesses should leverage their historical financial data and market trends to make informed decisions and anticipate shifts in consumer behaviour. Tis helps them capitalise on new opportunities, make better decisions and outpace competitors.


Invest in the right technology Finally, investing in automation and predictive accounting technology empowers businesses to streamline financial processes and gain valu- able insights for strategic planning. It’s budgeting and forecasting made easy. Automated accounting can help hospitality businesses stay on top of their numbers, understand future


trends and, subsequently, budget accordingly.


How Outmin is changing the accounting game Outmin specialises in automated accounting for the hospitality industry. Blending cutting-edge AI with human accounting expertise, it offers an all-in-one solution that streamlines every financial process. It can save businesses countless admin hours and thousands of pounds every year. By reconciling bank feeds in real-


time and connecting with core oper- ating systems, Outmin provides powerful data and insights through weekly reporting whilst also managing payroll, tax and compli- ance. Outmin is changing the game for forward-thinking hospitality entrepreneurs. With the right budgeting and fore- casting strategies, businesses can


turn challenges into opportunities, stay agile and prepare for what- ever the market throws their way. Outmin is your competitive edge in a turbulent market.


profitable business? Join Outmin. New customers can save £250 on your first month. Expires 31/05/2024


Visit: outmin.io


T: +44 20 3481 0902 E: sales@outmin.io


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