Hospitality & Tourism

Visitors travel to new places to spend holidays, conduct business, reconnect with friends and family, etc. These require accommodation along with many other facilities for a comfortable stay. Thus, Tourism and Hospitality are closely interlinked. This industry is one of the largest and fastest-growing industries in the world. It is projected to create 328 million jobs and support 10 per cent of the world’s workforce by 2022. It generates £9 billion in the UK and employs close to 4 million people.

LANOP provides time-saving solutions that make working in the hotel, leisure, and tourist industries more enjoyable for professionals who compete in a highly competitive environment. 

Our company provides consulting services to a wide range of hospitality, leisure, and tourism companies, including hotels, travel agencies, gyms, cafes, bars, clubs, lodges, hostels, holiday parks, and campsites in order to help them maximize their commercial potential.

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our corporate headquarters in London provide practical and efficient solutions to all your accounting needs.

Our skilled tax and finance professionals work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.

Aurangzaib Chawla

Tax Partner

Affordable Cost

Quality of Work

What are the Sectors within the Hospitality Industry?

The four main sectors within the hospitality industry are:

Entertainment and Recreation:

This includes all businesses that provide an entertainment service. It covers sporting events, music concerts, art and performance, museums, theme parks, and cultural events.

2. Food and Beverage:

The food and beverage industry are the largest sector within hospitality. This sub-sector includes cafés, restaurants, food trucks, pubs and bars, fast-food drive-throughs, nightclubs, and tea and coffee shops.

3. Lodging:

Businesses within this sector provide accommodation to guests. The lodging industry covers hotels and guest houses with all-star ratings. They include resorts, caravan, mobile and static-home sites, Airbnb, hostels, log cabins, camps, cottages, and chalets.

4. Travel & Tourism:

The fourth sector of hospitality is travel and tourism. It includes travel agents, cruise liners, logistics companies, sightseeing, bus and walking tours, airlines, taxis, and car rental companies.

Why is Lanop the best accountant for Hospitality & Tourism Businesses?

Lanop delivers time-saving solutions that bring comfort to the lives of professionals in the hotel, leisure, and tourist sectors who work in a highly competitive market and require services.

We work with various hospitality, leisure, and tourism businesses, such as hotels, travel agencies, gyms, cafés, bars, clubs, lodges, hostels, holiday parks, and campsites, to help them optimise their commercial potential.

Lanop: Making Accounting Fun Again

Lanop Accountants eliminates the need to search for an all-encompassing accountancy firm. Our corporate headquarters in Putney, London, provides practical and efficient solutions to all your accounting needs.

How important accounting is in the tourism and hospitality industry?

Accounting is crucial in tourism and hospitality for tracking finances, managing costs, and ensuring profitability. It helps businesses make informed decisions, comply with tax regulations, and maintain financial stability.

How financial accounting is useful in hospitality management?

Financial accounting provides insights into a hospitality business’s financial health, allowing effective cost management, budgeting, pricing decisions, and strategic planning.

What is the standard accounting system in the hospitality industry?

The Uniform System of Accounts for the Lodging Industry (USALI) is a widely used standard accounting system in the hospitality industry, providing guidelines for financial reporting and analysis.

What is the role of an accountant in Hospitality and tourism?

The responsibility of an accountant includes:

Bookkeeping and record keeping
Budgeting and forecasting
Financial reporting
Taxation
Audit
Cost analysis
Financial planning and analysis

How are taxes handled in UK hospitality accounting?

In the UK, hospitality businesses need to manage various taxes including Value Added Tax (VAT), Corporation Tax, and National Insurance contributions. Proper accounting ensures compliance with tax regulations, accurate reporting, and timely payments.

ECONOMIC PROGRESS

When tourists visit places, they need boarding, lodging, and shopping. This contributes to a significant amount of income generation. The biggest contribution of this industry to the economy of our country is creating a host of new jobs.

FOREIGN CURRENCY AND FOREIGN DIRECT INVESTMENT

All touring expenditure incurred by foreign tourists is a source of foreign exchange earnings which increases the foreign currency reserves of a country. As Hospitality and Tourism are strengthened by the government, investments in the sector also rise.

PRESERVATION OF CULTURAL HERITAGE BUSINESSES

Another advantage that the Hospitality and Tourism industry confers on an economy is the preservation of traditional industries and handicrafts. Tourists worldwide take great interest in the indigenous products of places they visit.

INFRASTRUCTURE DEVELOPMENT

Good infrastructural facilities attract more and more tourists. This derives the need to develop infrastructures like roads, buildings, and power plants. Tourism aids and encourages infrastructure development by making way for dams, roads, connectivity, airports, etc., and any other activity that helps a tourist visit places in much more comfort.

WHAT CLIENT SAYS

ABOUT US

Steven George-Hilley

2022-08-09

Our accountancy partners from the very beginning. A great team that tailors its services around the needs of the client, always available for advice, whenever its needed. Love working with them.

Asfand tahir

2022-07-01

I really don’t know where to start from i can not explain my happiness into words i can try but for sure there must be so many praises remains at the end Thanks indeed indeed Zaib And Lanop all team you guys are amazing i would say if I didn’t have you guys i would have been failed in many things All credit to Lanop what a brilliant firm Lanop Its all about you Zaib And Rehmat Thanks indeed you have done amazing job due to your work i have got my Tier 1 extension application successful within 47 days I can’t believe that i am so happy what a job you did I would advise Everyone come to Lanop for 100% guaranteed success in your immigration matters and all other accounting purposes Trust me, When name comes to success and successful it means Zaib. Big thanks to Rehmat What a team i had they are so lovely i disturbed them alot but they answered me every time For all my enquiries Rehmat the legend thanks indeed no words for you words are far behind, can’t explain you in words Rehmat and Tahir sorry I disturbed you alot and indeed you still helped every time. Rehmat is Very very professional the way he works I don’t think anyone does that way in entire country. Sidra Thanks alot for amazing help indeed You are amazing I dont know how to say how much i am happy from your work as well Kainat you too thanks alot Rehmat all credit goes to you thanks alot without your help I won’t be able to write all this today I am so grateful to you all What a team. Make sure guys you join Lanop without wasting anytime. Lanop Accountants ZINDABAD

jas singh

2022-01-10

I have been a client of Lanop Accountants for the last 4 years and am extremely happy with their services. Zaib and his entire team is extremely professional and dedicated; they always respond swiftly and take personal interest in the business case. I have special words of praise for Rehmat and Waqar as they both helped me in my visa extension process immensely. Zaib has built a team of dedicated professionals and the work ethics speaks volumes about their firm. I would definitely recommend them!

Vinnit Patel

2021-12-03

Very professional services, extremely pleased with the advice and work carried out on our accounts.

László Kohányi

2021-10-12

I like their flexible approach. I had a bunch of small problems what was too little to big firms but too big for me. They explained the process, fees etc and solved my troubles. Price wise also been on the better side. Personally I recommend Rehmat. He is super responsive.

Alexey

2021-05-18

Having been a client of Lanop Accountants for nearly 5 years, can't recommend them highly enough. Great professional team working 24/7 to meet every customers's need.

Eda Kendirli

2021-05-04

Best and accurate service. Saved me so much time and money.

Femi Yusoof

2021-01-29

I have been using Lanop Accountants for more than 3 years, and could not recommend them more highly to any one starting out in business or established business practice. Their professionalism, promptness and excellent customer service makes them in my opinion second to none.

2021-01-22

I used Lanop accountants to file some paperwork with HMRC as a non-dom resident. I’ve been very happy and impressed with their work so far. Zaib has been very knowledgeable and helpful. I recommend them and plan to use them again.

Role of Accountants
in Hospitality & Tourism

Lanop provides services to Tourism companies. In the hospitality and tourism industry, accountants play a crucial role in managing the financial operations of hotels, restaurants, resorts, and other similar businesses. Their responsibilities include:

Bookkeeping and record keeping: Maintaining accurate financial records of all transactions, including revenue, expenses, payroll, and taxes.

Budgeting and forecasting: Preparing and managing budgets, creating financial projections, and recommending cost control measures.

Financial reporting: Preparing and analysing financial statements, such as income statements, balance sheets, and cash flow statements, to provide insight into the financial performance of the business.

Taxation: Ensuring compliance with tax laws and regulations and preparing and filing tax returns.

Audit: Conduct internal audits to identify and rectify financial irregularities and ensure the integrity of financial information.

Cost analysis: Analysing operating costs, identifying areas for cost reduction, and recommending improvement.

Financial planning and analysis: Assisting with developing strategic financial plans and performing analysis to support decision-making.

Overall, accountants in the hospitality and tourism industry play a vital role in ensuring these businesses’ financial stability and success by providing reliable financial information and guidance.

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Hospitality & Tourism

Aurangzaib Chawla

Tax Partner