Five considerations for accounting in the leisure sector

With a wealth of experience in working with a wide range of businesses in the leisure sector, including holiday and caravan parks, the Ellis & Co team are in the enviable position of having an in-depth knowledge on how the industry works and how to operate in the most profitable way.

We’re not ones to gatekeep our knowledge, so we sat down with our team to ask them about their top five tips when it comes to accounting…

Streamline your payroll

As you would expect, leisure businesses throughout the UK will have a large workforce in place, both on a permanent and seasonal basis. This can pose quite the challenge when it comes to their payroll requirements and therefore it is vital that this area is streamlined to ensure it can be completed smoothly, accurately and importantly, on time. For this area, we would highly recommend utilising the appropriate software and the support of an experienced professional.

Look back

Like any business, looking back on your business’ performance is a crucial component of moving forward and achieving your goals. Here you can identify patterns in your bookings throughout the year (e.g. higher bookings in the summer months) but also any patterns in guest behaviour (for example, length of stay or type of accommodation).

Look forward

Of course, once you have pinpointed patterns within your business and identified areas for improvement, now is the time to put plans in place for improvement. Not only can this lead to growth but it will also ensure that you are able to better accommodate your customers’ needs, leading to a higher service quality on a year-round basis.

Know your surroundings

Knowing the surrounding area of your holiday or caravan park is critical, but this knowledge should also include any developments or events that could disrupt the patterns that you have identified. Of course, this can often be a great thing for leisure businesses, for example a new, well-attended regional event can bring with it more tourism, but others could potentially impact bookings, and this is something your business should be prepared for in advance.

Bring in the experts

Handling your own accounting requirements will almost certainly be a stressful and time-consuming task, therefore, like many of our clients, seeking the support of an expert Chartered Accountant can prove crucial. They will be able to guide you on the most tax efficient way to operate and provide key insights to improve your processes and ultimately grow!

Want to speak to an accountant with significant experience in the leisure sector? Give the team at Ellis & Co a call today on 01244 343 504.