by Deepak Chauhan
Running a successful business in the hospitality sector can be challenging. In a world of continuous changes, only the most updated business will survive. It is all about applying the latest technologies to update the system in order to provide the best services. With the new VAT imposed, some businesses might find it a little bit tricky to keep track of their finances the way they should. Taxes can be miscalculated and hotel may end up charging wrong prices, which may result not in losses but also penalties from VAT department.
Most of the supplies of hotels and leisure are taxable under the VAT, signed in February 2017. But things are difficult to manage if you are not using the right tools. The VAT agreement involves all the countries in GCC, but a national framework will be applied in every country. This means that there will be a slight alteration in how the system is practiced in real life, depending on where the business is. However, there isn’t enough information about the real application of the VAT in the GCC, yet. Naturally, experts believe that in time it will prove to be a replica of the VAT system applied in the European Union. If you are still using your old traditional financing tools, you might be missing out on a lot.
Once VAT is implemented it is imperative that every hospitality business is ready to implement VAT policies and workflows and ensure they meet all statutory guidelines under the VAT application is what you need to stay competent. As a business manager or owner, it is your duty to find a complete array of integrated solutions designed to facilitate the management and supervision of your hospitality business.
Things have changed with the application of VAT. Traditionally speaking, the prices of supplies were only the concern of the accounting department. But a lot of other departments are concerned with these prices as they apply the VAT before the service is provided to the customers.
If a hotel does not have correct and proven VAT system in place, it may not be able to meet all statutory requirements resulting in a wrong calculation of taxes, is something that it is likely to happen if the business is still relying on the old traditional tools of accounting. What you need as a business owner or manager in the hospitality sector is a VAT ready hotel software tool that you can depend on. It should be an easy to manage application or software program that can be customized to suit your business. This will make managing a hospitality business so much easier, giving accountants, IT heads, managers and owners more room to focus on running their businesses and providing better services and compliance with VAT policies.
Today people in the hospitality and leisure sector want to make things easier for themselves and for their clients. An integrated web-based reservation system is highly appreciated because it is easy to manage, update and monitor by all the concerned parties. With a VAT ready and proven system, the hotel does not have to bother about the implementation of VAT and calculation of taxes on room tariffs, advances, and many other services.
VAT ready hotel software can be easily customized by users with help of expert VAT implementation teams to suit your local business and the clients you are addressing. This will include localizing Certain aspects of business like guest facing billing with dual languages, (English and Arabic), automated VAT workflows, VAT reports, and VAT filing process of the app or software to cater for the specific needs of the hospitality business and the kind of services it provides. With the new application of VAT, using such solutions is not a luxury.
Sharing Information across Departments:
Reliable software programs that allow for the easy and accurate access and flow of data are the keys to success with VAT application. This is what any administration needs to manage a hotel so much easier and more efficient without getting caught up in financial dilemmas. These tools also address the needs of businesses as they can refer to one single entity for technical support in case something breaks down.
There are lots of hotel softwares that might meet basic VAT requirements but what a hotel needs a proven VAT solution which is supported by VAT experts. They are designed to connect and facilitate communication between different departments regardless of the nature of the business.
If you are running a business in the foods and beverages sector, you still have to find a tool that would help you manage your way through the VAT application. Again, there are special software programs and tools specifically designed to meet the needs of restaurants, food providers, and beverage chains. You can buy a lot of versatile products that can be helpful to businesses that specialize in fine dining as well as fast food chains and food courts in malls. These tools allow managers to easily share and access data from the Head Office to the inventory department and kitchen display. They even facilitate the process of reservation to ensure that your customers are always satisfied.
Again, it is worth mentioning that all these tools and programs can be easily adjusted to suit different business models. Prices can be locally administered or preset by the headquarters. No matter what your business need is, you will always find what you need.
It is time to take your business to the next level. Every customized product is specially designed to set you on the track of continuous success.