Benefits of Cloud Accounting for Holiday Parks

Over the past 5 years, we have found that many of our clients have moved to maintaining their financial records using cloud accounting software. The level of automation available benefits a business by reducing the time taken to process books and records. It can also enable you to extract more accurate, up to date information allowing you to make better, more informed decisions for your Holiday Park business. We’ve highlighted some of the benefits of using a cloud accounting software package below.

Real Time Reporting

The use of cloud accounting allows for 24/7, real time reports, this in turn allows for meaningful monthly/quarterly Management Accounts to be easily produced. Tax is a significant cost for all businesses, requiring management, whether that be PAYE, VAT, income tax or corporation tax. Up to date, accurate management accounts will allow for better management and forecasting of these amounts.

Accurate Budgeting & Forecasting

Accurate budgeting is a necessity for a Holiday Park business, allowing you to prepare for low points and take advantage of the highs during your seasonal changes. An accurate budget will also ensure your pitch fees have been set at the correct level to cover the costs. Cloud accounting software allows you to easily compare your budgeted figures against your business’ actual figures and investigate any variances.

Most businesses suffer, not because they fail to make money but because they run out of cash. Accurate forecasting can allow you to see the pinch points in your cashflow and proactively plan for them, this is particularly important given the seasonal variances in a Holiday Park’s income. Forecasting apps such as Fluidly or Float use budget numbers, or recent actuals, from your accounting software to create a draft forecast. Cashflow can also be improved by automatically issuing customer statements with overdue accounts or set payment dates for suppliers.

Tracking Stock Levels

Keeping track and matching caravan sales with caravan purchases to allow for an accurate stock level at any given date can be tricky and time consuming to manage. Cloud accounting software can ease this burden by tracking items in stock, see what is selling and add items to sales invoices, allowing you to easily keep count of the caravans you have in stock.

Software Integration

Most cloud accounting software integrates with third party applications, for example Park Management Software you may already use, which means your current process can be automated so you can spend more time running and growing your business.

As extensive users of various accounting software packages, we have an in-depth knowledge of the options and add-ons/integrations available. We offer support to many of our clients in the selection and installation of accounting software and provide training and ongoing support.

If you would like more information or advice, please email leisure@eqaccountants.co.uk or call one of our offices.