Hi,
My wife any I are just about to start a 14 bed hostel and would like to handle the bulk, if not all, of the accounts.
Neither of us has any accounting experience so we would like to know if anyone on the forum has any advice or suggestions for systems, software or spreadsheets to use (or if it is even possible to handle everything ourselves!)
Literally, we are at square one with the subject, So any help is a big help!
All the best and thank you.
10 years
Here is an older thread about accounting software that gives some suggestions. Hopefully some of those might work for you.
My hostel has an accountant who handles our books for us. We would be lost without her. She does a lot more than simple number crunching because she has to keep up with ever changing tax laws. If you're in an area where things like that are an issue, it will probably be well worth your money to hire an accountant.
10 years
Thanks for your reply!
Yes, I had a look through the various threads and they were all helpful in some way. I did find the software "GnuCash" mentioned quiet a bit, and various people (in similar situations) have said they are handling the bulk of the accounting with it.
So I've downloaded that and am becoming familiar with its functions through youtube videos and other tutorials online. It does seem to do the job, but as you said, it's not as simple as keeping things in order and crunching numbers.
I realise we won't be able to do absolutely everything, so what I was really asking is what exactly could we handle in order to reduce accountancy costs given the small size of the hostel.
Again, let me emphasise, we have no experience in the area!
Thank you again, and happy New Year!
10 years
You can use quickbooks for accounting. It is the most widely used software for accounting. You can opt for a desktop version and once you feel you want to expand, you can also get it on the cloud, through quickbooks hosting.
10 years
I have a simple excel spread sheet we use and would be happy to send you a copy please provide your email address.
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