Hospitality with Tact
In this post we highlight our client Papaya Inn and the role our firm has played in supporting their success. Papaya Inn was founded by Marie Rigobert; an entrepreneur who is passionate about service and hospitality. Papaya Inn operates a small boutique guesthouse on the beautiful island of St. Eustatius. The business offers its guests personal service, authentically styled Caribbean rooms and breakfast using ingredients from its own garden. Visitors to Papaya Inn often describe it as “home away from home”.
Technology Stack
Since 2019, Tact has been supporting Papaya Inn with managing its business finances. From the start, our goal was to provide Papaya Inn with a modern accounting system that would support its success. In today’s increasingly digital world, local and international visitors expect the convenience of being able to go online, book and pay for a hotel reservation. With this in mind, we wanted to make sure that Papaya Inn’s property management system would be integrated with its accounting application. We also had to setup an international banking solution that would allow payout of funds from online bookings directly to Papaya Inn.
After careful planning, we set up an integration which ensures that all booking reservations via Papaya Inn’s website and its Booking.com account, result in the necessary information being sent automatically to the accounting system. Using a tool called Tactly (developed by our sister company), we ensure that all bank transactions are sent automatically to the accounting system each day. All in all, these integrations eliminate the need for manual data entry, reduces errors and allows Marie to spend more time in the garden!
Accounting & Advice
Our talented support team handles the ongoing upkeep of Papaya Inn’s accounting system. We also provide Papaya Inn with a full range of services including accounting, tax filing and cashflow planning. Each month we complete Papaya In’’s bookkeeping and prepare monthly financial reports; including an income statement and balance sheet. Throughout the year we handle all tax filings. This includes tourism tax, ABB, Loonbelasting and Opbrengstbelasting. At year end we automatically prepare and file the annual statements to the Belastingdienst.
We also assist Papaya Inn with cash flow planning. Every month, a dedicated advisor from Tact connects with Papaya Inn’s director to plan and forecast expected incoming and outgoing payments for the business. Due to its modern property management system and bank account, Papaya Inn is able to receive payments from its guests before they arrive at their premises. As you can imagine, this increases the positive cash flow of Papaya Inn and provides the business with extra funds to invest in growth or cover essential costs.
In the coming weeks and months, Tact will be sharing some exciting news about a digital product we’re developing to help our clients better manage their cashflow. For more information on this, we advise you to subscribe to our blog. Stay tuned!
Looking Forward
In June 2024 Papaya Inn will officially launch the second location of its guesthouse on St Eustatius. The new location will be called Papaya Suites. We’re supporting Papaya Inn by helping to upgrade its property management system to include the new property and additional rooms. We’re really proud of the partnership and working relationship we’ve developed with Papaya Inn. We look forward to supporting their success for years to come.
