Travel restrictions and the Covid-19 pandemic conspired to leave a lasting impact on the South African tourism sector. The ambitious target of 21 million International arrivals by 2030, might be a big challenge to achieve.
Despite the country having been an attractive tourist destination over the last decade, thereby ensuring that the sector was a vital creator of employment, the sector will largely be in survival mode for the foreseeable future.
According to the United Nations World Tourism Organisation (UNWTO) the sector will return to pre-crisis levels at the earliest in 2023. Most businesses face the possibility of permanent closure, and many jobs in the sector will still remain at risk.
The Department of Tourism and South African Tourism (SAT) need to figure out a way to reignite the tourism economy. Moreover, SAT has a target to grow domestic holiday trips to 8.3 million in the next 5 years. Furthermore, the Tourism Sector Recovery Plan (TSRP) has a set of interventions that might ignite a recovery.
Due to survival mode being the normal now, most businesses need to outsource functions such as human capital management, accounting and tax etc., so as to maintain compliance. Outsourcing is being forced upon mostly small businesses because downsizing human capital has become a survival strategy.
A competent service provider should be able to offer holistic accounting and business support services that include doing all your accounting which includes compiling your Annual Financial Statements, payroll, IATA BSP reconciliations, VAT and Income Tax etc.
The cloud is a convenient tool as business owners can access their information from anywhere, because technology has advanced such that it’s easy to integrate accounting, payroll and file management. Therefore, outsourcing is now normal and is very cost effective if you can find the right partner.
You can visit www.bestcountaccountants.co.za, to find out more about how you can collaborate with a remote service provider, so that you effectively get the necessary accounting and business support services that liberate you to focus on developing your business. It’s not a new normal, its normal.