We gladly advise you with your existing or “to be incorporated” accounting system in regards to SKR 70 (Sonderkontenrahmenn Hotel & Gaststaetten) and USALI (Uniform system of accounts for the lodging industry).
It is recommended you build a team of internal and external persons, which immediately can start the following liquidity supporting actions:
- During a strained financial situation, the entrepreneur should, if possible, give a cash contribution to relax the company’s liquidity issues
- Business assets that are not absolutely necessary must be sold immediately
- Due dates for payments should be cut as much as possible
- If necessary, receivables can be transferred to a Factor
- Determine if there a possibility for new equity capital
- Outstanding receivables must be collected immediately, if necessary, with the help of a collection agency
- Speak to your bank and suppliers in order to reassure them and create trust
- Raise your line of credit with your bank
- Apply if necessary for a liquidity loan with the KfW Mittelstandsbank, or through another program offered in your state
"If you want to succeed in managing and controlling the others - learn to manage yourself and control "
William J.H. Boetcker