Owning a pub, restaurant, coffee shop, catering service, franchise, or hotel can be financially rewarding. In fact, the hospitality industry is among the biggest sectors in the UK. However, it can be challenging to manage finances and do the books consistently when you are busy managing your business. That said, there are hospitality accountants to assist you. These are accountants specialising in hospitality , and the best ones have proven experience and expertise in supporting the accounting, taxation, bookkeeping, payroll, and compliance needs of hospitality businesses in the UK. They are able to provide the following services to you:
- Accounting, taxation, and bookkeeping – These are the core services you can expect from hospitality accountants. They can help you set up a cloud-based accounting platform to ensure flexibility in the way you access your records, and integrate the system with an ePOS. They can also set up a document scanning facility for making capital allowance claims from HMRC. Likewise, they can aid in profit extraction that is tax-efficient.
- Compliance with payroll-related laws – Accountants can establish an HMRC-approved tronc scheme and help you calculate holiday pay for employees who are under a zero-hour contract. With their help, it will be easier to provide optimum minimum wage for some of your workers.
- Investment assistance – Use their services to gain access to investors who could help you grow your business.
- Ensure sufficient VAT treatment – Hospitality accountants can make sure that the VAT treatment is correct for the food and beverage items you serve.
- Cash flow management – Every hospitality business needs a good way to manage its cash flow. A hospitality accountant will make sure that you have sufficient funds for paying bills and other necessary expenses.
- Technology applications – If you are looking to implement software for ordering and booking, stock management, an ePOS, or staff rota management, leave it to the hospitality accountant to find the right platform to suit your needs. They could also recommend a cloud-based application.
- Monthly reporting – Hospitality accountants can provide reports on major indicators of your business, like occupancy rate, average daily rate, cost per occupied room, prime cost, and gross profit margin. They can report business-specific indicators too.