Hospitality, is one of the largest job creating sector of the U.K. economy. Being specialist Hospitality Accountants, we advice hotels, restaurants, pubs/bars, cafes/coffee shops, franchisees, caterers, etc. Due to the huge range of businesses in this sector, challenges differ from one to another but from our experience, the main areas that we advice our clients are:-
- Accounting, Bookkeeping & Tax are the core services that we do for clients. From setting up the Accounting structure on a cloud based platform, integrating with Epos, setting up document scanning facility to making capital allowances claim from HMRC, tax efficient profit extraction, we do everything from start to finish.
- Compliance with various laws for payroll such as setting up HMRC approved Tronc scheme, calculating holiday pay for zero hour contract employees, auto–enrolment, minimum wage, etc.
- Correct VAT treatment for various items such as hot & cold food, cake, confectionery chocolate brownies, breakfast muffins, flavoured milk drinks, etc.
- Implementing the advanced technological applications such as booking & ordering software, staff rota management, stock management, Epos for a particular business.
- Cash flow management is absolutely crucial for all hospitality businesses. We make sure, our client’s business is never short of cash, to pay its bills. We use cloud based applications such as Fluidly for cashflow projections and planning plus we update cash position every day/week/month.
- Monthly reporting of all major indicators of a business such as Average daily rate (ADR), occupancy rate, Cost per occupied room (CPOR), Gross profit Margin, Prime Cost%, etc. Being specialist Hospitality Accountants, we also report indicators, specific to a business, may not be relevant for others.
- Arranging finance to grow the business. We have a network of investors, who are always keen to invest in a sound project. Other than that, we have got contacts with major lenders who invest in hospitality businesses. Also assist in getting Asset Finance.
How to proceed further?
To setup a no obligation consultation/meeting with one of our experienced Hospitality Accountants, just click the button below, give your details or simply give us a call and one of our colleague will be in touch with you very soon.