Hospitality Accounting
Keeping on top of bookkeeping , tax return deadlines, supplier payments and payroll is hard. It’s particularly hard when you work in a busy industry like hospitality.
We have worked with bars, restaurants, cafes, hotels and hostels across the UK and Europe for over 30 years. We understand how important it is to be able to drill down into your financial information to steer your business effectively. Profit margins in this industry are fickle and the ability to respond to changing customer and supplier demands can mean the difference between major success and total failure.
In a covid-19 world, this has never been more true. We can help make this easier for you.
Hospitality Accounting Testimonial
Sometimes it helps to hear from someone who knows
We’ve worked with some incredible businesses over the years and are so pleased to have a few of them put their faces to our service. Take a look at the testimonial from Bloomsbury Leisure Group to see how they’ve benefited from our fully outsourced finance department service.
During the pandemic we’ve helped them find the best way to look after their staff, apply for funding opportunities and settle arrangements with suppliers.
Why are monthly accounts important for my industry?
Monthly management accounts are important for the hospitality industry because the regular analysis allows you to see the results of your strategies quickly. Promotions, menu changes, supplier changes, staff changes (just to name a few) can have serious effects to your bottom line and being able to monitor these changes as the happen can empower you to take your business to the next level.
To use a well worn phrase: these are unprecedented times. As you begin to reopen you will need to know how the new restrictions are effecting your take. It’ll help you plan for the future as you see your profit and loss reports come in month by month. You’ll need to make adjustments to capacity, staffing and menus (if you serve food) and the accounting feedback will help you make the important decisions.
Hospitality KPIs
This is an industry with a lot of overheads and tight margins. It’s important to understand the relationship between your costs and your sales. We can provide you with Key Performance Indicators (KPIs) that will help inform your strategies and ultimately help your business grow.
For more information on the KPIs to look out for, see our Hospitality Service page
I need this service
You probably have an accountant and someone doing your bookkeeping. Accountants are a bit like dentists, you don’t think about how good they are until something goes wrong. From our experience, the quality of accountancy work varies far wider than just “correct” or “incorrect”. A good accountant should actively save you money.
We are happy to talk through the services we can provide you. Whether it’s producing quarterly accounts or fully outsourcing your payroll and bookkeeping. Just get in touch and we’ll see what suits you best.
Paperless, Outsourced
Working with food and drink is a messy business and paper takes up a lot of space. If you use our back-of-house service we can eliminate any need to hold onto supplier invoices, HR records and receipts. All of your information streamlined, clean, secure and always at your fingertips.
Fixed Monthly Price
We agree on the support that you want up front and deliver a service that you can depend on… including the price.
Cutting Edge
We love finding new software that saves everyone time. If you use POS systems, CMS, time management or stock control software, we’ll talk to the developer to see if they’ll support integration with your accounts package.
This makes your reports more accurate, quicker to produce and involves less back and forth with your managers.
Our Credentials
Baxterworld’s CEO Ray Baxter, spent his early working life in the food and hospitality sector at FD level. Then, in an entrepreneurial phase, created a number of new bakeries, coffee shops and restaurants.
Director, Catherine McRory, started her working life running a family Bistro before going on to gain her Accountancy qualifications.
In fact, the majority of our team has worked in the hospitality industry at some point in their careers before joining us!
ALTA Accredited
We are members of the Association of Licensed Trade Accountants
Like What You Hear?
If you think we can help, why not give us a call? There are no commitments if you decide you would like to arrange a meeting.
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