Issues for Restaurant and Leisure Businesses
- The cash nature of the industry and the volume of transactions means record keeping is hard work.
- Increased risk of fraud, so the need for tight budgeting, management accounts and planning is essential.
- The complex nature of demand, trends, supply chains and costs
- Cash flow problems are common
- HMRC keeps a close watch on businesses in the industry
- Employment law issues – compliance, staff problems and high staff turnover can be problematic, as can payroll when you have staff on flexible employment terms such as zero-hour contracts or contractors
- Strong need for a clear and compelling business plan
Experienced accountants in the restaurant and hospitality sector
We know how tricky it can be to deal with tips, VAT and payroll in the hospitality industry. We can help you navigate the tax complexities of troncs and cash payments and help you put practical systems in place to make sure that you comply with the tax rules whilst keeping admin to a minimum. If that sounds complicated, we make compliance easy with a full range of online accountancy services.
We’re also a certified Xero accountant and can help you automate a lot of your bookkeeping, invoice processing and supplier payments. We can also help you to migrate to Xero from another software package and help you train your team to use it.
We also regularly commission bespoke research into the industry, and have helped our clients analyse their business to help maximise capacity utilisation and margins. Our Business Consultants are industry specialists, so you can expect accounting expertise and commercial advice all under one roof.