Accounting Services for Hospitality, Restaurants and Accommodation
If you are operating a restaurant, café or hotel, you would know that it can be very challenging.
There are so many issues to consider because the hospitality industry is different to most others especially in the current environment where many are closing on a regular basis. Food and labour costs which make up the majority of expenditure are at an all time high and need to be benchmarked regularly against sales to unsure they are not too high to ensure the business is viable.
Whether you are looking to buy a restaurant or cafe or are currently operating one, important issues to consider include:
- Irregular and long trading hours
- HR issues including staffing, payroll and pay rates under the correct award
- Unpredictable and seasonal trade
- Compliance with GST and BAS obligations
- Upfront capital and startup costs
- Lease details of premises
- Cash flow forecasts
- Value of the business
- Permits, liquor licence, food handling regulations.
The cash economy and audits
Many businesses in the hospitality industry, namely restaurants and cafes, still operate in the so called ‘cash economy’. The Taxation Office are targeting hospitality businesses for compliance and auditing. We help you make sure that the correct accounting systems and paperwork is in place. This helps minimise any issues with audits and compliance.
Benchmarks
We also help you benchmark your business against others in your industry. This is important, not only for compliance, but also as an indicator for your profitability and performance. We have real world day to day operations experience which gives us an advantage when advising on margins and profitability.
Hospitality focus
At RCR Financial Group we are fully equipped to assist you, or anyone in the hospitality industry in all accounting, business and taxation matters. We have specific experience dealing with the hospitality industry that many general accountants don’t have.
We understand what it’s like to actually work in restaurants and cafes. We know the issues and matters that confront business owners like you every day. We believe it is important to have cloud accounting software and systems in place to streamline all your bookkeeping, accounting, payroll and business needs to ensure compliance. This saves you valuable time and money.
If you are a part of the hospitality industry or are considering buying a hospitality business, contact us to arrange an obligation free assessment.
At RCR Financial Group, we specialize in supporting hospitality, restaurant, and accommodation businesses with tailored financial services. From optimizing reporting to enhancing compliance, we’re here to drive your success. Contact us today to learn more.
