Having enjoyed a boom in previous years, the year 2018 saw a peak in restaurant closures in London, despite many of them enjoying strong financial backing, steady patronage and buoyant spending. This is why a restaurateur needs all the advice and assistance they can get. Running a restaurant can mean you get very little free time with extremely long hours and the last thing you want to be doing is accounting at the end of a busy week. So hand your accountancy burden to us so you can have more time to do what you do best; keeping the customers happy. Do you need more support and advice from a specialised accountant that knows the ins and outs of your business?
- To succeed in the competitive restaurant industry, you’ll need a firm grip on the finances.
- Our hospitality and restaurant accountants have a considerable amount of experience working within the hospitality industry.
- Using great apps like Xero and Receipt Bank we will help to set up a ‘data capture’ system so you have a way of dealing with the reams of paperwork that seem to pile up.
- The end-of-day sales report gives you your sales by day by category, for food, beverages, sales tax.
- We prepare annual accounts in accordance with statutory requirements, ensuring your business remains compliant.
- One of the best ways to optimise your restaurant accounting is to employ restaurant accounting software and ensure it integrates with your point of sale (POS) system.
Our experts specialise in accounting for restaurants and can ensure whatever the size and scope of your business, we have the tools and experience to help you meet your goals. Our hospitality and restaurant accountants have a considerable amount of experience working within the hospitality industry. We understand how diverse the sector is and we’re here to support your businesses throughout any challenges or opportunities you might encounter. Accounting is the next stage, as it analyses financial data and helps you keep on top of key performance indicators (KPIs) such as stock turnover, wastage, cash flow, salaries, staff turnover and gross profit margins. Restaurant accounting software is specifically designed to help restaurants manage their financial transactions. Apps typically include features such as sales tracking, expense tracking, and financial reporting, making it easy for restaurants to stay on top of their accounting.
The business of breaking taboos
We realise that as a restaurant owner or takeaway shop owner you not only face early mornings, late nights and some tough customers but you are also faced with increasing regulations imposed on you by local authorities. The last thing you need on top of this is having to worry about your restaurant accounts or takeaway shop owner tax responsibilities and requirements. This is where AIMS Accountants for Business can help – we bookkeeping for startups can deal with all restaurant accounts and can offer tax advice to all takeaway shop owners. Mobile friendliness and Cloud compatibility are the most demanding feature of our time. A cloud-based accounting software is much better than the traditional software as it offers as ease of accessing the data from any part of the world. Moreover, cloud-based accounting software are more secure, accessible, organized, and scalable.
A restaurant’s success relies on an effective back office accounting system, and QuickBooks financial software can be a critical part of that success. QuickBooks can be used for purchasing, bill paying, gift certificate tracking, cash management, time tracking, and payroll. However, restaurants that choose QuickBooks for their accounting will need to understand how to properly set up and use QuickBooks to meet their unique needs.
Reports and guides
It is vital to understand and report on all income streams, and this is easy with our specialist restaurant bookkeepers. From VAT on food items to claiming VAT exemptions, we can provide essential advice on various VAT compliance areas across the sector. Helping you to retain and reward key staff as well as creating tax efficient staff remuneration structures. We can also advise in key areas, such as tronc schemes for tips and gratuities. We can provide the full suite of essential compliance services to help you stay compliant, efficient and in control.
The key things to look out for when choosing an accountant are experience in the industry and a practical, proactive approach. In that situation, if your gross profit fell by only 2%, it would cut £20,000 off your profit. So you would have £20,000 less to reinvest in the business or take as income. For example, a typical restaurant turns over £1m a year and has a gross profit margin of 70%.
Intricacies of restaurant taxes
While the hospitality sector reopens across North America, owners and operators face a whole new set of challenges. Download our free playbook and learn how to build a more resilient business post-pandemic. We specialise in budgeting and preparing cash flow forecasts so our clients can foresee unexpected issues. Through access to an extensive salary/wage rate database, we’ll advise you on the correct market wages, maximising your profitability and helping with staff retention.
Improve your workflows and streamline your operations with suppliers, banks, delivery partners, and accountants. Our experts are aware of current developments in the restaurant sector and through our proactive approach, we inform our clients of any issues that may affect them. You can also better understand and capitalise on investment business activities. You might be better placed to welcome corporate finance, if your tax affairs are in order.
Bookkeeping and full outsourcing of your accounting function
He owns Genuine Communications, which helps CMOs, founders, and marketing teams to build brands and attract customers. This is a helpful bookkeeping process that verifies every transaction across your accounts so that your ending balance matches. If your accounts don’t reconcile, it may be a sign that funds are being misused, or worse being stolen. And importantly, it provides significant ratios analysis that tells you how the company is doing.
The chart of accounts helps organize your financial transactions in categories that will give clear insight of your restaurant’s financial health. ROS is a highly configurable software solution, designed to bridge the gap between Restaurants and ERP Solutions. We help restaurant owners to focus on Customers, managers to run efficient Operations and ease accountants’ journey to preparing Financials. While tax matters are a concern for restaurants in the UK, there are opportunities to save money and lower costs. The benefits on offer differ depending on the type of business and industry, so get personalised advice for your organisation. The restaurant industry is an exciting sector to operate in, and it brings a lot of pleasure to its customers.