British Prime Minister Boris Johnson announced on July 2 that pubs, restaurants and hotels could reopen in England on July 4, easing the coronavirus lockdown that has all but shut the economy. In this situation it is important for any business to ensure maximum return on investment Choosing a specialist Licensed Trade accountant, can make a huge difference to your pub, bar or restaurant – Here is a list of things you should expect from your accountant.
The process of changing the accountant should be seamless, not time-consuming. Once you have given notice to your current accountant (if applicable), your newly appointed accountant should manage this process in its entirety, processing relevant documentation and keeping you regularly informed without taking up your valuable time.
Efficient Data Collection
This should be prompt and efficient – You should expect clear guidelines on information required of you – Your accountant should help you to create a system to ensure records are complete and be pro-active in gathering this data, saving you time and hassle.
Regular Management Information
You should receive prompt and accurate management accounts, in a clearly presented, understandable format. Your accountant should be available on the phone to talk things through if required.
Benchmarking and Commentary on Results
Your accountant should offer valuable commentary, allowing you to understand how your business is performing in comparison to similar-sized businesses. They should deliver margin analysis on different areas of your business and share proactive ideas to help you improve profitability.
It is crucial that your accountant manages this key task, giving clear directions on what is required. Ideally, you should only have to provide details of your employee’s working hours, tips and holiday by a specified date – They should handle the rest.
The hospitality trade is fast changing with many challenges for owners. A hospitality specialist should be up to date with developments in the Licensed Trade enabling you access to industry information and an understanding of how developments might affect you or your business.
A hospitality specialist accountant should have links with relevant recommended suppliers and be proactive in sharing these – Giving you access to competitive deals, enhancing profitability.
Advice on Cost savings
Using an accountant should always be considered as an investment resulting in you saving money and increasing profitability. Your accountant should be able to identify specific areas for improvement. Ideally, they will also have links with cost reduction specialists who can offer a full audit of your business.
Business Planning and Support
Whether you need help in producing an initial business plan for your brewery, or making adjustments to an existing business plan, your accountant should be able to offer strategic advice and support you through this process.
To find out more about how we can help with your accounting/ bookkeeping for restaurants, please get in touch.