Different Services Offered By Hospitality Accountants

Owning a pub, restaurant, coffee shop, catering service, franchise, or hotel can be financially rewarding. In fact, the hospitality industry is among the biggest sectors in the UK. However, it can be challenging to manage finances and do the books consistently when you are busy managing your business. That said, there are hospitality accountants to assist you. These are accountants specialising in hospitality, and the best ones have proven experience and expertise in supporting the accounting, taxation, bookkeeping, payroll, and compliance needs of hospitality businesses in the UK. They are able to provide the following services to you:

●              Accounting, taxation, and bookkeeping – These are the core services you can expect from hospitality accountants. They can help you set up a cloud-based accounting platform to ensure flexibility in the way you access your records, and integrate the system with an ePOS. They can also set up a document scanning facility for making capital allowance claims from HMRC. Likewise, they can aid in profit extraction that is tax-efficient.

●              Compliance with payroll-related laws – Accountants can establish an HMRC-approved tronc scheme and help you calculate holiday pay for employees who are under a zero-hour contract. With their help, it will be easier to provide optimum minimum wage for some of your workers.

●              Investment assistance – Use their services to gain access to investors who could help you grow your business.

●              Ensure sufficient VAT treatment – Hospitality accountants can make sure that the VAT treatment is correct for the food and beverage items you serve.

●              Cash flow management – Every hospitality business needs a good way to manage its cash flow. A hospitality accountant will make sure that you have sufficient funds for paying bills and other necessary expenses.

●             Technology applications – If you are looking to implement software for ordering and booking, stock management, an ePOS, or staff rota management, leave it to the hospitality accountant to find the right platform to suit your needs. They could also recommend a cloud-based application.

●             Monthly reporting – Hospitality accountants can provide reports on major indicators of your business, like occupancy rate, average daily rate, cost per occupied room, prime cost, and gross profit margin. They can report business-specific indicators too.

Areas which Requires the Services of Hospitality Accountants

Behind every successful business remains a sound financial model. Whether it is retail, manufacturing or any other high-tech business, financial accounting constitutes an important part of all these businesses. In fact, accounting has become one growing need in the hospitality business as well and qualified hospitality accountants are being offered by a number of businessmen to help them maintain the accounts of their respective businesses.

By employing the principles of basic accounting, these hotel owners, as well as managers, have the information which they require in order to improve the performance in every operational area – from inventory and payroll to sales as well as marketing. Hiring the best hospitality accountants make sure that their accounts are maintained properly.

Every restaurant, hotel, as well as a motel, requires an in-house staff of bookkeepers and accountants who help them to perform operations such as submission of financial reports, overnight auditing, etc. on a regular basis. These professionals make sure that all the transactions performed by their clients are sound within the parameters of rightful transactions.

Different areas of the hospitality industry require hospitality accountants:

·         Hotel accounting:

This is a part of account practice which is popular in the hospitality industry. Unlike conventional corporate accounting, hotel accounting has financial reports which are being made from a number of departments before consolidated statements are finally made for the hotel. The major functional statements are very same as the other accounting reports and include a balance sheet, profit and loss, and statement of cash-flow. Furthermore, these statements are generated by the hospitality accountants for various departments and then the same is evaluated department-by-department. These departments include administration, beverage, food, garage and parking, guest laundry, health center, golf course, golf shop, marketing, property operations, rental, room, and many others.

·         Restaurant accounting:

Similar to hotel accounting, hospitality accountants are hired to look into restaurant accounting as well. Along with the revenue of the restaurants come all the expenses which also include payroll and costs. All these tasks could keep a restaurant accountant too busy. The hospitality accountants in such case are expected to be aware of the inventory and income statements, and cash flow. In addition to this, they are also required to follow the accounting system accurately.

Hospitality accountant has become an important feature for your business. You must hire a qualified hospitality accountant.

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What Should You Know Before Becoming a Restaurant Accountant?

The restaurant business is witnessing a very competitive scenario. People who wish to pursue a career as restaurant accountants must understand that restaurant and similar operations open every day and more often than not, have gruelling working hours. Besides checking and keeping a tab on restaurant revenue, it is important to focus on costs and payroll. These activities and operations keep accountants on their toes and they are expected to take care of inventory, cash flow, and income expense statements. They have to follow a precise accounting system that makes documentation of business financial transactions perfectly managed.

Cash Flow Management:

For any business, cash has always been the bottom line and this holds especially true for a restaurant business. Restaurant accountants have to be vigilant about money going in and out of the business every day. They have to keep track of daily sales and revenue generation by keeping an accurate log. They must also handle inventory management. They have to be aware of inventory cost and use of daily food, avoiding excess costs and food.

Accounting Cycle:

Restaurant accountants need to follow an accurate method of document business transaction. The first step of the cycle when a buyer makes payment to buy a meal. This payment is immediately recorded as a transaction in an accounting journal. These transactions are then recorded in a general ledger. This ledger has to be reviewed regularly and financial reports prepared to find out more about the economic status of the enterprise.

Inventory:

Another major function that a restaurant accountant has to take care of is managing inventory. It includes supplies, food, and many other restaurant-related products that are required daily. A weekly check of inventory keeps the problem of surplus and having too little inventory issues at bay. It is possible to reduce inventory to a cost which could be used to compare with total sales that determine if the business is generating revenues.

Income Statement:

Accountants also need to prepare a statement of income. This statement shows the profits and losses of the restaurant over a short period. It is recorded in the form of expenses, earnings, and inventory. It needs to be prepared weekly.

How to choose the best dental accountant service in London?

Running a dental practice is definitely not a child’s play. It involves a complicated process of not just keeping track of cash inflow and outflow but complex ordering processes, invoices, bill payments, Payrolls and many more. Since the logistics of running a practice can take a whole more time than dealing with patients, it is best to leave it to an expert, like a dental accountant to make the job easier.

As a dental practice, if you are planning to employ an accountant to take over the more mundane, yet complex side of the business, then you need to pick up the right partner for the endeavour. There are several accountants available in London who can keep track of the finance side of dental practice with panache. However, we need one who will understand the rudiments of dentistry and how it works. Hence, picking out the best dental accountant in London is the only solution to it. 

If you are in the process of hiring an accountant, here are some simple tips as to how to start with your search:

• Experience and Expertise matter the most. Hiring a specialist accountant is easy, but getting one with an experience in dealing with the dental side is difficult. Look for one such firm which can supply you with a specialist who has the knowledge of how dental practices work and what are their financial requirements.

• Expenses come in the second but have to be given equal importance. While recruiting a whole team of accountants to help with accounts may be extremely expensive, hiring a third-party accountant may work out to be much cost-effective. Still, compare the costs of different firms before hiring the best one with a comprehensive package.

• Is it a package deal? Not all accountants or the accounting firms are the same, or nor do they handle all the financial requirements. Before hiring the best dental accountant, check if they will provide you with a complete, comprehensive package, including tax, payroll, buying and selling, license certifications and much more.