Hospitality Accounting is a specialist division of Accolade Accounting.
We provide Financial Management and Tax services to businesses in this industry, whether it is a Restaurant, Tavern, Coffee shop or Holiday Accommodation facilities.
Hospitality is the business of helping people to feel welcome and relaxed and to enjoy themselves. You may be providing them with accommodation, a meal or a cocktail or even entertaining them. But it is all about customer service and providing the best experience possible for your customers.
Many businesses are able to provide this service to their customers, but are you making enough profit while your customers are feeling great?
We are able to assist business owners with improving profit and cash flow while they keep their customers entertained.
By using the latest cloud based accounting package, we are able to seamlessly share reports with the business owners in any place and at any time. This enables an immediate response by the business owner to improve the situation in real time and not when it is too late.
We currently provide the following services to clients in this industry
• Weekly and Monthly Financial Reporting: Regular reporting to managers and owners, to allow for timely decision making and planning.
• Financial Ratio and Variance Analysis: Analysis of major profit and loss items to quickly identify trends and isolate periods or departments with unusual results.
• Annual Reporting and Compliance: Timely and accurate year end financial reports and income tax returns, as well as liaising with the Australian Taxation Office on any tax issues.
• Tax Planning: Ensuring tax effective structures and operations.
• Bookkeeping Services: We process supplier invoices and bank accounts on a regular basis ensuring accurate recording of the financial accounts so that meaningful management decisions can be made by the business owners.
• Cash flow Analysis: Assessing the cash impact of financial transactions, empowering you to make timely and correct decisions regarding allocation of resources.
• Budgets & Forecasting: Analysis of past performance and industry trends to forecast future revenue and expense items for effective planning, as well as variances between budgeted and actual performance.
• Strategic Partners: Our team has established links with other professionals who also specialise in the hospitality industry. These include legal advisors, business brokers, property agents, valuers and business bankers.
As we have many clients in this industry we have been able to benchmark their performance and this enables us to use this valuable information to advice clients as to how they are performing against other operators. Business owners are then able to judge their own businesses against other competitors within the industry.
Contact us should you wish to improve your profit and cash flow.