Ensuring that your cost in relation to your selling price delivers a healthy profit is our goal. Another potential pitfall in the restaurant business is identifying what your margins should be and knowing how to staff your restaurant correctly. Additionally, we can advise on how to handle service charges, help decide whether to operate a Tronc and if so, designing it so as not to fall foul of HM Revenue & Customs’ rules. VAT advice including assessment of cold and hot food products.
A lack of business knowledge has been sighted in several bankruptcy studies as the major contributing factor behind almost half of new business failures (Parsa, Gregory, et al., 2015).
Failing to track financial performance due to an inability or an unwillingness to keep accurate and methodical records will leave you in danger of inflicting terminal damage on your business.
It is important to have organised information to help maintain strict controls on things such as revenues, operating expenditure, food usage and labour costs.
Accounting for every penny will help you to craft a flexible business strategy to cope with changes in other social and external variables – such as fluctuations in costs – that may have an effect on the sustainability and longevity of your restaurant.
We can help with margins, employee status, troncs and tips, branding and international group operations. We can provide VAT, bookkeeping, management accounting, payroll and cash flow management as well as assistance with budgets and forecasts.
Employment tax – 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.
VAT – Advice on various VAT compliance areas across the sector.
Personal tax and wealth management – From completing necessary tax forms to inheritance tax planning and advising on tax planning opportunities, we offer a range of services for restaurant owners and company directors.
Want to stay on top of your restaurant’s finances? Contact us today here at Ultimate Accounting & Tax Solutions for handling all your accounting related tasks. We take the complexity out of daily account management, so you can focus on your business!
