Hospitality industry is one of the top growth industries in both employment numbers and economic outputs. Whether you are running a hotel, restaurant, bar, cafe, or wedding and party events, travel agents etc, they are closely related to our social lives and will leave some permanent memories on people’s life. For example, how many of us won’t remember the locations and scenes from our first date, engagements, wedding, anniversary, family parties and trips, right?
As a typical business owner, you are putting your heart and soul into the business. You need to manage the marketing and shop presentation to attract more clients and bookings; You need to manage all staff’s roster for the customer service team and kitchen/ production team according to the demands; You need to manage and sourcing for ingredients and stocks but also trying to control the quality, quantities, and costs to avoid overstocking; You need to maintain the hygiene standards and compliance with the Responsible of Service Alcohol (RSA) legislation if you have liquor licences in house. There are lots to do to just to keep the business going already and don’t forget all the accounting and taxation lodgements and compliance requirements as well.
At Your Local Accountant, we service many clients in this industry and we fully understand your business challenges. We help you to develop and review your business plans; we set up the supportive accounting system to track the income, expenses, and stocks in your business; we calculated the profit margin and can help with your pricing setups; we analysis your cash flow and give you the accurate performance reports; we highlight any opportunities or risks on your operation and finance to help you make informed decisions; we manage or supervises your pay runs, super, WorkCover etc and ensure your business stay compliance. We prepare all IAS, BAS, FBT, Income Tax for you; we provide professional advices on your business structures and work with you step by step on any expediting, exit strategies and succession plans.
We provide our client with solid financial management solution, so you can contribute more time on the business development side. If this is what you are looking for, please feel free to contact us now.