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Accounting for Hotels & Bars
You already know that running a hotel is like no other business on this earth. Apart from the usual small business compliance issues of GST, BAS, PAYG, stock takes and superannuation you have to contend with heavy regulation including liquor licensing laws, food handling regulations, council permits and in some cases, disgruntled neighbours! If that’s not enough, most hoteliers also need to cope with irregular trading hours, erratic and seasonal trade, casual employees, intoxicated patrons and a combination of dry and wet goods.
Ideally, you need an accountant who understands the peculiarities of the hotel industry. Over the years, the team of accountants at Freedom Accounting Group have mentored numerous hotel owners and managers through the various stages of their business life cycle, from start up right through to sale of the business. We recognise the need to analyse your various departments like the bar, bistro, bottle shop, gaming area and TAB and offer hoteliers a full 'menu' of accounting, tax and financial services.
Thinking of Starting or Buying a Hotel?
We take great pride in our positioning as a business start-up specialist. If you are looking to open or buy a hotel, bistro or bar there are numerous issues to consider. Over the years we have helped clients with every aspect of starting their hotel or hospitality business including site selection, business structure, tax registrations, insurances, the lease and accounting software selection. In addition, we can assist you with your business plan, payroll and HR administration plus finance applications for a new beer garden, the renovation of the public bar or gaming area or possibly your next hotel purchase.
Our range of spreadsheets and business tools include a comprehensive start up expense checklist to help you identify every possible start up cost. This checklist is broken down into categories including leasehold improvements, IT, marketing, capital equipment, furniture & fittings, professional services, licenses and permits, initial stock and working capital. These figures then automatically feed into an integrated cash flow budget to help you identify your finance requirements and they can also form part of your business plan.
Menu pricing is absolutely vital to the success of your bar, bistro and bottle shop and we can help you do some financial price modelling so you know your break even point and the necessary pricing adjustments required to maintain your profit margins when your suppliers change their prices. If you run a hotel we also compare your business performance against industry benchmarks so you know what is working in your business and what needs working on.
Want to Grow Your Hotel Business?
As a business owner we believe you want much more than just tax returns and financial statements from your accountant. We believe you want to grow your business, your profitability and your personal wealth. For that reason we strive to help you ‘know your numbers’ and that includes understanding the Four Ways to Grow Your Business. Once you understand the key profit drivers in your hotel business we can talk you through profit improvement strategies. Not only that, we can quantify the profit improvement potential in your business.
We do so much more than just tax. In fact, we view the tax return as the start of the client process, not the end and as ‘business and profit builders’ we provide strategies and solutions to help you grow the value of the business. Our business advisors offer hoteliers a range of tailored solutions including:
- Start-Up Business Advice
- Advice regarding the Purchase or Sale of your Hotel, Bar or Bistro
- Spreadsheets and Tools including a Start Up Expense Checklist and Pricing Calculator
- Advice and Establishment of Your Business Structure taking into account issues like Asset Protection, Tax Minimisation and Future Discount Capital Gains Tax Concessions
- Business Registrations including ABN, TFN, GST, WorkCover etc.
- Preparation of Business Plans, Cash Flow Forecasts and Profit Projections
- Accounting Software Selection and Training – Point of Sale, Bookkeeping & Payroll
- Site Location and Advice Regarding your Tenancy Lease
- Preparation of Finance Applications & Bank Submissions
- Preparation and Analysis of Financial Statements
- Bookkeeping and Payroll Services
- Costing of Menu, Bar & Bottle Shop
- Tax Planning Strategies
- Industry Benchmarking and KPI Management
- Marketing Audit including an evaluation of your branding, website, brochures and menus plus diner trends
- Advice and Assistance with your Website Development, Content and SEO
- Personal Financial Planning & Wealth Creation Strategies
- Business & Risk Insurances
- Vehicle and Equipment Finance (Renovation, Construction, Chattel Mortgage, Lease)
- Monitoring and Controlling Labour costs
- Advice regarding Claiming Motor Vehicle Costs
- Recession and Survival Strategies
- Business Succession Planning
At Freedom Accounting Group we have a deep understanding of how hotels, bars and bistros work. We work with proprietors across the country and tailor our accounting, tax and business consulting services to fit your specific needs. If you are looking to buy or start a hotel, bar or bistro contact us today and benefit from our experience.
If you're a committed and ambitious hotel or bar owner looking to accelerate your business success we invite you to book a free, one hour introductory consultation to discuss your business needs. You'll get practical business, tax, marketing and financial advice designed to help you build your business and grow your wealth. To book a time, call us today on (02) 6021 0335 or complete your details in the box at the top of this page.
Freedom Accounting Group - Unlock Your Potential