Hospitality Bookkeeping Services

Every industry has its own unique bookkeeping requirements, and the hospitality industry is no exception. That’s why it’s best to seek advice from a specialist hospitality bookkeeper.

As a business owner in the hospitality industry, it’s important to ensure that your books are in order. Invoices need to be paid on time, your cash flow needs to actually flow, tax must be correctly calculated and lodged, and your staff need to be paid.

A hospitality bookkeeper can help you with all these tasks.

But the right hospitality bookkeeping service will also go a step further. By choosing a hospitality bookkeeper who performs regular reporting and analysis, you can not only ensure that your business runs smoothly and remains compliant with the tax office – you can also improve your profits and efficiency, as your bookkeeper helps you identify business opportunities.

EzyAccounts – Your Hospitality Bookkeeper

At EzyAccounts, our bookkeepers understand the unique challenges hospitality businesses face. We’re familiar with the reporting and information you need to make informed business decisions, and have experience helping hospitality businesses to get their books in order and thrive. For example, we helped transform a Shingle Inn franchisee’s business from an establishment in financial straits, to a thriving, profitable café (download the case study at the bottom of this page).Infographic on hospitality bookkeeping prepare by a Hospitality Bookkeeper

Pre-Opening Bookkeeping Services

Hospitality bookkeeping and financial reporting is important even before your café, restaurant, bar, motel, or other hospitality business opens.

To begin with, you need to know that you will have the money to build or fit-out your establishment. You may require a loan from the bank to achieve this, and so it’s important to have the right records to ensure your application will be successful.

During the building or fit-out stages, you must pay invoices for contractors and suppliers, and record these payments. You’ll need to keep track of stock and inventory, and know how much money you have in the bank.

Pre-opening is also the best time to select accounting software for your business – software that has the right functionalities and reporting capabilities.

By laying the right foundations, you’ll be setting your business up to become a profitable enterprise.

Selecting And Setting Up Bookkeeping Software

Regardless of whether your hospitality business is new or well-established, it’s important to ensure you have the right invoicing software to suit your unique requirements.

Your bookkeeping software must have all the functionalities your business needs, and should also be correctly setup to allow your bookkeeper to prepare the financial reports that will allow them to provide you with important business advice.

For example, most hospitality businesses will need a bookkeeping system that includes point of sales (POS). These systems cut out data entry time, and provide sales reports and other basic information at the click of a button. Without this, it’s difficult to discover even simple information, such as the number of sales for each individual menu item. Information is crucial to your business’s success. If you don’t choose the right system for your business, you’ll waste time and money, or risk running your business blind.

Although we can make generalisations, there is no one-size-fits-all in bookkeeping software for hospitality businesses, even from one café to another, or one motel to another. Your bookkeeper will advise you on choosing the right bookkeeping software for your business’s unique needs. They will also assist you with setup.

For a personalised bookkeeping software recommendation, call a specialist hospitality bookkeeper today on 1300 313 397.

Putting The Power In Your Hands With Financial Reporting

They say that information is power, and when it comes to running a thriving hospitality business, they’re definitely spot on.

Financial reporting provides you with the information you need to make informed business decisions. At EzyAccounts, our hospitality bookkeepers have found that most hospitality businesses benefit from the following reports and analysis:

• Cash flow forecasting
• Budgeting and variance analyses (if your business is more established)
• Payroll and staff scheduling
• Ratio analysis
• Inventory management

Cash Flow Forecasting

Most restaurants, cafes, bars, motels, and other hospitality businesses have high turnovers. As such, your business will almost certainly benefit from weekly or even daily cash flow forecasting by your bookkeeper.

Cash flow forecasting allows you to predict how much money will come into and go out of your business in a set period of time. It can warn you of any potential future cash shortages, and help you measure your business’s performance. (You can read about cash flow forecasting in detail here.)

Budgeting And Variance Analyses

With so much money going in and out of the door each month, it’s imperative you keep on top of it all. Your bookkeeper should be able to help you do this through budgeting and conducting a regular variance analysis. A variance analysis compares your budget to your actual income and expenses, highlighting and explaining any variances, so you’re able to stay in control of your business. (You can read more about our budgeting and cash flow variance service here.)

For smaller cafés, we recommend monthly variance analyses. But if you own a larger restaurant, bar, or other hospitality business, then we may recommend a weekly variance analysis, so you can take immediate action to solve any problems. For a recommendation tailored to your business and circumstances, get in touch.

Payroll And Staff Scheduling

Staff scheduling is an art form – and one that you need to get right, as it can have a huge impact on your business. Too many staff can lead to an unsustainable overhead, or wipe out all your profits. Too few means that you cannot deliver your services to an appropriate standard. This can hurt your business’s reputation, and potentially your income. As well as ensuring you have an appropriate number of staff working at any given time, you also need to avoid overtime and other penalty rates where possible.

Your EzyAccounts bookkeeper can help you to appropriately plan your payroll and staff scheduling. By getting this right, your business will run like clockwork, and you’ll be able to improve your profitability and efficiency.

Ratio Analysis

Ratio analysis involves calculating the ratio of one item on your business’s financial statement, such as wages, to another item, such as turnover. This allows you to evaluate your business’s financial performance, and measure how well you are meeting KPIs and ensure there aren’t any problematic areas of the business that are negatively affecting your profitability.

Inventory Management

Running out of a menu item, a drink, bed sheets, towels, or other items is an experience no hospitality business owner wants to have. Thankfully, this can easily be avoided by implementing effective inventory management systems, and using the information they provide to predict how much inventory you need to keep on hand, and replace any stock that you require. (You can learn more about the ins and outs of inventory management here.)

Managing Your Finances

Would you like a hospitality bookkeeping service that’s tailored to your business’s unique needs? We would love to talk to you about how we can help you manage your business’s books and improve your profitability and efficiency. Call EzyAccounts today on 1300 313 397.

Recommended Packages

Depending on the size of your business, you’ll need a hospitality bookkeeper to help you with one of the following packages:

0-5 Employees

• Monthly bookkeeping
• BAS lodgement
• Payroll management
• Rolling 12 month cash flow forecasting, showing monthly monetary movements
• 12 month forecasted budgeting, with monthly variance analyses
• Monthly sales analysis to facilitate inventory management

6-20 Employees

• Monthly bookkeeping
• BAS lodgement
• Payroll management
• Rolling 12 month cash flow forecasting, showing monthly monetary movements
• 12 month forecasted budgeting, with monthly variance analyses
• Monthly sales analysis to facilitate inventory management

21+ Employees

• Weekly bookkeeping
• BAS lodgement
• Full payroll management
• Staff scheduling assistance (if required, speak to your bookkeeper)
• Rolling 12 month cash flow forecast, showing monetary movements on a daily basis\
• 12 month forecasted budgeting, with weekly variance analyses
• Weekly sales analysis to facilitate inventory management

Call us today to discuss an appropriate bookkeeping package for your business – 1300 313 397.