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Accounting Tips For New Hospitality Ventures

 

Some hospitality brands shoot for the stars and enjoy years of tremendous success. Some fall flat on their face from the moment they set off. So, what’s the secret? Why do certain start-ups experience greater longevity than others?

Ultimately, a lot of it comes down to being financially prepared. If smart accounting forms part of the DNA when the business is born, it will be in a far better position to succeed.

If you’re setting up a brand in the hospitality industry, take note of the following tips. They’ll help you get your business off to a wonderful start… and set you up for an even greater future…

 

Stay on top of your cash flow from the start 

Accurately keeping track of your ins and outs becomes increasingly difficult the longer you take to get organised.

The best way to stay on top of your finances and ensure healthy cash flow is to set up an effective system from the moment you register your company. This way, you’ll have records available from day one. It’ll also get you into the habit of cataloguing income/expenditure regularly, without it seeming like too much of a chore.  

 

Get all your compliance out of the way 

Before you begin to start trading, it’s important to ensure your hospitality company is in a strong position with regards to compliance measures.

Naturally, you’ll need to be vigilant on the health and safety front given how you’re dealing with the public on a daily basis. But you’ll also need to guarantee you’re meeting all your financial obligations. 

Do you need to register for VAT? If you’re a limited company, have you figured out how to calculate and submit corporation tax? What are you expecting to be able to claim back in expenses? If you can’t answer these questions, you’re not ready to open your doors quite yet.

 

Choose your Point of Sales systems wisely

Point of sale systems are often the lifeblood of hospitality businesses. 

These computer programmes keep track of customer numbers and payment methods, and in some instances even produce sales reports that can be used for financial analysis and evaluation.

Given how they are such an integral part of a hotel or restaurant, Point of Sale systems need to be chosen carefully. Do your research and try before you buy, as these pieces of machinery can go a long way to determining whether your company is a success or failure.

 

Take advantage of an accountant

Getting a hospitality venture off the ground is exciting, but it isn’t easy. The toughest bit for many entrepreneurs is handling financial matters. As your business grows and you start to see results, the rules around income, expenditure and tax become more and more complicated.

This is where having an accountant pays dividends. Nabarro Poole specialise in supporting hospitality startup owners throughout their business endeavours, ensuring your accounts remain in top shape and HMRC-friendly.

The tidier your books, the less money you’ll lose, and the more profitable your venture will be overall. Talk to Nabarro Poole today. Whether you’re just setting up a business or entering a whole new chapter, our specialist accountants can provide you with the guidance you need and deserve. 

5th of February 2018




5th of February 2018

Accounting Tips For New Hospitality Ventures

 

Some hospitality brands shoot for the stars and enjoy years of tremendous success. Some fall flat on their face from the moment they set off. So, what’s the secret? Why do certain start-ups experience greater longevity than others?

Ultimately, a lot of it comes down to being financially prepared. If ...




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