If you are operating a restaurant or cafe, you would know that it can be very challenging. There are so many issues to consider because the hospitality industry is different to most others.
Whether you are looking to buy a restaurant or cafe or are currently operating one, important issues to consider include:
- Irregular and long trading hours
- HR issues including staffing, payroll and pay rates
- Unpredictable and seasonal trade
- Compliance with GST and BAS obligations
- Upfront capital and startup costs
- Lease details of premises
- Cash flow forecasts
- Value of the business
- Permits, liquor licence, food handling regulations.
The cash economy and audits
Most businesses in the hospitality industry, namely restaurants and cafes, operate in the so called ‘cash economy’. The Taxation Office are targeting hospitality businesses for compliance and auditing. We help you make sure that the correct accounting systems and paperwork is in place. This helps minimise any issues with audits and compliance.
We also help you benchmark your business against others in your industry. This is important, not only for compliance, but also as an indicator for your profitability and performance.
At Rucker Financial we are fully equipped to assist you, or anyone in the hospitality industry in all accounting, business and taxation matters. We have specific experience dealing with the hospitality industry that many general accountants don’t have.
We understand what it’s like to actually work in restaurants and cafes. We know the issues and matters that confront business owners like you every day. We believe it is important to have cloud accounting software and systems in place to streamline all your bookkeeping, accounting, payroll and business needs. This saves you valuable time, while also satisfying compliance.
If you are a part of the hospitality industry or are considering buying a hospitality business, contact us to arrange an obligation free assessment.