Have you ever considered the time it takes to manage your books? How efficient are you, and how else could you spend that time?
It’s true that simple bookkeeping can be picked up by most people, but by working with an accountant that specialises in the hospitality industry you’ll gain invaluable insight into how best to manage your books, and how to maximise your financial position.
Importantly, working with an accountant will ensure that your books are error-free, giving you and the taxman a perfect picture of the financial health of your business. We all know that financial errors in our personal finances are at best a pain in our side and at worst lead to catastrophic life-changing positions. The same applies to your business.
Errors within your business books can lead to incorrect valuations, mistaken strategic moves, and often unnecessary expenses. Conversely, complete and accurate books allow you to work with an experienced accountant to make profitable and strategic moves.
With so many transactions coming into your business (often with multiple transactions every minute), and outgoing transactions occurring on different timelines (weekly, monthly, quarterly), it’s imperative to stay on top of your cash flow and for your books to be up to date at all times.
Here’s why it makes sense to work with a trusted and experienced accountant:
– It’ll free up your time – accountants that have a proven understanding of the hospitality industry are experts at what they do. They know the ins and outs and can maximise your financial position better than most, but they certainly can’t run a cafe or restaurant as you can. So free up your time to focus on your key skillset and allow your accountant to handle your books and advise you on the financial moves that are right for your business.
– Perfect high-quality financial records – If you have big plans for your business, you’ll need to see at a glance your up to date financial position. Your accountant will provide you with that ability and will also guarantee that your taxes are paid correctly and your records are ready for inspection if requested by the ATO.
– Your account is also your financial coach – there is so much more than bookkeeping that your accountant can do for you. Not only will your books always be correct and up to date, but you’ll also have a financial expert by your side to make suggestions and point out areas of improvement across your business operations whenever you need it. Think of it as a 2 for 1 deal! You can cover a variety of areas with your accountancy from bookkeeping through to business modelling, payroll, cash flow reconciliations or financial reporting, to name a few.
We’re always looking to partner with exciting businesses across the hospitality business and would love to talk about your business and share our thoughts with you.