Running a pub is a lot of work. It's not just about serving drinks and food. A pub owner must also manage business finances, employees, taxes, and legal compliance. That's why having an experienced pub accountant is essential for any pub's success.
In this blog post, we'll discuss the five things pubs need from an accountant.
A Good Bookkeeping and Accounting Software for a Pub Business
Cloud accounting systems are the perfect solution for pub owners looking to make sure their financial records are reliable and up-to-date. Money is the lifeblood of any successful business, and keeping track of it can be difficult - especially during busy periods.
QuickBooks and Xero make it easy to generate financial statements, invoices, balance sheets, and profit and loss statements. So, you know exactly where your money is going - allowing you to make smart business decisions quickly.
Investing in good bookkeeping software could be the best decision you ever make!
Tax Planning and Compliance
Tax laws and regulations can be challenging for any business, and pubs are no exception. Different rules apply to pubs depending on their location, size, and business structure.
As a pub owner, it's crucial to comply with tax laws and regulations to avoid penalties and legal issues. An experienced accountant can help you navigate the complex tax landscape, ensure compliance, and even develop tax planning strategies to minimise tax liability and maximise profits.
Payroll Management
In the hospitality industry, pubs heavily depend on their restaurant and bar staff to create an exceptional customer experience. Ensuring that payments are made correctly and promptly is crucial in maintaining staff morale and reducing turnover rates.
Effective payroll management benefits the staff and helps the pub and restaurant industry comply with tax and labour laws, ultimately avoiding legal and financial repercussions. Engaging the expertise of an experienced accountant can assist in managing payroll efficiently, including calculating wages, taxes, and benefits, allowing the pub owner to focus on delivering a welcoming environment and excellent customer service.
Financial Management
Managing the finances of a pub can be a complex task, especially when you consider gross profits, cash takings, expenses and costs associated with running a business. Local pubs need to pay close attention to their financial health, which is where an experienced accountant can make a significant difference.
They can assist in streamlining the accounting process and provide support with financial management. An accountant can help you develop a budget and forecast that's realistic and achievable, taking into account your cash flow and other financial metrics. They can also provide advice and tips on improving profitability by identifying areas where costs can be reduced or eliminated. An experienced accountant can help ensure that your pub is financially healthy and well-positioned for growth by keeping track of your accounts.
Business Planning
Business planning is essential for any business, including pubs. Pubs need accountants to help them develop and implement business plans to help them achieve their financial goals.
This includes identifying key performance indicators, setting targets, and developing strategies to achieve those targets. An experienced accountant can also help clients with market research, competitor analysis on local competition, and identifying new revenue streams.
Get Your Pub Accounting In Order
In conclusion, running a pub requires attention to detail and financial management. Pubs need experienced accountants to help them manage bookkeeping and accounting, tax planning and compliance, payroll management, financial management, and business planning.
Working with an accountant lets pub owners know that their finances and assets are in good hands, leaving them free to focus on running their business.
Inn Control are hospitality accountants that specialise in the industry, and their friendly team will be more than happy to help develop the best accounting strategy for your business model.
So, get in contact with Inn Control today. They can help you just like they did this client and many other businesses in the hospitality sector:
"I have been using Inn Control accounting & business services for 8+ years in my bar/restaurant businesses & wouldn't think of using anyone else. Responsive, knowledgeable and right up-to-date on everything related to the hospitality sector, Inn Control has been an absolute pleasure to deal with. During the challenges of the pandemic have exceeded their own high standards with invaluable business support on all new legislation in this difficult period. Can't recommend highly enough."