Choosing a specialist Licensed Trade accountant, can make a huge difference to your pub, bar or restaurant – Here is a list of things you should expect to ensure you maximise your return on investment:
Smooth transition – The process of changing accountant should be seamless, not time consuming. Once you have given notice to your current accountant (if applicable), your newly appointed accountant should manage this process in its entirety, processing relevant documentation and keeping you regularly informed without taking up your valuable time.
Efficient data collection – This should be prompt and efficient – You should expect clear guidelines on information required of you – Your accountant should help you to create a system to ensure records are complete and be pro-active in gathering this data (in person, by post or online), saving you time and hassle.
Regular management information – You should receive prompt and accurate management accounts, in a clearly presented, understandable format. Your accountant should be available on the phone to talk things through if required.
Benchmarking and commentary on results – Your accountant should offer valuable commentary, allowing you to understand how your business is performing in comparison to similar sized businesses. They should deliver margin analysis on different areas of your business (i.e wet and dry) and and share proactive ideas to help you improve profitability.
Hassle free payroll – With the introduction of Real Time Information from PAYE, it is crucial that your accountant manages this key task, giving clear directions on what is required. Ideally, you should only have to provide details of your employee’s working hours, tips and holiday by a specified date and they should handle the rest.
Industry Information – The pub trade is fast changing with many challenges for owners. A pub specialist should be up to date with developments in the Licensed Trade enabling you access to industry information and an understanding of how developments might effect you or your business.
Links with stocktakers – Stocktaking is a vital part of the accounting process – It is often not included as part of an accountants standard service, but they should be able to recommend a reputable firm who can help you in this often overlooked area.
Supplier contacts – A pub specialist accountant should have links with relevant recommended suppliers and be proactive in sharing these – Giving you access to competitive deals, enhancing profitability.
Advice on cost savings – Using an accountant should always be considered as an investment resulting in you saving money and increasing profitability. Your accountant should be able to identify specific areas for improvement. Ideally, they will also have links with cost reduction specialists who can offer a full audit of your business.
Business planning and support – Whether you need help in producing an initial business plan for your brewery, or making adjustments to an existing business plan, your accountant should be able to offer strategic advice and support you through this process.
These are just some of the things to consider to ensure you get the best out of your accountant and effectively grow your pub business…
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