Hospitality Sector

Here in the South West, arguably home to the UK’s most popular holiday destinations, competition in the hospitality sector is fierce

This is an area where we have extensive experience and expertise, advising many businesses in this sector for over 20 years. Using our own services, cloud software and with the help of our trusted advisors and contacts in the trade.

We all know that it is important for all businesses to have a tight control of their margins and cash flow, however this absolutely crucial in hospitality, with high seasonality, you only have a few months to maximise your profits!

We can help you take control of your margins (profits), monitor your cash flow and maximise your lifestyle.

As well as the standard services you would expect your accountant to provide (see our services page) we also offer:-

1. Strategic planning

In your meetings with us, you can set out your business and personal objectives, both short and long term, for the next period of trading. What do you need to achieve in order to enjoy the results?

2. Budgeting

We can help you determine your spending plan so you know how much cash you need to take in order to cover the costs in your biz.

3. Cash flow forecasts

We look at your budgets, your payment period to develop a projection to identify any future cash shortfalls or surpluses in your biz.

4. KPI Monitoring

KPI (key performance indicator). We will help you to identify the KPI’s relevant to your biz, collate the data and report these to you in an easy to use report.. These can be both financial and non-financial. These measures can tell you how your biz is performing at a glance.

5. Finance raising

We can assist you with obtaining further finance and grant funding using our experience and expertise.

6. Business coaching and mentoring

Using our experience we can assist you with the general day to day running of your business. There is no such thing as a stupid question, the stupid thing is not asking it. This service is great for start-ups. We can help you jump through the hoops you need to so you can get your biz off the ground. We can also provide mentoring to help your growing biz to thrive.

7. Virtual FD Role

We offer a virtual Financial director service so we can provide the kind of assistance usually afforded by much larger business’s internal finance director function. We can help you with financing decisions, project appraisals, dividend decisions, tax planning and many more.

8. Profit improvement services

We can help you take control of your pricing, margins and wastage reduction. We can also refer you to advisors who will help you optimise your price offerings and menu layouts, reduce your staff problems.

We have written a number of booklets covering the above areas which are available from the downloads page on our website . www.cornishaccounting.com/downloads

In order to provide the majority of the services listed above we would recommend that you move to a cloud accountancy solution to ensure your information is in real time.

Please be aware that if you have not already embraced the change to cloud this will soon become mandatory with the arrival of Making tax digital.

Our solutions make use of a combination of Xero, Receipt Bank, Deputy, Catercost, Vend and many more.

For a central resource with topical articles for the hospitality trade please head over to Facebook and check out Cornish Hospitality Network, or simply click the ‘Like’ button below.