Throughout the pandemic, restaurants have been faced with closures and a decline in consumer confidence which have had a damaging effect on the sector, as a whole.
As a restaurant, having an accountant on hand is imperative for ensuring that your finances are effectively handled, as well as to keep you informed of any upcoming changes to taxation.
However, at finzo, we go a step further than just being accountants for restaurants, we can help you to take your hospitality business to the next level.
How can we help your restaurant?
Tax advisory
Despite the 80 per cent of the British public that were in favour of keeping the lowered VAT rate of 12.5 per cent for hospitality businesses (according to YouGov), Rishi Sunak’s Spring Statement confirmed that the temporary relief will come to an end in April.
As accountants, we are geared up to help your restaurant to plan for the upcoming changes and can advise on how to effectively manage your cash flow, in light of the increased VAT rate.
Technology
One possible way that your restaurant could make savings elsewhere, could be by upping its focus on automation.
By getting technology to do the tedious administrative tasks for you, you can free up time to focus on other areas of your business!
Being accountants who specialise in tech advisory and App stacks, we can ensure that your business benefits from implementing the best technology.
We can help by:
- Suggesting the best cloud accounting systems and apps to incorporate – that are compliant with Making Tax Digital requirements
- Implementing cloud solutions to increase the level of automation
- Advising on how to switch to Fully Managed payroll, including auto enrolment processes
At finzo, we have the relevant applications readily available to implement which can transform the way that your hospitality business operates.
With our App stack, which consists of over 50 applications, we can source the perfect applications to suit the requirements of your operations.
Find more information on how we operate as accountants for restaurants here.
Looking for accountant for your hospitality business? Contact our expert team today.