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Accounting for Hospitality

Operating a wedding reception centre, conference centre or theatre restaurant is demanding and requires planning and precision timing. Apart from the usual compliance issues of GST, BAS, PAYG and superannuation you have to contend with strict Government regulations including liquor licensing laws, food handling regulations and council permits.

The hospitality industry is also characterised by irregular trading hours, erratic and seasonal trade, casual employees and a combination of dry and wet goods. Here at McHenry Partners we are recognised as hospitality accounting specialists and over the years we have assisted numerous clients starting, running and selling their:

  • Wedding Reception Centre
  • Conference and Function Centre
  • Theatre Restaurant
  • Commercial Catering Business
  • Restaurant
  • Hotels with Bistro, TAB, Bottle Shop and Gaming  Room

Ideally, you need an accountant who understands the peculiarities of the hospitality industry and our experience and intimate understanding of wedding reception centres, conference centres, pubs and theatre restaurants can give you a serious competitive edge.

As a business owner we believe you want much more than just tax returns and financial statements which is why our focus is to provide strategies and business tools to help you grow your business, your profits and your personal wealth. For that reason we strive to help you ‘know your numbers’ and that includes identifying the profit drivers in your business. We use industry benchmarks to compare your business performance against your competitors and peers so you know what is working and what needs working on.

We do so much more than just tax. We view the tax return as the start of the client process, not the end and as ‘business and profit builders’ we provide strategies and solutions to help you grow the value of the business.

Thinking of Starting a Wedding or Conference Centre?

We are a business start-up specialist and if you are looking to open a theatre restaurant, conference centre, reception centre or hotel there are numerous issues to consider. Over the years we have helped clients with every aspect of starting their business including site selection, business structure, tax registrations, insurances, their retail lease and accounting software selection. In addition, we can assist you with preparing a business plan, payroll and HR issues plus finance applications.

On an operational level, we understand what is required for a successful opening and we can even assist you in executing the successful launch of your theatre restaurant, reception centre or pub. We have developed a range of spreadsheets and tools including a comprehensive start up expense checklist to help you identify every possible start up cost. This checklist is broken down into categories including leasehold improvements, IT, marketing, capital equipment, furniture & fittings, professional services, licenses and permits, initial stock and working capital. These figures then automatically feed into an integrated cash flow budget to help you identify your finance requirements and they can also tuck into your business plan.

Menu pricing is absolutely vital to the success of your theatre restaurant, bistro, conference centre or wedding reception centre. We can help you do some price modelling so you know your break even point and how to maintain your profit margins when suppliers increase their prices.

Marketing Your Business

For a wedding reception centre, theatre restaurant, conference centre or restaurant marketing can be the difference between success and failure. Your website and social media strategy are key elements of your marketing and we can help you with your branding and provide advice regarding your website’s features, functionality and content. We have worked with dozens of clients and liaised with graphic artists, SEO experts and website development teams to create affordable, quality websites for clients. If you need help with your corporate brochure, newsletter or want to harness the power of social media to win more business we can provide advice and direction. We believe our marketing skills set us apart from other accounting firms.

We do so much more than just tax and view the tax return as the start of the client process, not the end. We are ‘business and profit builders’ who provide strategies and solutions for business owners. We offer our reception centre and hospitality clients a range of tailored financial, tax, accounting and financial planning solutions including:

  • Start-Up Business Advice for Theatre Restaurants, Wedding Reception Centres, Conference and Function Centres including Hotels
  • Advice regarding the Purchase or Sale of your Reception or Conference Centre
  • Spreadsheets like the Start Up Expense Checklist & Price Calculator
  • Advice and Establishment of Your Business Structure
  • Business Registrations including ABN, TFN, GST, WorkCover etc.
  • Business Plans, Cash Flow Forecasts & Profit Projections
  • Accounting/Point Of Sale Software Selection and Training
  • Site Location and Advice Regarding your Retail Tenancy Lease
  • Preparation of Finance Applications & Bank Submissions
  • Preparation and Analysis of Financial Statements
  • Bookkeeping and Payroll Services
  • Costing of Menu and Bar Items
  • Tax Planning Strategies
  • Industry Benchmarking and KPI Management
  • Marketing Audit including an evaluation of your branding, website,brochure and menu layout plus diner trends and customer satisfaction questionnaires
  • Advice regarding Website Development, Content and SEO
  • Personal Financial Planning & Wealth Creation Strategies
  • Business & Risk Insurances
  • Vehicle, Equipment and Shop Fit Out Finance
  • Monitoring and Controlling Labour costs
  • Recession and Survival Strategies
  • Business Succession Planning

Contact us today to discuss how we can help you with your wedding reception centre, conference centre, theatre restaurant or hotel. You can expect practical, down to earth business advice and tax effective solutions. We are ‘business and profit builders’ who enjoy working with ambitious business owners looking to accelerate their business success.

To take the next step we invite you to book a FREE, no obligation, one hour introductory consultation to discuss your business needs. You'll get practical business, tax, marketing and financial advice that could have a significant impact on your bottom line. To book a time, call us today on 1300 789 844 or complete your details in the box at the top of this page.

McHenry Partners - Accountants & Business Advisors
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