Seven good reasons why restaurant/café businesses should work with accountants specializing in their industry
Restaurant/café businesses are full-on! No one can deny they require a high level of commitment by owners and dedicated staff to meet the pressures generated by intense operations and dynamic work pace. Even the smallest changes in customer footfall, costs or operational activities can cause a significant reduction in profits or cash flow difficulties.
It goes without saying that the COVID-19 pandemic has hit the restaurant/café sector like a ton of bricks. Such factors, together with the high volume of small transactions, require robust cash flow and operational controls to keep a business healthy and resilient. That’s why, more than any other business, restaurant/café business owners require proactive, flexible and the right support on their side to ensure a sustainable and profitable business.
Teaming up with accountants who specialize in the restaurant/café industry can change the full picture of your business and help restaurant/café owners take a leap toward achieving their goals. Some of the benefits of working with them are as follows:
♦ Their in-depth understanding and up to date knowledge of the restaurant/café sector and current market trends will ensure your business stays ahead of the game and benefits from their insight.
♦ Specialist accountants are experienced in restaurant and café business operations which makes them well placed to help you implement best practices. This means enhanced financial performance for your restaurant/café business.
♦ They have tried and tested strategies and diverse experience of helping other restaurants/cafés businesses to overcome challenges. This means that accountants who specialize in working with the restaurant/café industry are well-positioned not only to help rescue business difficulties quickly and efficiently but provide a helping hand in spotting early warning signs and symptoms of potential business threats before they escalate to the point of no return.
♦ They are familiar with best-of-breed applications used in your industry and can facilitate operational efficiency to deliver an enhanced customer experience, establish and maintain customer loyalty while implementing innovative cost-saving strategies, and leveraging existing resources.
♦ Accountancy firms who focus on the hospitality industry will employ their experience and knowledge to deliver maximum profit from your operations by using your existing resources to their full potential and maintain reassuringly healthy cash reserves.
♦ Due to specialism within your industry niche, you will benefit from in-depth experience and know-how when it comes to applying tax legislation and credit/relief schemes most relevant to the restaurant/café industry. The upshot of this is an optimized and sustainable tax position for your restaurant/café business. What’s more, you will gain valuable assistance in generating cash inflow through the tax credits scheme.
♦ Your business will be guided through the implementation of effective monitoring procedures and improved financial efficiency using restaurant/café sector-specific benchmarks that compare your restaurant’s performance against the average industry statistics. The advantage of monitoring key performance indicators is that you establish meaningful data that puts you in the driving seat to release the full profit-generating potential of your business.
The COVID-19 pandemic has forced us to weather one of the most extraordinary and globally unsettling ‘storms’ in the living memory of today’s workforce. Your restaurant/café business may be feeling a little bruised right now. But it has survived. It’s time to emerge and look forward. It is also time for some much-needed business TLC. There could not be a more reassuring start to the New Year than putting your restaurant/café business into the safe hands of a specialist accountancy firm.