THE TOP ACCOUNTING CHALLENGES SMALL CLUBS AND HOTELS FACE – AND HOW TO FIX THEM
In a recent survey on Small Business Accounting* only 25% of companies with less than 25 employees, and 46% of companies with 25-50 employees have a specialist CFO or executive level accountant within the business. Of those companies that don’t have a CFO, only 19% of managers felt they were extremely or very knowledgeable about accounting and finance despite it being a core business activity and a legal risk if consistent long-term errors are made.
For time-poor managers in smaller hospitality venues completing the accounting processes, payments, and reconciliations takes up lots of valuable time that is not directly growing the business. Even more important, interrogating that data to find those efficiencies, cost-savings and errors that could save the business money is impractical when your main skillset is people, not processes.
Outsourcing the accounting processes is more than just finding someone who can complete paperwork; it must include an expert who can partner with your business with up to date knowledge and can also identify areas of efficiency that can be introduced to save the business both time and money.
Brew Accounting Hospitality Professionals
Brew Accounting has 30 years of industry specific knowledge on best practice accounting and compliance from the club and hotel industry that has been used to create their Hospitality Accounting System. Controlling cashflow, payroll, expenses and stock leakage, and providing opportunities to increase margins, is delivered in an easy to see dashboard format supported by a fully integrated and automated system.
The Brew Accounting Advantage system gives you your time back to get out of the office and focus on the things that truly contribute to increased business such as mentoring and training staff and getting in touch with your customers
Reducing Legal and Business Risk
From categorizing different types of assets and liabilities correctly to performing a monthly check of your books and accounts, establishing a serious bookkeeping and accounting system for your business is the key to keeping it financially secure. From low margins, to the high cost of staffing and rostering, and suppliers stopping delivery if you have overlooked a payment, there are many business risks if something goes wrong, or you have missed small errors that can compound over time.
Brew accounting is a one stop shop for all your accounting solutions including bookkeeping, payroll, and reconciliations. Since we started using their services, we have a peace of mind that our finances are being dealt with honesty and with our best interests in mind, and that all our payroll and bookkeeping are in compliance with the regulations. By integrating technology with the existing systems, they streamline the processes for increased efficiency.
Dan Ohara, Owner O’Hara Group of Hotels
Partnership with expertise and advice
Completing your accounting in-house might seem like a great way to save money, but it could be costing your business money in lost savings and efficiencies. Industry specialist accountants such as Brew Accounting can save you money by having their system, and an expert eye, regularly interrogating your business finances. From tax deductions that you didn’t know about, to errors that are difficult to see in your own business but easy for an expert to notice, managing all of your accounting in-house causes you to miss an opportunity to save money.
For me Brew accounting is not just accountants for our business, they are our business consultants as well. On top of assisting us with accounting and financial services, they also help us with our strategy, profitability analysis, and are always working towards minimising our costs, helping us increase our revenue and profits by 3% and 5% respectively during last year.
Warrick Try, Secretary Manager, Coledale RSL
GMs with limited time
General Managers become General Managers because they are great with customers, have unique technical skills and experience in all operational procedures in a club or hotel, and are great at people management and team building. Often accounts processes aren’t the main interest of managers as they work their way up the ranks, but it becomes an all-consuming task in the day-to-day running of a club.
As the manager at Central Hotel, Blacktown, I used to face a lot of challenges while processing payroll and bookkeeping, and therefore, we decided to outsource these services to professionals with the history of providing expertise to other businesses such as ours. This was one of the best decisions we made as Brew accounting was hired to take over our financials, payroll, and accounting. Since then I have focused primarily on operations and growing the business and Brew Accounting has taken care of the rest.
Graeme Neely, General Manager, Central Hotel, Blacktown
How does it work?
The Brew Accounting weekly bookkeeping and accounting package provides an industry specific program that automates and simplifies all those administration tasks that chew up your time and get in the way of improving the customer experience by providing the club and hotel manager with automated systems to assist in:
Maximising margins – through weekly account reconciliation and careful monitoring of costs Brew provides action points each week and a monthly dashboard which gives you the knowledge to take advantage of opportunities and cut costs
Manage Cashflow – by preventing late payments, identifying duplicates and anomalies, and tracking expenses Brew can reduce cash and stock leakage and ensure revenue is converted to cash in the bank
Creates time – using systems and processes that remove time-wasting administration issues such as chasing invoices and late payments, dealing with suppliers and payroll issues, Brew will give you the time to get back to customer service, staff mentoring and training that will drive increased business
The Brew Accounting process interrogates your current POS and systems technology to ensure they are being utilised to achieve maximum functionality and control. Even in smaller venues that still prefer the excel spreadsheet process Brew can automate that process when efficiencies and control can be improved. A paperless payables integration to the POS and accounts system can be introduced which checks for duplications and fraudulent activity, and monitors daily benchmarks for purchasing, gaming income, wages and food/beverage costs.
To find out more about how the Brew Accounting System can partner with your business call:
Joanna Stuart (0405 027 250)
1300 BREW 00
*http://www.waspbarcode.com/small-business-report-accounting
