KeyPlay Business Solutions

Accounting for the Hospitality Industry

Being in the hospitality industry, you need an accountant who understands your business.

Here at KeyPlay Business Solutions we appreciate the unique nature of the hospitality industry including the importance of pricing, food and drink gross profit margins, meal portioning and controlling wages costs as a percentage of your gross sales. In the hospitality business it is absolutely critical that the quality of your product comes first, however you also need to monitor key financial data against set benchmarks. This is in addition to the usual small business compliance issues of GST, BAS, PAYG and Superannuation.

The long hours and physical demands associated with the hospitality industry often means accounting and taxation issues don't receive the attention they deserve. While GST, BAS and tax payments often represent some of the largest financial obligations for a business, many people in the hospitality industry fail to manage their tax appropriately. As a result we find many new hospitality clients paying too much tax, missing legislative obligations based around staffing issues and exposing themselves to substantial fines or interest penalties. Failing to adequately prepare for tax obligations can also play havoc with your business cash flow, superannuation obligations being one example.

We always recommend that your accounting software actually helps you manage your business in terms of monitoring its performance and not simply a tool to complete the annual tax return. We can setup and integrate most hospitality programs with MYOB or know someone who will. But the issue is this: when the profit is down - your financial system needs to identify the problem. Perhaps the issue is wages, perhaps rent, but your figures must be compared against best practice and industry benchmarks. All too often clients go into hospitality franchises and don't make any money. Buyer beware.

We are not your average accounting firm that just keeps the ‘score'. We tell you what to do, then it's up to you.

"We employed Jamie from KeyPlay Business Solutions some 4 years ago to assist in a full business restructure. KeyPlay are not just another Accounting Practice they investigate all of Buckley's business activities to achieve for us total business success. Never before have I worked with professionals who are on our side who work to achieve the highest possible operational profit understanding all concepts of the hospitality industry. 2007 Buckley's was the Tabcorp's Best Regional Club Winner "made possible with the help of KeyPlay Business Solutions.

"I recommend KeyPlay to any company wanting total business success."

Michael Tonks JP - Geelong
Chief Executive Officer - Buckley's Entertainment Centre
http://www.buckleys.com.au/

What to Look for in an Accountant

Our mission is to help you grow your business. As a business owner you need more than an accountant who just keeps the score. We are not your average accounting firm and we aim to help you build a better, more profitable and valuable business by combining the knowledge of your business with our consulting tools and expertise. Look for an accountant who specialises in your area - hospitality. Does yours?

If you are looking to start a business talk to us about our comprehensive 45 page booklet, ‘Starting or Buying a Small Business'. It is a valuable resource available to clients and explores all the key issues such as alternative business structures, GST and tax registrations, record keeping, legal issues, employing staff and preparing a business plan and cash flow budget.

How We Can Help You

Just like your chosen field, we recognise the need to deliver timely, quality advice and services. Our approach is personal and you will enjoy support, guidance and accessibility together with cost effective strategies and solutions. We are very transparent in all we do.
We want you to discover the difference and we offer you a full range of accounting, tax and financial services. Contact us today because your business success is important to us.