Hospitality

Hotels

In this highly competitive industry, strong financial control with an emphasis on cost reduction is essential. This is especially important during periods of rapid expansion or downturn in trade due to the associated cash flow pressures.

How we can help

Nextep can provide a full financial control service, which includes

  • Help developing annual budgets
  • Identifying key performance indicators
  • Installing processes for data capture
  • The production of weekly management information, monthly management reports and ongoing cash flow and profit forecasts
  • Payroll and purchase ledger management can also be outsourced to Nextep, resulting in significant savings per annum in staff costs

Public Houses

Nextep is already one of the recommended accountants of a well-known brewery which has a large tenanted portfolio. Most of the pubs are food led, and many are situated in rural destinations.

How we can help

Nextep has developed a support package for new licensees. The package is designed to remove as many obstacles as possible at this critical time, leaving licensees free to concentrate on the operational side of their new business. 

The whole point of this service is to make life as easy as possible for the licensee, while making them financially aware of how their business is doing.

The service includes:

  • Setting up payroll
  • Registering the licensee as an employer with HMRC
  • Installing and helping with training in the use of a daily cash control sheet to reconcile daily and weekly cash movements
  • Establishing a preferred and easy-to-manage bookkeeping system
  • VAT registering and filing quarterly returns
  • Regular visits to provide help and advice
  • Quickly identifying a breakeven point in terms of turnover to establish a benchmark to measure against
  • Monitoring gross margins to maintain profit
  • Producing year end accounts with tax computations and assessments
  • Liaising with HMRC on any issues that may arise
  • Quarterly management accounts to show profit or loss position, broken down as a minimum into wet and food sales

 

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