Hotel operations are unlike any other business operations. Hoteliers not only have to comply with GST, PAYG, BAS, superannuation and stock-takes, they also have to face heavy regulations on liquor licensing, food handling, council permits and even have to please neighbours. Hotel operators also need to contend with seasonal trade, irregular hours, casual employees and a mix of dry and wet goods. If you are a hotelier, it is ideal to get a hotel consultant or accountant who understands how the hotel industry works.
Since 2004, Jamie Johns and the Sky Accountants team have mentored plenty of hotel owners and managers through the different stages of their business cycle. We help hotels from start up to sale of the business and provide them with full accounting services that separate and analyse several departments such as the bistro, bar, gaming area, TAB, shop, etc.
Sky Accountants have built a good reputation as business start-up and hotel consultants. If you are looking to start or buy a hotel, one of our senior client managers can help you through the issues you’d have to consider. You would need to establish the most suitable business structure, complete tax registrations and choose among insurances, accounting software systems and even finance options. It can get a bit complicated but as hotel accountants and business consultants, we can assist you and provide tips on preparing for a business plan, cash flow budget and marketing plan. Sky Accountants can also assist with your payroll and superannuation guarantee and WorkCover obligations.
Sky Accountants offer decades of experience, technical tax knowledge and a full understanding of the industry to get your business off to a great start. Build solid foundations and start with the end in mind. It’s important to decide early whether your business should be registered as a sole trader, partnership, company or trust as Australian tax laws are complex and you might need to pay for expensive capital gains taxes if you change your business structure in the future.
Accountant for Hotel
You also need to consider income tax minimisation, maximising asset protection, allowance for the admission of new business investors or partners, legal compliance in the industry, risk profile of the industry, future entitlement to tax discounts and concessions.
You need to choose the best accounting software for your business to avoid one of the biggest causes of business failure in Australia – poor record keeping. To make sound business decisions, you need accurate and updated financial records. If you don’t have the right software, records can waste time, create unnecessary fees and frustration.
Sky Accountants make sure that we go over and beyond as your hotel accountants and business consultants – we recommend the best cloud-based accounting software for your business for your convenience. This will allow you to access your accounts with your accountant and bookkeeper and get valuable support and advice in real time. Simply use a PC, Mac or mobile phone to view your data, which is automatically backed up and updated without you even having to install a thing.
Accountant for Hotel
You need to account for all your start-up expenses such as tools and equipment, software and hardware, consultation fees, marketing and signages and transportation costs. It’s important to identify all costs to determine your cash flow budget and produce a projected profit and loss statement on the first year of business. These can also help with funding, business registrations, legal issues, insurance, branding, etc.
If you are buying a hotel, you will often use your vehicle and it’s important to learn about the different ways you can claim your vehicle expenses. Our finance division can assist with chattel mortgage, CHP or leasing which can potentially save you money. Our team of hotel accountants and hotel consultants can also help you source funds for the purchase of a business, equipment or franchise.
You don’t need to guess your decisions when starting a business because we have the tools and resources to help you get off to a great start. As accountants, we analyse financial models, calculate projections, compare performance against industry benchmarks and competitors based on various price points so you know the best and worst case scenarios of your business profit-wise and what areas you would need to work on.
The accounting industry can be competitive and we know local firms have big firm capabilities as well. Hoteliers often just depend on their brand’s reputation and clients’ referrals to grow the business but we recognise the importance of digital marketing in this day and age. Our team of hotel accountants and hotel consultants have helped hotel owners identify the key profit drivers of their business and walked them through numerous profit improvement strategies and quantify the potential of their business. We make sure you know your numbers and not leave anything unaccounted for.
Sky Accountants provide start-up business advice for people who want to buy a hotel, advice on the purchase or sale of a hotel business, hotel business checklists and templates, assistance in business structure, tax registrations, business plans, cash flow budgets and profit projections, selection and training of accounting software. We also offer bookkeeping services, invoicing, payroll and quotes, financial statement and finance application preparations, tax planning, wealth creation and financial planning strategies, management and benchmarking of KPIs, monitoring of labour costs, survival strategies, insurances and succession.
Accountant for Hotel
Need a bit of assistance with your hospitality business? Contact a Sky Accountants representative today and learn more about our fixed fees. You won’t regret it.
Some of our clients include Buckley’s Entertainment Center, Ballarat Leagues Club, Daylesford Hotel, Bacchus Marsh Golf Club, Campbell Point House, Midlands Ballarat, The Urban Newtown, Maryborough Midland Society, Brink Drinks, Dontek, UV Wraps and many more.
Aside from hotel business consultation, we also offer hotel accounting, hotel bookkeeping, back office, SMSF and POS services designed to help you achieve greater financial success.
You can click here to speak to a business, accounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.
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