Bookkeeping company, Sky Accountants, give a few points on how you can design your club, pub or hospitality business to be profitable this year.
Fair Work is becoming more proactive and operators are urged to right any informal wage arrangements they might have. Some of the agency’s priorities for the next financial year are fast-food restaurants and cafes. Fair Work will use compliance notices when investigating employer underpayments and where an employer hasn’t agreed to rectify a breach. Penalties could reach up to $31,500 for companies and $6,300 for individuals. The bar could be higher for high-profile businesses that report non-compliance to the FWO but those who don’t come forward will suffer far more significant consequences.
Managers should now inform staff of their right to casual conversion after a year of service. Many chefs put up with unpaid overtime or leave their jobs disgruntled, making it a problem in the industry. While hospitality wages are higher in Australia than other countries, the cost of living here is high as well. It is time for operators to avoid underpayments and “wage theft.”
It is also prudent to make sure you have instant access to wages, purchasing and sales data through online bookkeeping, payroll, roster, ordering and POS systems. Do not avoid the numbers; watch and control them by feeding them to your accounting system and consulting your accountant and bookkeeping company. Ensure efficiency by determining which processes can be completed more quickly. Simplify rostering and food and wage costs – talk to a hospitality business consultant and design your business to be profitable.
Make sure your business model operates legitimately. Find the right concept that takes up less space, encourages higher staff productivity and diversified sales channels. Delivery is in demand and it provides extra sales. Explore food delivery apps and couriers or install a dedicated window for takeaway orders. It is also a good idea to launch a consistent marketing campaign. Be active on social media and make sure your Instagram and Facebook accounts have lively updates every week.
As you look for different ways to grow and improve your business, seeking professional advice from a bookkeeping company could prove to be an important and helpful decision.
You can click here to speak to business experts. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level. Our goal is to help you grow your business, find ways to invest more and increase your productivity.