Contributing a significant figure to the economy each year, as well as providing employment for around half-a-million people, Australia’s hospitality industry is a key economic driver. Unfortunately, owning a hospitality business can result in complex tax reporting requirements. The success of the hospitality industry is heavily dependent on factors which are outside its control.
Hospitality accountancy and bookkeeping
Our team of hospitality consultants, accountants, agents and industry professionals are on hand to cover every aspect of your accounting requirements. We know that, particularly in the early days, many hotel and club owners simply don’t have the time to make sure appropriate systems are in place. This inevitably means that ensuring adequate data is available to inform the annual tax return is a challenge. We can work with bars, hostels, restaurants and similar to make sure suitable systems are in place, as well as use the information to collate comprehensive, accurate returns for ATO.
In addition to supplying ATO with a correctly completed tax return, we can also assist with:
- sorting out tax anomalies, as well as preparing your records for ATO audit, if required.
- registration for GST, if necessary, as well as preparing and submitting suitable business activity statements for ATO.
- go through your expenses, asset inventory and other financial information to ensure that you’re claiming as many deductible expenses as possible.
Our aim is always to reduce the amount of tax you pay, both in the short-term and year-by-year. We believe in cultivating long-term relationships, enabling our clients to enjoy year-on-year tax savings. Contact us to find out more.
Planning ahead for restaurants, pubs, clubs, hotels and similar
Wise financial planning doesn’t just help enterprises to remain resilient when the going gets tough, it also enables a business to begin building assets and capitalising on its investments. We aim to provide the information needed to enable a hotel or other hospitality enterprise to clear its debts faster, manage financing more effectively and create future wealth that can help achieve long-term financial goals.
We work with each business on an individual basis, listening carefully to our clients’ unique aspirations. This gives us a good insight into their aims, allowing us to suggest options that stand the best chance of providing the outcomes they’re looking for.
For many restaurant owners, bar managers and similar, running their enterprise is a full-time occupation which leaves little time for financial planning, accounting or paperwork. This is where we can step in, offering straight-forward solutions that free you up to do what you do best, at the same time as helping your business to stay on a good financial footing.
In addition to accounting and bookkeeping, we can also assist with:
- selecting appropriate borrowing options.
- property acquisition and investment choices.
- managing an investment portfolio.
- restructuring existing borrowing.
- restructuring, selling or merging an existing business.
- winding down a business.
Effective business management for the hospitality sector
No matter what barriers you’re facing currently, or how challenging your current circumstances may be, our team can advise on proven business management strategies to help you get out of trouble. We provide solutions that provide immediate answers, as well as advise on changes you could make to position your business advantageously for the future.
We know that hiring and retaining staff is a big issue in the sector – our team can advise on everything from tax-efficient hiring mechanisms through to optimising tax deductions and streamlining your payroll processes.
Almost inevitably, many businesses can face unexpected challenges or events, which require a change of plan. These may be positives (for example an unexpectedly successful year) or set backs (illness, an economic downturn or a successful competitor opening up nearby). We give businesses the information they need to make the decisions that are going to be best for them – in some cases this may mean selling the enterprise, or even winding it down. Whatever your decision might be, our team is here to support you in obtaining the most favourable outcome possible in the circumstances.
Give us a call to discuss your situation in more detail, or to find out more about how we can provide your hospitality venture with the financial expertise needed for a successful, sustainable future.