About Hospitality Accounting Solutions
Founded by Patrick McKeown in 2002, Hospitality Accounting Solutions are specialist chartered accountants providing dedicated accountancy services to the hospitality sector throughout the UK and Ireland. Based in Northern Ireland we provide support to restaurants, bars, and hotels.
Patrick has over 20 years of experience working in hospitality, starting out as a chef before going into management, working in restaurants, hotels, private clubs and large scale sports facilities in Europe and America. This industry knowledge allows Hospitality Accounting Solutions to better understand the unique issues facing operators in the hospitality sector and provide dedicated, industry specific support.
It would be our view that the most critical issue for businesses in this sector is cash flow management and the control of costs, as your business can be profitable but run out of cash. With a monthly full package service, Hospitality Accounting Solutions will provide you with month-end management accounts, which will let you see how your business is performing, highlighting issues that could put your business at risk and helping you stay on top of your business.
If you are thinking of starting a business Hospitality Accounting Solutions will help you develop a fully costed business plan, which will see you in the right business for the right reasons, which will give you a better chance for success.
Being in business is not a hobby and opening a restaurant because you like to cook could prove to be a very costly mistake. Businesses are about making and retaining profit, so that you can pay your suppliers, staff and taxes and then have something left for you the owner.
There will be times when you will have to put money into your business, maybe to get it started or see it through difficult trading conditions, therefore you need to have money retained to do this, the more you have at your disposal the better your chances of survival.
Here To Help Your Hospitality Business Grow
Why Use Hospitality Sector Specific Accountants?
The hospitality industry is a unique business sector with its own set of pressures, that unless understood and accounted for, will see the business run out of money very quickly.
The perishability of raw materials, unpredictable sales volume, a highly fickle and demanding customer base, a highly competitive business environment, a constant supply of new competition coming into the market and then social media allowing customer feedback to be global in minutes.
The need to have highly skilled staff, comes at a high cost and managing these staff can be a major challenge, particularly with regards to cost control, while at the same time getting them to be creative and attracting new customers.
At Hospitality Accounting Solutions, we understand the hospitality industry and its control issues. We will give you “hands on” support on setting menu prices, stock control systems and cash flow management. We will help you set relevant performance indicators and then provide ongoing real time support to enable you to manage your hospitality business to success.
The hospitality sector is a highly competitive market, which requires you, the operator, to be monitoring product quality, customer satisfaction, and staff training. With expert accounting services from Hospitality Accounting Solutions, you can be rest assured that the financial side of your business will be managed and maintained by professional and reliable chartered accountants. This leaves you to focus on what you do best; running your business.
We are a hands-on accounting service and provide you with a face-to-face monthly consultation. We offer all our first-time customers a free consultation and a business health check.
We also provide you with cloud based accounting support using software provided by Xero and Exact. This ensures that you have access to all your financial information all the time and using your phone or tablet you can monitor your business from anywhere in the world 24 hrs per day.
You must choose the right business for you, one that suits your budget and abilities, impartial professional advice is better than your friends who don’t want to destroy your dream by telling you the truth.
If your business will be your main source of income, then you need to ensure that your personal financial needs can realistically be met by the business. We will build forecasts into your business plan that will give you the potential income you could expect.