It has been a tough few years for the pub industry. First came the smoking ban, meanwhile rising beer duty, high business rates and Brexit have all made running a profitable pub business pretty tough going.
These factors have all coincided with a change in consumer behaviour. A traditional pub is not always what the younger generation want, supermarket prices encourage people to save money by drinking at home and there is more focus on healthy living (and therefore drinking less).
Filing your VAT returns and processing invoices
But out of adversity, comes opportunity. With the number of pub closures seeming to slow down, those that survive can flourish, if they can get it right.
So, with that backdrop, the last thing you want, as a pub operator, is to be worrying about processing invoices, filing VAT returns and working out profit margins? You need to be focussed on getting people through the door, delivering a quality product and getting them back again so that they tell their friends and family about the great pub they’ve found.
But it’s at times like these that you need to have the right financial information in front of you. If cashflow is tight, you need to know who you owe and when they need payment, so you can plan accordingly. You need to know what impact that “Happy Hour” had on your profit margins to see if it is worth repeating. You need to be able to spot trends in sales and costs so that you can act accordingly.
And that is where Hayhursts come in with our pub and landlord accounting services.
Stress-free business finances
We take all the stress of running the business finances away from you, so that you can spend time doing what you do best, running a great pub.
Give us the pile of invoices to process. Let us deal with suppliers and work out who needs paying and when. Let us make sure that HMRC have got the VAT and payroll submissions they need.
And at the end of all of that, we will deliver to you, when you want it, a reliable set of accounts that show the financial performance of the business. But we don’t leave it at that. We can talk you through the accounts so you are aware of what is going well and what needs to be looked at. We can offer comparison to industry performance so you can benchmark your business with similar pubs. We can help you to plan ahead.
Bespoke accounting for you
What’s more, all of the above is totally bespoke to suit you and your business needs. Just want us to do payroll? Fine. Want your accounts presented in a certain way that you like and are used to? No problem. We are here to work with you and deliver the services that you want, in the way you want it.
So, please give us a call. We would be happy to talk to you about your pub and how we can help.