Hospitality Industry Operations Checklist
There are many accounting and operational issues in the hospitality industry; and the right accountant can make a significant difference to your bottom line. We have been serving the hospitality industry for over 25 years and we know how to implement the essentials to get results.
Business expansion, monthly food costs as a percentage of sales, portion costs/control, increases in overhead expenses, staff turnover, taxation (tax write-offs), sanitation, fire department, and licensing authorities.
Use this simple formula to quickly and accurately calculate your actual monthly food cost as a percentage of your monthly sales:
(Beg mth inv. + monthly purchases - end of mth inv.)/mthly sales = % food cost
- Food cost should be less than 30% of sales
- Beverage cost should be less than 20% of sales
- Do you need help classifying purchases and sales and matching deposits, credits and discounts against banks' and merchants' statements? We are experts at reconciling business transactions and resolving emerging financial issues that are akin to your industry.
- Do you need help with business and personal taxes, overhead expense analysis, financial reports, transactions audits for errors, duplicate payments, embezzlement, and fraud? We solve those issues every day. We are experts at solving tax issues.
- Do you need to revamp your menu? We have the best chefs and bakers in our network. We can work with you to help you purchase Just-In-Time inventory from reliable suppliers. We will notify suppliers of shortages and damages immediately, ensure that recurring suppliers' bills are paid on time, and we will constantly reevaluate all suppliers.
- Do you have problems with your liquor license? We have experts (former officials) who can help you with that. People do like to treat themselves special and their choice of beverage(s) does make a statement. Catering for special occasions and serving an inventory of fine wines and beverages will make you competitive, boost your profits, and help you meet future increases in operating costs. A recent Nielsen study has shown that liquor store sales of celebrity-driven spirits and ultra-premium wines were up 21% over last year.
- Do you need to improve your sales? We have experts in our network who can help you with that. Word-of-mouth advertising by satisfied customers is important, but word-of-mouth alone cannot build a profitable business in this competitive environment. A continuous marketing program that is coupled with the right marketing mix is essential to help you establish your identity and create customer retention. Managing successfully during the busy days and peak seasons will prepare you for survival during the slow periods.
- Do you need help structuring/negotiating your restaurant lease? We are experts at getting around escalator and escape clauses, base rent vs. a percentage of sales, and what to exclude from sales, leasehold improvements, etc.
- Do you need insurance coverage for your restaurant? We are insurance brokers.
- Do you need assistance with NYC inspection? We have an expert (former official) who can help you with that. Health officials do close restaurants and bakeries that pose a health risk and keep open those that are willing to fix the problems and improve cleanliness.
Industry Course Work
- Business legal structure (Corporation, LLC, Partnership)
- Trends Forecasting & Strategic Planning
- Marketing & Operations Management
- Revenue (Lodging, Dining, Catering, Gambling, & retail merchandise)
- Inventory management & Expense Analysis
- Insurance, Risk management & Business Valuation
- Accounting, Financial & Tax reporting requirements
- Controlling Food Costs
- Hotel with restaurants
- Hotel with restaurants & casinos
- Franchising, Merger & Acquisition
- Casino talent buying and event production
- Small gamblers, High Rollers & Whales
- Entertainment Taxation (Music, Fashion, Sports, Culinary & Casino)
- Business, Contracts & Entertainment Laws