Hospitality accountants

Accounting for your Hospitality business

The hospitality sector has new challenges arising everyday. With the industry constantly changing, businesses need their hospitality accountants to match the faced-paced nature to stay ahead.

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hospitality accountants

Services

What We Do

  • Accounts Preparation
  • Bookkeeping
  • VAT
  • Management Accounts
  • Payroll
  • Construction Industry Scheme
  • Cloud Accounting Advisory
  • Forecasting
  • Business Advisory
  • Tax Advisory & Tax Investigations
  • R&D and other Tax Reliefs
  • Business Growth & Finance Raising
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hospitality accounting

Consistency and confidence
as Hospitality Accountants

Pulse are forward-thinking hospitality accountants, leveraging innovative tech and strategic insights to provide the best experience for our hospitality clients. From pub chains and catering businesses to small, independent cafes, our advice and financial support can help you thrive.

Streamlining your finances with Pulse Accountants can make all the difference in succeeding in this competitive market. 

Expert Accountants

Our aim is to offer our clients a fresh approach to managing their finances. With 132 years of combined accounting experience, we can guarantee expert guidance tailored to your needs.

Personal Relationships

We don’t believe in a ‘one-size fits all’ approach. Instead, we aim to cultivate meaningful connections that enable us to provide tailored solutions that actually make a difference.

Competitve Prices

At Pulse, we offer competitive prices for high-quality services. Our pricing structure is designed to be transparent and straightforward, ensuring there are no unexpected or hidden costs.

Accounting for hospitality businesses

Our top hospitality accounting services include:

Accounting

Our accounting service for the hospitality sector delivers reliable solutions to streamline your financial processes. From managing daily takings to preparing accurate financial statements, we help hospitality businesses stay compliant and maintain financial clarity.

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Tax Advisory

Hospitality businesses face unique tax challenges, and our expert tax advisory services provide tailored guidance to help you minimise liabilities and maximise savings. From VAT strategies to tax planning for seasonal operations, we ensure your tax planning is hospitality-specific and efficient.

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Payroll

Pulse Accountants provides efficient payroll solutions tailored to the needs of the hospitality sector, including managing variable working hours, seasonal staff, and tax compliance. Our experts ensure your team is paid accurately and on time, so you can focus on delivering exceptional service.

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Business Advisory

Our business advisory service for the hospitality sector is designed to enhance growth and profitability. From improving cash flow to strategic planning, we offer tailored advice to help you optimise operations, manage finances, and seize new opportunities in a competitive industry.

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VAT

Navigating VAT in the hospitality sector can be complex, particularly with reduced rates and exemptions. Our expert team simplifies the process, ensuring compliance while helping you optimise VAT recovery and streamline reporting to secure your business’s financial health.

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Tax Relief

Pulse Accountants can help hospitality businesses identify eligibility for tax reliefs, including capital allowances for fixtures and fittings, R&D tax credits, and more. We’ll guide you through the process, ensuring you benefit from all available savings and reduce costs effectively.

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Credit Control

Effective credit control is critical for hospitality businesses to maintain cash flow and reduce late payments. Our customised solutions help you track receivables, manage credit terms, and improve customer and supplier relationships, ensuring your finances stay on track.

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Management Accounts

Hospitality businesses benefit from our tailored management accounts, offering insights into cash flow, profitability, and performance metrics such as occupancy rates or average spend. Our detailed reports help you track trends, compare budgets, and make data-driven decisions to thrive.

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Bookkeeping

Outsource your bookkeeping to Pulse Accountants and let us handle your hospitality-specific needs, from tracking daily transactions to reconciling accounts. Using modern technology, we ensure accuracy and efficiency, so you can focus on delighting your customers.

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Tax Investigations

Our tax investigation insurance provides peace of mind for your hospitality business in the event of an HMRC enquiry. This service covers the professional fees involved in responding to investigations, whether routine or complex. It ensures that you’re supported throughout the process, helping to minimise disruption and manage the situation with confidence.

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Salary Sacrifice

Our salary sacrifice service for hospitality businesses helps implement tax-efficient employee benefits schemes. By exchanging part of an employee’s salary for non-cash benefits, both employers and staff can reduce National Insurance costs. We ensure each scheme is fully compliant and aligned with your hospitality business goals.

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25%

It is estimated that at least 25% of all businesses have overpaid on their taxes

17%

Over 17% of the businesses overpaying on tax also missed a tax deadline

82%

Around 82% of small businesses fail due to poor cash flow management

matt at his desk 2

Why Choose Pulse Accountants?

“Our mission is to revolutionise the way businesses manage their finances. We want to become a trusted partner to our clients by building relationships and helping their business thrive.

We want to share Pulse and create connections with businesses and potential clients alike. We are here to help you keep your finger on the Pulse of your accounts.”


Matthew McConnell
Founder and CEO
Pulse Accountants
About Us

Customers reviews

We’ve been using Pulse for our accounting services for several years now, and have just always had exceptional service. The onboarding was seamless, and their support has been invaluable and the team are always on hand for any questions. They have genuinely taken a lot of stress away from our team and truly simplified our end-to-end accounting needs.

Laura Davis, Finance Manager
Growth Capital Ventures

I can fully recommend Pulse Accountants for their outstanding accounting services. What truly sets them apart is how they have demonstrated a deep understanding of our business needs from the onset and tailored their approach to suit our requirements as a training business with funding contracts. Their expertise in tax planning saved us a significant amount of money, and their clear, timely financial reporting has empowered us to make informed decisions confidently.

Ian Nelson, Co-Founder
NC Group Ltd

The team have supported the expansion of my property portfolio providing high class advice which has driven my company to become a success. Pulse Accountants have taken our new company Synergy Wind Management to the next level, designing a bespoke management and payroll system. The high level service, professionalism and personal touch Pulse Accountants push to achieve year on year is truly outstanding. I'd certainly recommended Pulse Accountants based on my experience. This is one supplier where you won't feel like your simply just a number.

Jonathan Chung
Synergy Wind Management Ltd

Pulse have provided an excellent service level on each engagement and discipline, be it accountancy, finance or business advice. The personalised / bespoke support that Pulse has provided throughout our partnership has been a significant differentiator to set them apart from the norm. Response times are very good. As a small business owner, this level of coverage and support is essential to allow me to focus on the core business, knowing that Pulse have my back. The overall experience of being a customer with Pulse has been excellent. The specific feature worthy of recognition has been the account management role.

Derry O'Kelly, Director
MEP BID Management Limited

1. What is hospitality accounting, and why is it different from general accounting?

Hospitality accounting focuses on the unique financial needs of businesses in the hospitality sector, such as hotels, restaurants, pubs, and catering services. Unlike general accounting, hospitality accounting must account for fluctuating revenue, seasonal variations, and high overhead costs. Key aspects include managing cash flow, tracking daily sales, and dealing with multiple revenue streams, such as room bookings, food and beverage sales, and event hosting.

Additionally, hospitality businesses often handle high volumes of transactions and require precise financial tracking to ensure profitability. Specialised hospitality accountants understand industry-specific tax regulations, VAT complexities, and business rates. Effective accounting for hospitality businesses helps streamline financial reporting, ensures compliance, and optimises financial performance. By partnering with experienced hospitality accountants, businesses can improve their financial health and achieve long-term sustainability.

 

2. How can hospitality accountants help with VAT compliance?

VAT in the hospitality industry can be complex due to different VAT rates applying to food, drink, accommodation, and service charges. Hospitality accountants ensure compliance by correctly categorising revenue streams and applying the appropriate VAT rates.

They also help businesses understand VAT schemes, such as the Flat Rate Scheme, which can simplify VAT reporting for smaller businesses. Accountants monitor VAT thresholds, prepare accurate VAT returns, and identify potential savings by reclaiming input VAT where possible. Furthermore, they ensure businesses comply with Making Tax Digital (MTD) requirements, reducing errors and penalties.

Proper VAT management is essential to avoid overpayment or underpayment, which could lead to fines. With professional accounting for hospitality businesses, VAT compliance becomes more manageable, allowing owners to focus on delivering exceptional service while avoiding financial pitfalls.

 

3. What financial reports are essential for hospitality businesses?

Accurate financial reporting is crucial for hospitality businesses to track performance and profitability. Essential financial reports include:

  • Profit and Loss Statement (P&L): Provides a snapshot of revenue, expenses, and overall profitability.

  • Balance Sheet: Shows assets, liabilities, and equity, indicating the financial health of the business.

  • Cash Flow Statement: Tracks inflows and outflows of cash to ensure financial stability.

  • Revenue Reports: Break down sales from different streams, such as food, drink, and accommodation.

  • Labour Cost Reports: Help monitor staffing expenses relative to revenue.

  • Inventory Reports: Ensure stock control and minimise wastage.

Hospitality accountants generate these reports regularly to help business owners make informed decisions. They also interpret data to identify trends, cost-saving opportunities, and areas needing improvement. By leveraging detailed financial reports, businesses can enhance profitability and maintain a competitive edge.

 

4. How can accounting for hospitality businesses improve cash flow management?

Effective cash flow management is vital for hospitality businesses due to fluctuating income and high operational costs. Hospitality accountants help by forecasting cash flow, identifying peak and low seasons, and ensuring sufficient liquidity for payroll, rent, and supplier payments.

They also implement strategies such as monitoring accounts receivable, managing supplier payment terms, and optimising stock levels to prevent over-purchasing. By analysing spending patterns, accountants can identify unnecessary expenses and recommend cost-saving measures.

Additionally, they assist with budgeting and financial planning, helping businesses set realistic financial goals. Proper cash flow management prevents liquidity issues, ensuring the business remains financially stable even during off-peak periods. By working with specialist hospitality accountants, businesses can maintain a healthy cash flow and avoid financial distress.

 

5. What are the key tax considerations for hospitality businesses?

Tax obligations in the hospitality industry can be complex, covering Corporation Tax, VAT, PAYE, and business rates. Hospitality accountants ensure businesses comply with tax regulations while identifying legitimate ways to reduce tax liabilities.

Key considerations include:

  • VAT compliance and reclaiming eligible expenses.

  • Capital allowances on equipment and property.

  • Payroll tax compliance, including National Insurance contributions.

  • Business rate relief opportunities.

  • Corporation Tax planning to maximise deductions and reliefs.

By staying updated with tax legislation, accountants help hospitality businesses avoid penalties and optimise their tax position. Their expertise ensures accurate and timely tax filings, allowing businesses to focus on growth while staying compliant.

 

6. How can hospitality accountants help with payroll and staff costs?

Managing payroll in the hospitality industry can be complex due to shift work, overtime, and staff turnover. Hospitality accountants streamline payroll processing, ensuring employees are paid accurately and on time.

They handle PAYE, National Insurance contributions, and pension schemes, ensuring compliance with employment laws. Accountants also advise on tax-efficient payroll structures, such as salary sacrifice schemes, to optimise staff costs.

Additionally, they provide labour cost reports, helping businesses analyse wage expenses relative to revenue. This allows for better scheduling, cost control, and financial planning. By outsourcing payroll to specialist hospitality accountants, businesses reduce administrative burdens and minimise compliance risks.

 

7. How do accountants assist hospitality businesses in securing funding?

Securing funding for a hospitality business requires a solid financial foundation. Hospitality accountants assist by preparing detailed financial statements, cash flow forecasts, and business plans to present to lenders and investors.

They help identify the most suitable funding options, such as business loans, government grants, or investment opportunities. Accountants also ensure businesses meet eligibility criteria for financial support schemes and negotiate favourable loan terms.

With a well-structured financial approach, hospitality businesses improve their chances of securing the necessary funding for expansion, renovations, or operational stability.

 

8. Are there risks of poor accounting in hospitality businesses?

Yes, poor accounting can have serious consequences for hospitality businesses, including:

  • Cash flow shortages leading to operational difficulties.

  • VAT and tax compliance issues resulting in fines or legal action.

  • Inaccurate financial reporting, making it difficult to track performance.

  • Payroll errors leading to employee dissatisfaction and penalties.

  • Difficulty securing funding due to weak financial records.

Neglecting accounting can undermine profitability and long-term viability. Investing in professional hospitality accountants mitigates these risks.

 

9. How can accountants help avoid these risks?

Hospitality accountants implement robust financial management strategies, including:

  • Accurate bookkeeping and real-time financial tracking.

  • Ensuring compliance with VAT, tax, and payroll regulations.

  • Implementing cost-control measures to enhance profitability.

  • Providing financial forecasting to improve decision-making.

  • Assisting with audits and financial reviews to maintain transparency.

With professional accounting for hospitality businesses, owners gain peace of mind, allowing them to focus on delivering excellent service.

 

10. Why choose Pulse Accountants for hospitality accounting?

Pulse Accountants specialise in accounting for hospitality businesses, offering tailored financial solutions to maximise profitability and ensure compliance.

Our services include:

  • Expert VAT and tax planning.

  • Efficient payroll management.

  • Cash flow optimisation and financial forecasting.

  • Industry-specific advice tailored to hotels, restaurants, and bars.

With years of experience in hospitality accounting, Pulse Accountants provide personalised support, helping businesses thrive in a competitive industry.

Frequently Asked Questions

  • We provide a comprehensive range of services tailored specifically for hospitality businesses, including bookkeeping, payroll management, tax preparation, financial analysis, and budgeting.
  • Pulse can help streamline your financial operations, improve accuracy in reporting, ensure compliance with tax regulations, and provide valuable insights to optimise your profitability and growth.
  • Yes, we offer expertise in inventory management and cost control strategies tailored to the unique needs of hospitality businesses, helping you minimise waste, optimise purchasing decisions, and maximise profitability.
  • It's our specialty, our team of experts stays up-to-date with the latest tax regulations affecting the hospitality industry. We offer proactive tax planning strategies to minimise your tax liability while ensuring compliance with all relevant laws and regulations.
  • We understand that every hospitality business is unique. Our accounting services are highly flexible and can be customised to meet your specific needs and requirements, whether it's seasonal fluctuations, special reporting requests, or other unique circumstances.
  • We prioritise the security and confidentiality of your financial data through industry-standard encryption protocols, restricted access controls, and strict confidentiality agreements with our staff.

Still got questions?