The dynamic catering industry requires careful attention to detail and Renaissance Accountants understands the day-to-day challenges you deal with.
We have years of experience in the food and beverage sector and have helped support various renowned restaurants, bars and pubs in London and other parts of the UK. We specialise in the financial day-to-day management of catering businesses as well as year end accounts, payroll and VAT services. We deal with a range of catering businesses such as:
- Bars and pubs
- Catering services
- Market traders
We can also help you with challenges such as setting up tills and EPOS systems as well as producing standard financial reports, departmental sales analysis, profit and loss analysis and daily cash flow forecasting. To help the running of your business, we can help with handling tips, the Tronc system, staff pension schemes and payroll services to ensure compliance with RTI rules.
While you provide the fantastic food and great service, we can support you onsite as well as offsite with the right financial controls to make your business a profitable success.
Services we can offer you include:
- Handling tips, service charges and tronc systems
- Daily, monthly and annual accounting
- Profit and loss analysis
- F&B audits
- EPO set up
- VAT returns
- Stock control
- Food and beverage audits
- Handling service charges
- Recipe costing
- Payroll services
- Strategic advice and business plans
- Dealing with HM Revenue & Customs queries
If you are looking to start up a restaurant business, we can assist you with the implementation of systems and structure to give your business the best possible start. We can offer you:
- Start-up advice
- Guidance on raising finance
- Financial reporting systems
- Business plan help
- Business structure planning
What is the ‘Tronc scheme’?
The Tronc scheme is used by hospitality and leisure businesses to distribute any gratuities and tips given to employees from customers. The use of ‘troncs’ enables employees to take home more money as they can avoid paying contributions and taxes (particularly National Insurance Contributions). It is advised that specialist advice is sought when dealing with tronc schemes as the rules are often complicated and constantly changing. Businesses and employees alike require safeguarding against the demands of HMRC to avoid large tax bills and lengthy Employment Tribunals. We can offer you advice to make sure that you are legally compliant and up-to-date on the latest information.
If you have any questions about the services or information that we offer, please contact us here and book a free consultation meeting with our experts.