Running a venue, no matter how big or small, is hard. The hospitality industry is a competitive landscape with high overheads and fluctuating revenue. At BG Private, we specialise in accounting for bars, restaurants, and cafés, offering tailored solutions that address the unique financial challenges. Our dedicated team of experts combines industry knowledge with comprehensive accounting, bookkeeping and tax services to help your business thrive.
Who we help
These are just some of the hospitality sector client types we help:
- Restaurant, café, pub and bar owners
- Club owners and operators
- Hotel chains and developers
We know some of the challenges you face
Over the years, we’ve worked with countless hospitality clients, so we are familiar with many of the challenges you face, such as:
- Seasonal fluctuations in revenue
- Purchasing, receiving, and storing of goods
- Covering rent and lease costs as well as numerous other expenses
- Lack of oversight over operating costs
- Cashflow pressures
- Tight margins
- Increasing regulations
- Financing issues
- Questions around pricing strategy
- Staff management relating to fair work rules or even foreign staff and visa issues
- Staying on top of bookkeeping, payroll and accounting, and other paperwork
- Needing assistance with strategic planning
What we can do for you
At BG Private, we offer a range of specialised accounting services for restaurants, cafes and bars that address these challenges and more. Here’s how we can help:
Insights to help you making better business decisions
We provide comprehensive financial analysis, including financial models and forecasts, to help you understand your business performance and make informed decisions and prepare for the future.
Budgeting
The hospitality industry often experiences fluctuations in revenue due to seasonality. Our accounting services for restaurants, cafes and bars help you prepare for these peaks and troughs, ensuring your business remains financially stable year-round.
Tax compliance and advice
We ensure you meet all tax obligations while minimising your liabilities through strategic tax planning. Our knowledgeable team stays abreast of changes in tax laws relevant to the hospitality industry, helping you avoid costly mistakes.
Bookkeeping and payroll services
Accurate bookkeeping is essential for any hospitality business. We handle your daily financial transactions, ensuring you have up-to-date records that reflect your business’s financial health. Our payroll services also help streamline your payroll processes while ensuring your staff are paid correctly and on time.
Our services
Strategy
- Business structure advice, including set up
- Strategic planning for growth and scale
- Advice relating to franchise agreements, mergers and acquisitions, business sale, or the addition of new partners/investors
Analysis
- Management accounting, including provision of relevant data, insights and forecasting; business performance benchmarking; tracking and managing income, expenses, assets and liabilities; breakeven analysis; working capital management and forecasting so cashflow fluctuations can be tracked accurately; budgeting advice including investigating where costs may be reduced
- Creating understanding around your revenue and profit drivers
- Pricing reviews and scenario modelling
- Accounting software selection, migration and implementation
- Advice around analysing and optimising labour costs
- Advice on how all of this data and information can help you make more informed decisions and maintain financial stability
- Risk management (including asset protection) advice to ensure your business stays on track
- Supporting you with staffing matters (including analysing and optimising labour costs)
- Systems to track inventory that allow you to take control of your inventory ensuring you have what you need when you need it, don’t waste perishable items
- Our Property Advisory division can help you with site selection, leasing and more
Tax planning, compliance and reporting
- Accounting services including managing your statutory reporting and ATO obligations, and ensuring your financial records are accurate and up to date
- Strategic tax planning to minimise liabilities while ensuring compliance with the relevant laws and regulations
- Tax efficiency guidance relating to the purchase of supplies, fixtures, equipment
- Bookkeeping services including BAS, GST, payroll and tax returns
- Tax advice on more complicated matters and transactions
We believe the best minds in our business are the best minds for your business
Positive outcomes you can expect
Increased profitability resulting from identifying areas for cost reduction and revenue growth, ultimately boosting your bottom line
Pricing strategies that reflect market conditions while ensuring profitability
A more efficient and successful business with greater insight into what’s coming down the track
0A reliable, responsive, and trusted sounding board you can turn to with questions and ideas
Access to our knowledge of industry best practices to give you an edge
Paying only what you must in tax and avoiding costly mistakes that can result in fines
Confidence that your business is following the relevant rules and regulations
Guidance in handling revenue peaks and troughs to ensure you maintain financial stability
Introductions to our other clients when we think you might benefit from connecting with each other
FAQs
Setting an accounting cycle for restaurants is crucial for accurate financial management. It helps track income, expenses, and cash flow consistently, ensuring timely financial reports, tax compliance, and better decision-making. A structured cycle also helps identify trends, control costs, and maintain profitability in a fast-paced industry.
Regular reconciliation in restaurant accounting prevents complications by ensuring that financial records match bank statements, identifying discrepancies early, and reducing errors. This process helps avoid cash flow issues, supports accurate reporting, and ensures compliance with tax regulations, leading to smoother operations and better financial control.
A monthly performance report provides restaurants with insights into sales trends, revenue, food and labour costs, inventory, profitability and customer preferences. This helps identify opportunities for improvement whether it’s profitable menu items or areas for cost control.
How can we help?
Ready to take your hospitality business to the next level? BG Private is here to support you with expert accounting services for bars, restaurants, and cafés in Melbourne. Contact us today to schedule a consultation and discover how we can help you.
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