How to Find an Accountant That's Right for Your Restaurant's Success?

Posted by Amit Gupta on January 17th, 2020

Whether you’re starting a brand-new brasserie or preparing your taxes for the next year, hiring restaurant accountants in London is always a good idea. Even if you’re a finance-savvy restaurateur, you can benefit from having an accountant handle the time-consuming work of managing your business’ finances, especially if you are already juggling a lot of responsibilities on a daily basis.

So how do you hire the right fit for your restaurant? How do you find an accountant who can truly help you set your business up for success? Be sure to choose someone who offers the following services:

1. General accounting

Proper record-keeping is the lifeblood of any business—including a restaurant. A good restaurant accountant in London can manage day-to-day bookkeeping and recording, as well as keep track of the budget while streamlining your accounting process. They also help you visualise the ‘bigger picture’ and plan for the long term.

2. Business advising

Like many restaurateurs, you might have a solid background in the food industry but don’t have enough experience in finance. Hiring an accountant for your London restaurant is a great way to bring in a new perspective. Choose someone with years of experience—someone who can suggest viable strategies to grow your business. The bestrestaurant accountants in London can assist you in planning your financial goals, offer insurance advice, help you calculate/change your menu prices, find opportunities to trim costs, and even show you paths to expansion.

3. Tax advice and auditing

Choose an accountant that can plan out your taxes throughout the year to ensure that you remain compliant with tax laws. By taking this proactive approach, you don’t have to panic when tax season arrives. Should your restaurant be audited (for taxes or for a bank loan, for example) your restaurant accountant can assure the auditor that your financial documents are accurate.

Aside from looking for an accountant that can provide all these services, you also want somebody who has worked with many other restaurants before. Experience is everything. The best restaurant accountants in London understand the unique challenges of the food and beverage industry. They have a solid background in the specific tax regulations governing restaurants.

It’s also a good idea to hire someone local—a firm with an office in London. This will make in-person meetings so much easier and give you peace of mind that your accountants are nearby should you need them.

About the Author:

Amit Gupta, Director, Allenby Accountants.

Allenby Accountants is an independent accounting firm, located in Uxbridge, West London. We are accountants, business advisers, offering financial services and helping you to achieve your business ambitions. Our offered range of services include accounting, bookkeeping, tax management, VAT management, tax planning, Inheritance tax, capital gains tax issues, succession planning, etc. We specialise in offering services to sectors like medical & healthcare, retail industry, professional services, property & construction industry, charity and not-for-profit organisations and more.