Profit & Loss and Balance Sheet Reviews
As well as our core business of financial and operational audits we have been also asked on occasions to carry out forensic P&L and Balance Sheet reviews on specific hotels.
It is likely that you will already carry out regular business review meetings where variances in P&L results against forecasts and budgets and balance sheet entries can be discussed but you are heavily reliant on what the Financial Controller and General Manager tell you. It is unlikely that you will have the time to actually check what you are being told.
We can visit hotels and review P&L results and balance sheets in detail, checking that nominals are accurate against actual invoices, accruals are acceptable, food and beverage purchases match stocktake results, margins are accurate, revenue recorded in the PMS matches the P&L and that balance sheet entries are reasonable and proportionate.
Management Accounting for Small Businesses
Your accountant and book keeper will provide you with financial accounts. Financial accounting is the reporting of the financial position and performance of a business through financial statements issued to external users. This will include VAT returns, corporation tax calculations and year end accounts. This information is of limited use for controlling your business
Management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.
We understand that small business owners have limited time for managing their accounts. We can help you set up spreadsheets to manage your business on a daily, weekly, monthly and yearly basis. If you are new to the hospitality industry we can explain how to manage and control your business financially so that you are aware of your costs and revenues. This will help you to make informed decision which can only aid your business
