Below is an overview of some of the best accounting tools we recommend for hospitality businesses.
One of the best accounting software which any business can benefit from using is undoubtedly the Xero accounting software.
This software helps automate and manage various administrational tasks, saving you ample time to focus on growing your business.
Xero creates customised recurring online bills for all of your regular suppliers and automatically tracks inventory and stock. Tracking also creates multiple P&L’s to track the sales, overheads and profitability across multiple sites whilst you can also set up a budget for each tracking category. The most useful feature of this software by far is its ability to connect to other integral hospitality applications including EPOS and CRM.
With over 300 clients using Xero, we are a Xero Platinum Partner – the very highest status level for Xero knowledge and expertise.
As a leading Xero Certified Partner, we offer Xero training in London and throughout the UK.
Our Xero training is aimed at Business Owners, CFOs, Finance Directors, Bookkeepers and finance teams. It’s designed to help you make the switch to Xero by transferring data from spreadsheets or Sage to Xero with minimal disruption, get the most out of Xero, take advantage of add-ons and to reduce any unnecessary financial admin.
With over 600 different apps in the Xero App Marketplace, there is a solution for most business functions in addition to specialist apps for specific sectors and industries. Our team of Xero specialists can advise and assist with your migration to Xero, selection, implementation and integration.
Every hospitality business should subscribe to Pleo if they want the management of their company’s expenses to run smoothly and without hassle. Pleo offers smart company cards for your employees to do any work-related spending with. It’s a modern initiative that both empowers your employees and saves them from the out-dated practice of dealing with expense reports, holding onto work receipts and awaiting reimbursements. Your financial team will be able to review your employees’ spending immediately, or when the time suits them best.
Investing in an efficient Electronic Point of Sale (EPOS) is essential for a flourishing hospitality business. A good EPOS will benefit your company in the long-run and provide ease to your accounting team. Unlike traditional till systems which simply record sales, an EPOS is designed to also generate accurate and detailed reports regarding the flow of expenses and profit. This feature will allow you to be entirely aware of where money is being both spent and earned. This information should encourage hospitality business owners to make changes where necessary, for example discontinuing a certain product which isn’t generating adequate profit.
Below is a list of some of the best EPOS systems for the hospitality sector.
Designed specifically for businesses in the hospitality sector, Market Man is designed to elevate the operation of workflow in your restaurant, bar or hotel. It’s intended to provide easier management of restaurant inventory by the use of a cloud-based inventory which provides various features for user ease. With Market Man, businesses can track the cost of goods sold, examine purchase history, manage budgets and have a better overall understanding of the business’s data whilst identifying actionable insights.
Fathom is an accessible and user-friendly financial and management reporting analysis tool that provides business insights like business performance, opportunities for improvement and the monitoring of trends. The tools provided by Fathom empowers hospitality business owners to gain a profound insight into their business’s cash flow, profitability and growth. With all this information provided to you on an accessible interface, Fathom enables business owners from any sector to easily manage their businesses across all divisions, promoting profit, success and growth.
Jeffreys Henry’s specialist restaurant and hospitality accountants supports hospitality entrepreneurs to achieve their business ambitions through award-winning accountancy, tax and advisory services.
We work side-by-side with over 120 Michelin-starred restaurants, fine dining restaurants, themed restaurant groups, hotels, franchises, individual bistros, gastro pubs, bars and pop-ups.
We combine award winning accountancy services with game-changing technology such as Xero, to provide you with real-time financial information so you can capitalise on opportunities, plan better and reach your goals faster. With our knowledge and hands-on approach, we can ensure you have all the information you need to adapt to these drastic changes.
Partner - Restaurant & Hospitality
Manager - Restaurant & Hospitality
