Hospitality Accountant Sydney: You Delight Your Patrons, We Delight You
Quantum House is a hospitality accountant in Sydney for restaurants, cafés, bars and accommodation businesses. Our specialist accountants and advisers help you grow while keeping risk to a minimum. We understand that hospitality faces high employment costs and close compliance scrutiny, so effective cost management is essential for every venue.
Successful hospitality businesses streamline their operations, control purchases and overheads, and manage cash flow carefully. We focus on these success factors with every client. Our support also goes beyond preparing accounts and tax returns, because the decisions that matter most are made during the year.
How our hospitality accountants in Sydney help
- Accurate cost analysis of food, beverage and wage percentages to improve profit.
- Ongoing tax compliance, including BAS, PAYG withholding, Single Touch Payroll and Superannuation Guarantee.
- Advice on employing staff with different visa conditions, including working holiday makers.
- System consulting, including Xero and point-of-sale integration.
- Cash flow forecasting for seasonal trade and new venue openings.
Payroll and award compliance
Wages are usually the largest cost in a venue, and they are also the area of greatest risk. The Restaurant Industry Award 2020 generally covers restaurants and cafés, while hotels, bars and accommodation fall under the Hospitality Industry (General) Award 2020. Penalty rates, casual loadings and classifications differ between them. As your hospitality accountant in Sydney, we make sure your payroll reflects the right award.
Many venues also employ working holiday makers. In that case, employers need to register with the ATO before they can withhold tax at the working holiday maker rates. Otherwise, higher rates apply and staff may pay too much tax.
Cash, GST and ATO benchmarks
Hospitality is a cash-heavy industry, and the ATO compares venues against industry benchmarks. If your figures sit well outside the range, questions can follow. For this reason, we reconcile POS, bank and accounting records regularly. Our article on managing cash, GST and payroll in hospitality explains the controls we recommend.
Frequently asked questions
Why use a hospitality accountant in Sydney?
Margins in hospitality are thin, and small errors in wages or stock control add up quickly. A specialist reads your numbers against how venues actually operate. As a result, we spot problems while they are still easy to fix.
Is GST charged on restaurant meals?
Yes. GST applies to meals that customers eat on the premises, even where the same item bought from a shop would be GST-free. Takeaway items can follow different rules, so set up your POS codes carefully.
Can you help us open a new venue?
Yes. We help with structure, budgets, fit-out depreciation, payroll setup and the first year of reporting.
To speak with a hospitality accountant in Sydney, contact our team or download our brochure to see how we work with hospitality businesses.