Tax advice for hotel and restaurant businesses

Tax advice for hotel and restaurant businesses

For many hotel and restaurant owners, financial accounting is a huge challenge and they tend to put it off in the face of reams of receipts, innumerable numbers and complicated calculations. Yet proper accounting is a make-or-break factor for any business.

For instance, do you know how much profit you made last year? Do you know exactly how much you make on beverages? And are you sure you’re calculating the cost of your meals properly?
As your advisor, we’re happy to do the work for you and provide you with swift, easy-to-understand answers to these and other questions. For a fair price, our comprehensive accounting system supplies a monthly two-part analysis of your business’ financial performance.

Your business analysis – Part I

We supply you with a clearly structured report showing the actual turnover and revenue you have generated. We split the goods and services into standard categories, such as beverages, meals, etc. and then check every month whether your costing is right and how cost-effectively your business is operating. Using a variance analysis, we compare your budgeted and actual figures to show you whether you are achieving the turnover you should be. That’s something other accounting systems don’t offer!

Rapid responsiveness

Whilst many restaurant businesses don’t receive the data on their business results until the end of the year, we are constantly in contact with our clients, keeping them informed of their financial situation on a monthly basis. That means, if things do go wrong, you can respond straight away to get your business back on track.

No time loss

There’s no need to put off all that paperwork any more! The forms we’ve put together comply with the tax office rules and help you navigate the labyrinth of day-to-day accounting quickly and easily.

Cost control

Forget about accounting based on “rough figures”. Our business analysis provides a detailed breakdown of your fixed and variable costs and their development, giving you a precise picture of your cost situation so that you can take action early.

Help with decisions

Our advisers will be happy to guide you when it comes to making business decisions such as “Should I lease or take out a loan?”, “How much should I pay my staff?” or “Have I got the right managerial accounting strategy in place?”

Your business analysis – Part II

But it’s not just your establishment that we take a close look at – knowing your competitors is at least as important.
You need to know what market you’re operating in, who your competitors are and how your business compares.
We analyse your business environment and help you find out more about your market. You get a report showing clearly how your establishment measures up against other establishments of the same size, giving you a swift and simple tool to see where you’re doing well and where you still need to do better.

We can advise you on:

  • Business start-ups
  • Purchases
  • Succession/selling
  • Special depreciation
  • IT consulting
  • Business planning
  • Managerial accounting

Legal advice:

  • Legal structure
  • Restructuring for tax purposes
  • Legal restrictions related to your profession
  • Construction and company law
  • Debt recovery
  • Audits in accordance with Germany’s “MaBV” regulations (regulations for estate agents and property developers) and special audits

Financial advice

  • Investments
  • Financing
  • Ratings
  • Profitability calculations

Bequests and gifts:

  • Planning
  • Impacts on tax payable

Interested?
If you’d like to find out more about me and my team, why not call my office now (+49 2203 10167-0) or email me at d.wendl@wendl-koehler.de.

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