COMPREHENSIVE HOSPITALITY SOLUTIONS, LLC
Complete Bookkeeping and Back Office Support
Our company becomes your accounting and back office team. We monitor banking activity daily, record revenue and expenses, correspond with vendors, manage accounts receivable and payable, record payroll, maintain the general ledger, address cash requirements, prepare periodic tax returns, perform monthly and annual closes and issue financial statements.
As your business team, accounting is just the beginning. We provide comprehensive analytics to help you run your business, project cash requirements, improve profitability and manage expenses. We provide consultations and bring a well-established network of Hospitality service providers.
When you engage our services you no longer need to be concerned with paying bills, calculating available cash, deal with vendors seeking payment and maintaining books and records. We enable you to concentrate on the success of your business.
The Hospitality Industry, which is the focus of our firm, has some unique accounting requirements. Handling commissaries, dealing with service fees, tracking of tips, allocating between locations, third party booking and/or delivery, catering deposits, capital investment structures are just some of the many nuisances.
Every client is assigned a team of professionals with decades of combined Hospitality Industry experience. It is their job to understand your business and become your go to resource to provide advice, resolve issues and share experiences so you operate optimally using best practices.
A partial list of our services includes:
- Performing daily banking and cash oversight with daily/weekly reporting
- Completing Accounts Payable function and payment distribution with weekly AP aging reports
- Managing Accounts Receivable with weekly AR ageing reports
- Spearheading vendor communication and payment management
- Managing Cash Flow
- Recording payroll
- Performing period end reconciliations
- Issuing Month End and Annual financial reporting packages
- Providing analytics and recommendations for profitability improvement
- Completing sales and property tax returns
Comprehensive Financial Analytics, Strategic Planning and Budgeting
Comprehensive analytics are key to optimizing business profitability. Measuring against industry benchmarks, prior performance budgets, and if applicable, comparatives between multiple locations is critical to readily identifying areas for improvement.
In our industry small changes such as improved staffing, reducing expenses like laundry and cleaning, lowering prices at one or two food suppliers can translate into large changes in profitability. Our analytics show whether your business is performing at, above or below industry averages, identify your breakeven point, calculate cost to open, profit on incremental revenue, segregate food beverage and FOH/BOH labor costs and much more. Reports are designed to enable management to zero in on key areas, enabling them to make critical decisions.
Our Analytical Package Offers:
- A large array of Key Performance Indicators (KPI’s), both standard within the industry and custom to each client
- Front of House / Back of House analysis
- Labor cost analytics
- Recipe costing and menu profitability
- Tracking / Trending of overall business performance and changes in KPI’s
- Benchmarking against prior periods, budgets, industry standards and colocations (as applicable).
- Breakeven analysis, scenario and goal achievement and strategic planning.
- Monthly consultations to address issues identified within the analytics.
Incorporated within our analytic package we offer strategic planning, one-year budgeting, near term forecasting, and short-term cash flow projections. On an ongoing basis we benchmark performance against each of these metrics as well as industry standards.
Full Tax Services
Taxes go beyond filing forms and making payments. Properly addressing tax liabilities requires planning and a deep understanding of the nuisances associated with each industry. Hospitality is no exception in unique tax rules. Our experience within the Hospitality industry enables us to identify deductions and credits that might otherwise be overlooked.
We offer a full line of tax services including:
- Annual Federal and State tax return preparation, (form 1065,1120,1120S along with appropriate State tax filing(s)).
- Sales tax applications, return completion and filing, as required.
- Year end 1099 processing and filing form 1096.
- FICA tip credit recovery, when applicable.
- Self-Employment tax calculation.
- Estimated tax payments and year-end tax planning.
- Tax audit representation.
Seasonal revenue fluctuations make tax planning critical. Payment deadlines, estimated payments and potential liabilities must be considered against current and anticipated cash flows. We help our clients plan for such liabilities to minimize the impact.
*** We provide significantly discounted tax return preparation for our bookkeeping clients. ***
Assistance with Securing Lines of Credit, Equipment Financing and Commercial Loans
Exclusively for our bookkeeping clients seeking lines of credit or loans, we compile a package of key financial information which illustrates your true business picture and present it to banks with whom we have well established relationships. This adds convenience and efficiency to the process.
Having us compile a package can be important because:
- We are working with departments within banks that specifically serve the Hospitality Industry.
- We compile the exact information they need and present it in the appropriate format which saves time and eliminates back and forth correspondence.
- While not audited the information is being presented by CHS, an independent third party with knowledge of the client.
- Because we are your bookkeepers the bank has the assurance the books and records are being properly maintained.
In the case of equipment purchases the manufacturer usually provides financing, but the rate may not be the most favorable. Anytime our clients are making major equipment purchases we encourage them to get competing quotes from our lending network to explore if there is potential savings.
*** These services are performed upon request exclusively for our bookkeeping clients at no additional charge. ***
Increasing Revenue Through Sales and Marketing
We would like to become a source of revenue to your business rather than an expense. That is the goal of our unique approach to marketing. It has been our experience that many owners do not have the time to focus on marketing as much as they should and this is where our program is beneficial.
We partnered with several marketing firms who’s focus is exclusively Hospitality and integrated their services within one of our monthly accounting package options.
Engaging a marketing firm through us ensures marketing efforts will be managed throughout the year; not just at only the points you have time available.
If you prefer to engage our preferred partners directly our clients receive discounts.
Full service marketing activities include:
- Social media management
- Ad copy design; print and electronic medial
- Market strategy and analytics
- Graphics and brand design
- Website management and SEO
- PPC Management
- Public Relations
- Branding and Image management
*** Inquire as to our revenue increase guarantee. ***
Reducing Expenses for Greater Profitability
A focus of our service is to increase the bottom line through expense reduction. We benchmark your KPIs against standards that are adjusted to the type, size, and location of your business and look for areas for improvement. We assess how you rate in multiple key areas such as:
- Food & beverage purchase costs
- FOH and BOH labor
- Rent and administrative expenses
- Cost to open and operate
- Incremental revenue
- Menu costing (when sufficient data is available) and item profitability
This periodic review results in recommendations that may include additional vendor options, changes in staffing and scheduling suggestions and administrative proposals.
Opening, Buying or Expanding a Hospitality Business
We have assisted many clients in opening or buying into a Hospitality Business. We provide assistance with many of the aspects of due diligence and setup including:
- Capital requirements calculation.
- Cash flow analysis.
- Comprehensive due diligence list (for purchases).
- Assistance setting up terms with vendors.
- First year budgeting and benchmark development.
- Construction cost capitalization recommendations.
- Assistance in obtaining financing or presenting to investors.
Raising Investment Capital or Selling Your Hospitality Business
Most business owners, small and large, eventually look to sell their business. The difficulty of this decision is compounded by the tremendous amount of work necessary to adequately present your business.
Every company has a unique story, and there is no more important time to tell it than when looking to sell. We can help you tell it through a three-part presentation package.
A) The first section focuses on what makes your business a compelling investment. This narrative section and should include photos, menus or service listings and details regarding the business’s history. This becomes your story.
B) The second section is financial focused and includes profit history, Balance Sheet details, KPIs, profitability analysis and projections. This is the company’s financial picture.
C) The third section is a business valuation analysis, providing comparisons to your business and quantifying the investment and/or asking price.
Vendor Support and Leveraging Technology
We often receive requests to help solve common vendor issues. Our clients seek our advice:
- When seeking better quality or lower cost providers.
- When looking to source locally in a new location.
- When better payment terms are needed.
- To verify if fair and reasonable price is being charged.
- When having consistency problems.
- When trying to find ways to reduce late deliveries.
Clients also turn to us for advice when evaluating technology solutions. Our years of experience includes working with many platforms and we can offer an independent assessment on many systems.