Never has there been a more exciting time in the UK restaurant scene. With pop-ups providing a low risk opportunity to test concepts and crowd-funding providing new access to capital, competition for new entrants is fierce. To keep ahead, you need advisors who understand your business and the challenges it will face at each stage of the life cycle. What is important on day one is different to what you need to know to grow and ultimately to sell your business.
We help early stage business, sometimes even pre-launch with business plans and projections, implementing a finance system that can work from day one but is also scalable to handle growth. We understand the operational side of the business and the challenge of incorporating information from F&B and payroll into the finance system. This has been a focus for us and we have created an integrated solution that ensures management have access to high quality and timely management information.
Strategic and commercial advice along with sensible tax planning is also incredibly important, having an advisor on your team who has seen the life cycle through multiple times will be a valuable asset. They will be able to identify opportunities, highlight and avoid common mistakes and introduce you to other useful contacts in the industry. With an eclectic mixture of entrepreneurial and well established restaurant clients, we have proven our ability to provide sound advice at any stage of the restaurant life cycle.
Some of the recent advisory projects we have completed include:
- Review of the VAT charged on takeaway items, resulting in substantial reclaims from HMRC
- Implementation of Ecovis Online to provide management with a structured way of monitoring cash flow on a weekly basis
- Forming an advisory team, including solicitors, operational consultants and marketing consultants to advise and assist the founders of a new restaurant from concept to launch.
Innovation has long been the route to competitive advantage, we believe that is true for our firm just as much as yours. As a result of conversations with restaurant businesses we developed an online accounting platform, Ecovis Online. Collating the disparate operations and finance data into one reporting tool is a well-known industry challenge and something that Ecovis Online addresses.