Pub Restaurant new business

rowets
rowets Registered Posts: 8 Regular contributor ⭐ ? ⭐
Hi all,

A major client of mine has just recently purchased a new business, a pub-restaurant, to run alongside his existing established successful business but in absolutely no way related to it. He has asked me to produce regular Management Accounts for him, as I already do for his existing business. However I have absolutely no experience whatsoever in this type of business so I'm a little concerned that I might not have sufficient knowledge to enable me to produce useful and compliant Management Accounts for him. I was wondering whether or not any other MIP's out there may have a similar type of business client on their books and could possibly maybe give me any hints or tips regarding particular areas of this type of business that I should maybe pay special attention to when it comes to researching the accounting and VAT side of things? I have read things about 'ullage' re beer barrels, and I am particularly concerned about gratuities to front of house staff and how they should treated. Any help, hints or tips would be very much appreciated.

Regards,
Tim

Comments

  • T.C.
    T.C. Registered, Tutor Posts: 1,448
    I deal with one pub. There main problem seems to be keeping track of cash, ie the owner/landlord is prone to spending from the till, so it is quite difficult to reconcile. Also tabs, although illegal, can cause accounting problems. If I think of anything else I will let you know. Good luck with it.
  • lor
    lor Registered Posts: 68 ? ? ?
    are tabs actually illegal?, they used to let us have a tab at our local for food and drinks, when did this come in to place?.
  • Laura8192
    Laura8192 Registered Posts: 95 ? ? ?
    As far as I know you can have a tab for an evening, meal and drinks etc and pay at the end.

    What TC is talking about it where pubs let customers run up tabs over several days/weeks, as the customers have no money, then the customers pay off their tab at a later date. This is illegal as it is effectively money lending and that's obviously a very highly regulated industry. That said, a lot of small local pubs allow customers to have tabs (they wouldn't have any customers otherwise!)
  • rowets
    rowets Registered Posts: 8 Regular contributor ⭐ ? ⭐
    Thanks all for your valued contributions.
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