Hospitality

Hospitality

The hospitality industry faces unique challenges. Businesses must be extremely efficient, because they often operate within vary narrow profit margins. Like all businesses, those in the hospitality industry want to monitor their financial condition, track performance and conserve or increase wealth. However, they also face unique risks and may need specific business insurance. Managing cash flow can also be more of a challenge, especially when business relies on tourism and sees seasonal swings in profits.

 

dnm group can assist you, whether you operate a restaurant, hotel, club, bar, or institutional facility. We have specialised industry knowledge and highly skilled professionals to address your challenges and help you succeed.

How we can help

The things that matter in hospitality

EXPERT FINANCIAL SERVICES

dnm group offers full service accounting and bookkeeping, including accounts payable and receivable. We protect owner interests, follow strict rules of professional conduct, and use industry recognized accounting standards. We can provide you with clear insights into your financial strengths and weaknesses and how you can improve.

COST CONTROL

Cost control helps you increase profitability. Outsourcing is often less expensive than when performed within your business. dnm group can identify costs, establish a budget, and review variances to pinpoint problem areas and increase profits.

TAXATION & LEVIES

Hospitality businesses need expertise to wade through legislation and tax requirements for compliance and profitability. GST obligations, tax credits, tax concessions, and tourism, fire, heritage and environment levies can affect your bottom line. dnm group has the experience and qualifications you need to comply with authorities and maximise profits.

FINANCIAL AUDITS

Financial audits with dnm group can improve profitability, because we identify what you do well and reveal key opportunities for improvement. Audits also improve communication between management and provide accurate information for wise decisions. An independent assessment and audited financial statements make your business more attractive to investors, buyers and lenders too.

BUSINESS VALUATIONS

Valuations provide you with an accurate estimate of business worth. If you want to cash out of your business for retirement, take on a partner, merge, or expand, it is always wise to know the business’ value.

MANAGERIAL

Many owners do not manage their business, so it is very important managers receive the guidance they need. dnm group can establish key performance indicators to track what’s important to your enterprise.

 

You may want to track total labour costs, food costs, inventory, average sale amount, vacancy rates, or any other item specific to your business. Tracking KPIs can improve performance, minimise costs, streamline management, and help you achieve your key business objectives.

FORECASTING

Forecasting is especially important in the hospitality industry. Estimating future financial information based on past and present financial conditions identifies revenue and expenditure trends which can improve decision-making and influence policies, goals, and prices. Forecasting is part of your annual budget process which includes cash flow analysis; the lifeline of all businesses. It is also a vital and often specific requirement for many financial lenders.

PERSONAL & BUSINESS WEALTH MANAGEMENT

dnm group offers professional consultations and targeted financial advice, no matter the size or complexity of your hospitality business. We’re chartered accountants and experienced business advisers, but we’re also experts at integrating business and personal wealth, minimising tax, and planning for your future.

 

We work with professional legal partners and a leading Australian mutual organisation for investment, insurance, and lending needs to provide total wealth management services.

Talk to us about your situation and objectives and we’ll give you an honest appraisement of what we can do for you. You can contact us here