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It’s Prime Time You Considered Your Venues’ Prime Costs

Prime costs are an important key performance indicator for your restaurant, which is often overlooked. Prime costs are one of the most important and revealing numbers on any restaurant's P&L. It can give you a much better understanding of your cost structure,

profit potential and how well your restaurant is being managed and is one of the best indicators of restaurant profitability and how well the business is managed on a day-in, day-out basis.


Food costs, beverage costs, and even labour costs all mean little on their own. Yes, they’re important costs to know and manage but they get vastly more useful once you add them up to arrive at prime cost.

What is Prime Cost?

Your prime cost is the total sum of your labour costs of salaried and casual staff and your cost of goods sold (CoGS), including food, alcohol & other beverages, packaging, and other costs; within a specific period such as a weekly and monthly basis.

Calculate Prime Costs as; -

+ Food Cost + Beverage Cost + Salaries & Wages + Payroll Taxes & Benefits = Prime Cost

When calculating your labour costs, you should also include things like:

  • Health insurance

  • Bonuses and overtime

  • Annual leave

  • Personal leave

  • Payroll tax

Keep a record of your daily food and beverages purchases on an invoice log worksheet each day and indicate what amounts are chargeable to the appropriate food or beverage account categories.

Individual invoicing

Your suppliers should be able to give you a separate invoice containing just your food items, then a separate invoice for cleaning supplies, paper goods and so on. This will make it much easier to log invoices into the proper accounts without having to manually break down and categorise the invoice line items manually.

Also, most distributors can easily provide invoice subtotals of your food items by meat, seafood, poultry, grocery, etc., if you want this level of detail within your food cost account.

Remember to post credits for any product returns or invoice adjustments and ensure you take note of any cash paid-out transactions for food and beverages purchases as well.

Tracking prime costs regularly is important for restaurants and pubs because it can help address negative impacts on profit. If they are calculated at the end of every week, it's easy to verify them, and when something is out of line, you are able to react quickly, cut your losses and get the problem sorted.

Industry averages suggest prime costs should be between 60% - 67%. In table service restaurants, the generally accepted rule of thumb says that prime cost should run no more than 65 percent of total sales. In quick-service restaurants, the goal is to keep prime cost at 60 percent of total sales or less, due to lower labour costs required. As prime costs depend heavily on achieving a healthy GP%, when running a pub tied to a brewery, you may struggle to keep the prime cost below 67%.

Prime costs are also an excellent way to budget your labour costs. Once you know what GP% you will be achieving, you can deduct your CoGS from the prime cost target to give you the target for labour costs. The pie chart above shows a prime cost target of 66%. If your business achieves a combined GP% of 70% then your CoGS will be 30% (100%-70%). If you then deduct your CoGS from your prime cost target of 66%, this leaves you 36% to spend on total labour costs.

Because of its importance, we suggest that get your accountant or bookkeeper to modify your P&L to show prime cost as its own line item, and make sure they help you monitor this key performance indicator regularly.

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Why To Choose The Best Roof Repair Company?

Roofing service refers to the professional installation, repair, maintenance, and replacement of roofs on residential, commercial, and industrial buildings. This involves the use of specialized tools and materials to ensure that the roofing system is durable, weather-resistant, and able to protect the building and its occupants from outdoor elements such as rain, wind, and snow. A WestonRoof Service may also offer other related services such as the installation of gutters, skylights, and ventilation systems to improve the overall functionality of the roofing system.

 
Few Reasons due to which Weston Roof Services becomes necessary

  • Age: As the roof ages, it starts to deteriorate, and its ability to withstand weather elements reduces. This results in the need for repairs.
  • Weather damage: Natural disasters like hailstorms, heavy rains, and snow can cause enough damage to roofs, requiring repairs.
  • Pests and animals: Pests and animals like birds, squirrels, and rats can cause damage to the roof’s structure and materials.
  • Poor installation: Even a new roof can need repairs if it was poorly installed. Issues such as inadequate ventilation or poor flashing can lead to leaks and other problems.
  • Lack of maintenance: A roof without regular upkeep is more likely to need repairs due to small issues going unnoticed and leading to bigger problems.
  • Chimney or plumbing vents: Flashing used around these openings might require maintenance or replacement since water might get through the gaps and cause leakage.
  • Algae and moss: Moisture can cause algae and moss growth on the roof. It’s recommended that the roof surface is scrubbed and cleaned to avoid water damage.
  •   Improper ventilation: Proper ventilation is necessary to prevent overheating of the attic during the hot summer months. It also helps avoid moisture and molds’ accumulation during winter periods.

A well-maintained roof ensures the safety of the building's occupants. A weakened or damaged roof can pose a danger to people and property below.The roof is the primary defense against the elements, including rain, wind, snow, and sun. Regular roof service helps to ensure the roofing system remains in good condition to protect the building from the elements.

A properly maintained roof can help reduce energy consumption by reducing heat loss in the winter and heat gain in the summer.Regular roof service can help identify and address issues before they become major problems, reducing repair costs and extending the life of the roof. In some areas, regular roof maintenance may be required by law or building codes to ensure the safety and health of the building's occupants.

Before choosing a roofing contractor, you must ensure that you are getting the services, fees, and warranties that are most important to you. Research the different contractors' bids and do not forget to ask any questions that may arise regarding their credentials and methods. Reviews from previous customers can also be helpful in making your final decision.

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Pub Owners Beware: Understanding Rent Reviews and the Pub Code

As a public house (pub) owner, grappling with the intricacies of rent reviews and understanding the pub code can be a daunting task. The legal process of rent reviews is commonly used in the pub industry to adjust the rent for commercial properties.

However, it is important to have a good understanding of this process to ensure that you are not overpaying. This article aims to provide a comprehensive explanation of rent reviews and the pub code, along with a plethora of tips to help you navigate these processes effectively.


Rent Reviews

Rent reviews entail the legal process of adjusting the rent for commercial properties such as pubs, based on the current market value of the property. Typically, the reviews occur every five years, and the new rent is established by taking into account the prevailing market conditions. The exercise often results in substantial rent increase, which may pose a challenge for pub owners, particularly if their business is not thriving.

The Pub Code

The pub code, established in 2016, was designed to regulate the relationship between pub tenants and their landlords. The code's objective is to ensure that tenants receive fair treatment and are not subjected to unreasonable practices by their landlords. The pub code provides specific guidelines for rent reviews, including the requirement for landlords to provide a detailed rent assessment and the right for tenants to have their rent assessed by an independent expert.

Tips for Navigating Rent Reviews and the Pub Code

1. Start Your Preparations Early

In preparation for rent reviews, it is vital to commence early planning. Gathering all relevant information, such as your lease agreement and previous rent assessments, ensures that you have a clear understanding of your current rent and any potential rent increments.

2. Seek Expert Assistance

Navigating rent reviews and the pub code can be a daunting task, which necessitates expert assistance from accounting professionals with specialised knowledge of the pub industry. These professionals can assist you in evaluating your current rent, negotiating with your landlord, and navigating the rent review process.

3. Understand Your Rights

It is critical to have a comprehensive understanding of your rights under the pub code. It is incumbent upon pub owners to ensure that landlords adhere to the guidelines set out in the code. If you believe that your rights are being infringed, seek legal advice immediately.

4. Negotiate Effectively

Negotiating with your landlord can be a challenging process, but with the right approach, you can achieve a favourable outcome. Ensure you have all your facts on hand to support your case. Be prepared to make a strong and well backed case as to why your rent should remain the same or be reduced and negotiate from a position of strength.

How Carroll Accountants Can Help

Carroll Accountants are well-equipped to provide professional advice and assistance to pub owners, helping you to successfully navigate rent reviews and the pub code. Our team of experienced accountants can provide expert advice on rent assessments, negotiations, and the pub code. We can also support you with bookkeeping, payroll, and tax preparation, ensuring that your financial operations run efficiently and smoothly. Please contact us today to learn more about how we can help you with your pub accounting requirements.

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Hospitality Accounting- Things You Need to Know

TRONC

Do you ever wonder about the difference between Tips, Gratuities, and Service charges? To the public these are collectively known as ‘Tips’. However, it is important that you understand the difference between them, and how they are taxed or not taxed.

A tronc is a separate organised pay arrangement sometimes used to distribute tips, gratuities and service charges given by customers. A tronc scheme, managed by a troncmaster, is a way to ensure businesses are compliant with the Employment (Allocation of Tips) Bill which came into force in January 2023. The bill focuses on fairness of tip allocations. It requires hospitality businesses to ‘fairly’ allocate 100% of tips to workers no later than the end of the month following the month in which the tips were paid by customers.


 We discuss Tronc schemes in more detail here

Gratuity

This is the most common type of tip and is “left on the table in cash”, for an individual representing their appreciation for the good service they have provided. That individual member of staff will go home with a little bit of extra cash to top up their minimum wage income.

 Tips

Tips stands for “To Insure Prompt Service”, and is usually a sum of money paid to an individual in hospitality, in advance of a good service. One story I heard revolved around a customer ripping a $50 note in half upon arrival at a hotel in the Caribbean, informing the waiter, “if you look after me during this visit, I will hand you the other half before I leave”. The guest received excellent service during their holiday and the member of staff received a generous tip of $50.

Service Charges

A service charge is a percentage added to the bill to cover service; a predetermined gratuity you could say. It can be mandatory or discretionary. It is mandatory if the customer has no choice but to pay it, and discretionary when the customer can choose to remove it from the bill. It can be any amount set by the pub or restaurant but is typically around 12-15% of the total bill.

If the service charge is mandatory, then, unlike tips or gratuities, this will be classified as part of the business revenue for tax purposes and will be subject to standard rate VAT if applicable. All other tips, gratuities, and discretionary service charges fall outside of the scope for VAT.

HMRC- what’s their view on tips?

From now on we will collectively refer to gratuities, tips and discretionary service charge as “Tips”

Tips are outside the scope of VAT when genuinely freely given. A Tip left on the table or paid up-front to an individual doesn’t go through their payroll so they haven’t been taxed through the PAYE scheme and no National Insurance contributions will be due. As taxpayers, they should inform HMRC of this extra income, usually via their Self-Assessment tax return.

You may think that ‘how, why, and when they are taxed’ isn’t your problem and has nothing to do with you as the business owner. Certainly, in this simple example that is correct, and collecting taxes for HMRC in this example isn’t your responsibility. Everyone’s happy, apart from the chef who prepared the meal, or the bar manager who cleans the beer lines and orders the wine, and every other member of your team that has something to do with the customers experience but hasn’t received any tips!

Payroll for the hospitality industry

In hospitality, however, it is more common to pool the tips so that they can be distributed amongst all staff whether they are customer facing (front of house) or in the Kitchen (back of house). When the tips are distributed this way, it’s a whole different ball game. It now depends on how the tips are shared, and by whom, that will determine how they will be treated by HMRC.

That is why it is important to talk to experienced hospitality accounting, payroll and taxation experts like Carroll Accountants, to ensure you are following the correct procedures.

Do you ever wonder about the difference between Tips, Gratuities, and Service charges? From a hospitality accounting and taxation point of view they need to be treated differently. Read here for more advice.

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The Importance of Financial Planning for Small Hospitality Businesses

Small hospitality businesses face unique financial challenges, such as fluctuating revenue, seasonal demand, and rising operating costs. In this environment, financial planning is critical to achieving long-term success.

By taking a proactive approach to financial management, small businesses can ensure they have the resources and resilience to weather any challenges they may face.

In this article, we'll explore why financial planning is so important for small hospitality businesses and provide practical tips on how to create a financial plan that works for you.

1. Plan for Growth

Financial planning is essential for small hospitality businesses looking to grow and expand their operations. By forecasting revenue and expenses, businesses can identify opportunities to invest in new equipment, expand their workforce, or open new locations. This can help businesses take advantage of emerging trends and capitalize on new market opportunities.

2. Manage Cash Flow

Cash flow management is critical for small businesses in the hospitality industry. By forecasting cash inflows and outflows, businesses can ensure they have enough liquidity to meet their ongoing expenses and investments. This can help prevent cash shortages that can lead to missed opportunities, late payments, and financial distress.

3. Identify Risks and Opportunities

Financial planning helps businesses identify potential risks and opportunities. By conducting a thorough risk assessment, businesses can identify potential threats to their revenue and take steps to mitigate them. Similarly, by conducting market research and staying up-to-date on industry trends, businesses can identify new opportunities and capitalize on them before competitors.

 4. Measure Performance

Financial planning provides a framework for measuring business performance. By setting financial goals and tracking progress against them, businesses can identify areas where they're performing well and areas where they need to improve. This can help businesses make data-driven decisions and improve their overall performance.

 5. Optimize Tax Planning

Effective tax planning is critical for small hospitality businesses looking to maximize profits. By working with a qualified accountant, businesses can identify tax-saving opportunities and take advantage of them. This can help businesses reduce their tax liability and reinvest the savings back into the business.

In conclusion, financial planning is critical for small hospitality businesses looking to achieve long-term success. By taking a proactive approach to financial management, businesses can plan for growth, manage cash flow, identify risks and opportunities, measure performance, and optimize tax planning. At Carroll Accountants, we offer a range of financial planning and accounting services to help small businesses in the hospitality industry achieve their financial goals. Contact us today to learn more about how we can help your business thrive.

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Can A Person Wear My Tungsten Wedding Ring If A Person Has Allergies?

Wedding rings, including those made of tungsten, are a symbol of love and commitment for many couples. However, if you have allergies, you may be wondering whether it is safe to wear a tungsten wedding ring. In this article, we will explore the potential risks and benefits of wearing tungsten rings if you have allergies.

Allergies to Metals:

Allergies to metals, including tungsten rings, are relatively rare. However, they can occur in certain individuals. Symptoms of a metal allergy can include redness, itching, rash, and hives. In severe cases, an allergic reaction can cause difficulty breathing, swelling, and even anaphylaxis. If you have a history of metal allergies or have experienced symptoms after wearing jewelry, you should talk to your doctor before wearing a Silicone rings from online   

 Hypoallergenic Properties of Tungsten:

Tungsten is considered to be a hypoallergenic metal, meaning that it is less likely to cause an allergic reaction. Unlike other metals, tungsten does not contain nickel, which is a common allergen. Tungsten also has a high resistance to corrosion, so it is less likely to release particles that can cause an allergic reaction.

However, it's important to note that even though tungsten is considered hypoallergenic, some people may still have an allergic reaction to it. This is because an allergic reaction can happen when the body recognizes a foreign substance as an invader. The body then produces an immune response to the substance which results in the symptoms of an allergy.

Tungsten Allergies:

Tungsten Rings Direct   in  genuine tungsten  rings  allergies are considered to be rare, but they can occur. The symptoms of a tungsten allergy can include redness, itching, rash, and hives. In some cases, the allergy may also cause swelling and difficulty breathing. The symptoms of a tungsten allergy can be similar to those of other metal allergies, so it's important to talk to your doctor if you have any concerns.

Tungsten Alloys:

It is also worth noting that some tungsten alloys may contain other metals that can cause an allergic reaction. For example, tungsten alloys that contain cobalt, nickel, or other alloys can cause an allergic reaction in some people. It is important to be aware of the composition of the tungsten alloy before purchasing a wedding ring.

Treatment:

If you have an allergic reaction to your tungsten wedding ring, you should stop wearing it immediately. Over-the-counter antihistamines and topical creams can help to relieve symptoms such as itching and redness. In severe cases, a doctor may prescribe a stronger medication.

Precautions:

If you have a history of metal allergies or have experienced symptoms after wearing jewelry, it is recommended that you talk to your doctor before wearing a tungsten wedding ring. Your doctor may recommend patch testing or other methods to determine if you are allergic to tungsten.

It's also important to be aware of the composition of the tungsten alloy if you are purchasing a wedding ring, as some alloys may contain other metals that can cause an allergic reaction.

In conclusion, while tungsten is considered a hypoallergenic metal, some people may still develop an allergic reaction to it. If you have a history of metal allergies or have experienced symptoms after wearing jewelry, it is important to talk to your doctor before wearing a tungsten wedding ring. Your doctor may recommend patch testing or other methods to determine if you are allergic to tungsten.

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What Wall Art to Choose For a Girl's Room?

There are many things to take into account when you wish to alter the settings on your wall. The placement of wall hangings must take into account the wall's position, size, and design. You can choose from a variety of wall-hanging types. Canvas art paintings and tapestries are the most preferred by homeowners among these. To alter the appearance of your wall, you can also try one of these.

Your choice of wall art needs to be heavily influenced by its location. Each of them will naturally have a different theme, so only by carefully choosing one will you be able to harmonise it with the wall and the other items in the room.


Every delicate and artistic aspect of life—from dancing to equestrian sports—will be available to you as a parent of a little girl. Although girls can pursue their interests in whatever field or subject they choose, the majority of them are content to go along with their mothers and daydream of the time when they will be allowed to choose whatever they want to wear and decorate their homes with. You have a wide range of alternatives and directions to choose from when designing a room for a little girl. Investing in high-quality couple portrait paintings  or portrait or wedding day painting  of oil   that can be quickly moved and adapted to meet your changing needs is one of the greatest choices you can make.

The truth is that there are many different types of girls, and you don't want to paint the room a colour that she might end up detesting as she gets older. Despite the misconception that all little girls love the colour pink and adore anything that is made or painted in that colour, this is not the case. The best course of action is to refrain from decorating the entire room in pink and instead attempt to use more neutral hues like yellows, violets, and blues that can typically be readily adaptable to whatever style or pattern that you choose for the space's furnishings.

You should carefully consider how your youngster will use the space in their daily lives. Do you want this girl to be able to play and dream in her room? a location where she and her buddies will launch defences against her younger brother? Or do you prefer it to serve more as a space for sleeping and relaxing and less as a playroom? Your choice of direction will have a significant impact on whether you select expensive or inexpensive wall art, large or little wall art, or both.

Next, you must decide if you want your youngster to take notice of and benefit from the wall art. For younger children, there are wonderful pieces that contain letters, shapes, poetry, or even the child's name and may be used as conversation starters about reading or even art itself as they become older. You don't have to choose solely works of art with flowers and love for your daughter's room just because she's young. Think outside the box and exercise your creativity.

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