CGH Accounting offers comprehensive accounting services tailored specifically for businesses in the tourism and hospitality industry. Whether you run a small restaurant, cafe, food truck, pop-up location, Airbnb, or any other type of hospitality venture, our hospitality accountants have the expertise to assist you in growing and succeeding.
Our services include:
- Profit and Loss and Balance Sheet Reporting: We will provide accurate and detailed reports on your business’s financial performance, allowing you to make informed decisions.
- Preparation and Lodgement of Income Tax Returns: Our team will handle all aspects of your income tax returns, ensuring compliance with tax regulations and maximising your deductions.
- Preparation and Lodgement of Business Activity Statements (BAS), Instalment Activity Statements (IAS), PAYG Withholding Reports, and Superannuation Reporting Obligations: We will take care of all your reporting obligations, saving you time and ensuring accuracy.
- Tax Planning: We will work closely with you to develop effective tax strategies that minimise your tax liability and maximise your financial benefits.
- General Business and Taxation Advice: Our experienced professionals will provide you with expert advice on various business and taxation matters, helping you navigate the complexities of the industry.
Anyone who operates operates a café, coffee shop, or sandwich bar knows this is a multi-tasking operation. Beyond the typical small business hurdles like GST, BAS, PAYG, and superannuation compliance, you’re faced with the added complexity of food safety regulations and local council permits.
The hospitality sector is known for its unpredictable hours, fluctuating seasonal demand, and fierce rivalry among competitors. Factor in the prevalence of temporary staff, each bringing their own set of challenges, and you’ve got a recipe for constant motion – literally, as you’ll spend most of your day on your feet.
Over many years of working closely with small business owners, Chris Hunter and his team of financial experts and chartered professional accountants have guided countless café, coffee shop, and proprietors in the hospitality industry through every phase of their entrepreneurial journey – from the initial launch to the final handover.
Comprehensive Service And Advice
Our firm prides itself on offering a comprehensive “spread” of online accounting, accounting, tax, and business growth services tailored to the hospitality industry. As a result, we’ve cultivated a substantial clientele of café owners, coffee shop operators, Airbnb owners, and food truck entrepreneurs. This wealth of experience has transformed the hospitality sector into a specialized focus within our accounting practice.
Building a strong, stable business journey resembles constructing a house—solid foundations are essential. In the business context, these foundations encompass the right tax structure, suitable accounting software, adequate insurance coverage, and a strategic marketing plan and a website to display your business and services offered.
Business Structures
Your choice of business structure is crucial, with options ranging from sole trader and partnership to company and trust. As you decide on the most fitting structure, always keep the long-term perspective in mind. Australian tax laws are intricate, and altering your business structure down the line could trigger a costly capital gains tax event.
By choosing CGH Accounting, you can focus on running your hospitality business while we manage all your accounting for hospitality industry and taxation needs.
When providing advice on business structures, we carefully consider several factors:
- Income Tax Minimization
- Maximizing Asset Protection
- Admission of New Business Partners or Investors
- Compliance with Industry Legal Requirements
- Risk Profile of the Industry
- Future Entitlement to Discount Capital Gains Tax Concessions
As a result, the business structure often becomes a compromise based on the relative importance of these issues.
Accounting Software
Another crucial aspect of your business foundation is your choice of accounting software. Poor record-keeping remains a significant cause of business failure.
Having up-to-date and accurate financial records enables informed decision-making. Unfortunately, some business owners end up with what we refer to as “computerized shoebox” records—inefficient and frustrating—which contradicts our mission of streamlining bookkeeping and GST compliance to save you time and costs.
Our Clients
Our clients range from Ballarat, Daylesford, Creswick, Ballan, Buninyong, Melton, Bacchus Marsh, Werribee, Anglesea, Hoppers Crossing to Point Cook, Torquay, Geelong, Victoria, South Australia, Western Australia and Queensland utilising the ease of our tax agent online services. If you are looking for knowledgeable hospitality accountants who can help you, give us a call. We are only too happy to chat.
Our Values
Our mission is to conduct all business with clients – both individuals and businesses – with courtesy, respect, acumen, skill, and discretion.
We value honest communication, thoroughness, and an old-fashioned, strong work ethic.
From simple tax advice to complex company consultations, CGH Accounting Services handles all matters with the same, consistent application of proficiency and experience – and an undertaking to achieve the best possible results for our clients. That’s our promise.