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Leave The Accounting To The Experts While You Run Your Restaurant and Cafe In Peace

The leading business advisers and accountants in Leeds for restaurants and cafes.

Take the stress out of your payroll


Book A Call With An Expert
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Leave The Accounting To The Experts While You Run Your Restaurant or Café In Peace

The leading accountants and business advisers in Leeds for the food and beverage industry.

Book A Call With An Expert

Take the burden off your shoulders

You didn’t start your restaurant or cafe business because you wanted to stress over handling financial records all the time or do audits and worry if you filed your taxes right or not.

You started because you enjoy cooking, experimenting with new dishes, serving awesome food and watching the joy on people’s faces as they gobble up your dishes… right?

But now you’re faced with doing all these things you had no interest in because it’s a necessity to keep your firm alive and running smoothly. Sad.

Well, what if you didn’t have to do it yourself?

Happy restaurant owners in Leeds

Accountants for restaurants, cafes, and takeaways

Fast Food Restaurants

Cafes

Takeaways

Food Wholesalers

Let us do it for you

At MSF Associates accountants in Leeds, we are qualified professional accountants with years of experience serving the hospitality industry and delivering excellent service to our clients. This is why we understand you perfectly and know just how to help you.

 

We’ve made it our mission to not just give you what you need but what you want. You deserve to run your business without worrying over your finances. And we are here to give you the advice and more in-depth details as to why and how we get the figures we present, and what you can actually do in the future to put yourself in a better position. 

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Inside of a Leeds cafe

How we help 

Bookkeeping and Accounts Preparation

 Keeping your records up to date & within HMRC adequate records requirements 

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Audit and Advisory

 We help audit, interpret and advice on the information in your records to give you guidance on the decisions you should take to build a thriving business for yourself

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Tax Investigations 

We make investigations into the constant changing tax regulations and keep you informed so you never have to pay more taxes unexpectedly 

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Payroll

Ensuring that your staffs are paid on time and regulating your staffing costs to keep you profitable 

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VAT

Giving you an understanding on the foods subject to VAT and ensuring that your VAT returns have been filed appropriately 

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Research and Development

Identifying eligible expenditure within your business. Helping ensure you claim back as much as possible

Research and Development

Identifying eligible expenditure within your business. Helping ensure you claim back as much as possible

Find Out More

3 simple steps to get started with us

Step 1

To get the process started, book a meeting with an expert from our team

Step 2

On the meeting we learn where you are and discuss our plan to help you streamline your processes better as well as pricing 

Step 3

We sign you up into our client portal and give you peace of mind from the results we’ll be providing 

Free download

Five Biggest Money Mistakes Food Service Businesses Make

(and how to avoid them!)

As you probably know, many food businesses fail, up to 60% by some estimations will not even survive their first year. And many more will fail after that. We know that you don’t want to be part of that daunting statistic.


So, what are some of the biggest financial mistakes we see food and hospitality businesses make that's causing them to fail, and how can you avoid falling into them yourself?


In this eBook, we will explore the five biggest financial mistakes food service businesses make and offer practical strategies for avoiding them. Whether you are a seasoned restaurateur or a local takeaway business owner just starting out, this eBook will provide you with the advice you need to make informed financial decisions and achieve the success you’ve always dreamed of.

Download
Five Biggest Money Mistakes Food Service Businesses Make Book

Our promises to you

Timely reports and transparency

Quick and friendly customer service

Peace of mind about your finances

Proper taxes

Proper expert advice

Advice on how to ensure maximum profits

Latest blog articles

By Mustafa Ahmed 13 Mar, 2024
Running a limited company in the UK can be as challenging as it is rewarding. In times of financial distress, it's crucial to recognise the warning signs and know your options. This guide aims to provide a reassuring, friendly, and informative perspective on navigating through tough financial periods, focusing on immediate steps and insolvency options. Spotting the Warning Signs Early The first step in averting a financial crisis is identifying it early. Key warning signs include consistent cash flow issues, difficulty in paying creditors on time, or a sudden drop in sales. If you're seeing these red flags, it's time to take a closer look at your finances. Immediate Steps to Take Review Your Finances: Get a clear picture of your financial situation. This includes reviewing outstanding debts, assets, cash flow, and expenses. Cut Unnecessary Costs: Look for areas where you can reduce expenses without impacting the quality of your services or products. Communicate with Creditors: If you're struggling to meet payments, reach out to your creditors. Many will be willing to discuss repayment plans or extensions. Seek Professional Advice: Consulting with a financial advisor or an insolvency practitioner can provide clarity and direction. They can help assess your situation and advise on the best course of action. Understanding Insolvency Options If the financial situation is beyond immediate repair, insolvency might be a path to consider. It's a legal process that allows your company to deal with debt that can’t be paid. While it sounds daunting, insolvency can offer a structured way to address financial difficulties. Company Voluntary Arrangement (CVA): This is an agreement with your company's creditors to pay all or part of your debts over an agreed period. CVAs can give you some breathing room and help keep your business trading. Administration: This involves an insolvency practitioner taking over your company to repay creditors as much as possible. It can provide some protection from legal action by creditors and might result in a better outcome for your creditors than company liquidation. Liquidation: If your company can’t pay its debts, it might have to stop trading and be liquidated. This means selling all assets to repay creditors. It’s generally seen as the last resort. Conclusion: Taking Proactive Steps Facing financial difficulty isn’t the end of the road for your business. By recognising the warning signs early, taking immediate steps to address financial issues, and understanding your insolvency options, you can navigate through these challenges. Remember, seeking professional advice is not a sign of weakness, but a step towards finding the best solution for your business. FAQs: When should I seek professional advice for my company’s financial difficulties? As soon as you notice warning signs of financial trouble, it's wise to seek professional advice. Early intervention can make a significant difference. Can my company recover from insolvency? Yes, with the right strategy and guidance, companies can recover and even thrive post-insolvency. Is liquidation the only option if my company is insolvent? No, there are other options like CVAs and administration that might be more suitable, depending on your circumstances. External Resources: Insolvency Service: Gov.uk Insolvency Service Financial Advice for Businesses: Business Debtline
By Mustafa Ahmed 04 Mar, 2024
Dreaming of opening your own restaurant or elevating your existing one in the UK? A robust business plan is your golden ticket. Whether you're just starting out or have some experience, the right plan can turn your culinary dreams into a thriving reality. Let’s walk through the key components of a business plan that will put your restaurant on the map. Understanding Your Break-Even Point Before you start dreaming about Michelin stars, it’s crucial to get your numbers right. The break-even point is where your income equals your expenses – a vital figure to understand for any restaurant. It’s not just about covering costs; it’s about setting realistic financial goals. To calculate this, you’ll need to consider fixed costs like rent, utilities, and salaries, as well as variable costs like ingredients and supplies. Getting a grip on these figures will set a solid foundation for your financial planning. Cooking Up a Storm with Modern Marketing Strategies Gone are the days when a good review in the local paper was enough to fill tables. In today’s digital world, your marketing strategies need to be as dynamic as your menu. Platforms like TikTok and Instagram are your allies, offering a visual feast to potential customers. Showcase your dishes, share behind-the-scenes glimpses, and create a buzz with mouth-watering content. Don’t forget the power of Google reviews – encourage your customers to leave feedback online. Positive reviews can boost your visibility and credibility, drawing more diners to your establishment. Funding: Fuel for Your Culinary Dreams Starting a restaurant isn’t cheap, and securing funding can be a daunting prospect. There are several avenues to explore: bank loans, investors, or even government grants for small businesses. Prepare a compelling pitch that highlights your unique selling points, your understanding of the market, and your financial projections. Remember, investors are looking for a return, so show them why your restaurant is a tantalising opportunity. The Recipe for Success: Combining Passion with Practicality Your business plan should reflect your passion for food and hospitality, but it should also demonstrate practical, savvy business acumen. Include detailed sections on your target market, competition analysis, marketing plan, financial projections, and operational strategies. A well-thought-out business plan not only guides your day-to-day operations but also reassures potential investors that you have a clear roadmap to success. Conclusion: From Paper to Plate A well-crafted business plan is the first step in turning your restaurant dream into a reality. It’s a living document that should evolve as your business grows. By understanding your financials, embracing modern marketing, securing the right funding, and combining your passion with practicality, you’re setting the table for a successful culinary venture. FAQs: How often should I review and update my restaurant's business plan? Regularly review and update your business plan, at least annually, to reflect changes in the market, customer preferences, and your business growth. Can social media really impact my restaurant’s success? Absolutely! Social media is a powerful tool to engage with your audience, showcase your offerings, and build your brand’s presence. Is it difficult to secure funding for a new restaurant? It can be challenging, but with a solid business plan and a clear understanding of your financials, you can increase your chances of securing funding. External Resources: Business Plan Templates: Gov.uk Business Support Social Media Marketing Tips: Digital Marketing Institute
By Mustafa Ahmed 29 Feb, 2024
When it comes to running a successful restaurant, there’s more to the story than just tantalising taste buds and providing top-notch service. The structure behind the scenes plays a pivotal role in the overall success and stability of the business. That's where a holding company structure with different subsidiaries comes into play, offering a smorgasbord of benefits for savvy restaurant owners. The Basics of Holding Company Structure Imagine your restaurant business as a tree. The holding company is the sturdy trunk, supporting various branches – your subsidiaries. Each branch operates independently, focusing on different aspects of the business, such as asset management, day-to-day trading, or holding funds. This separation not only brings clarity and focus to each business area but also offers significant financial and legal advantages. Safeguarding Assets: A Separate Entity for Protection One of the key benefits of this structure is the protection of assets. By keeping property, equipment, and other valuable assets in a separate subsidiary, they are shielded from the operational risks associated with the trading side of the business. This means that if the trading company faces legal challenges or financial difficulties, the assets are secure and untouchable in their own entity. Efficient Operations: Focused Trading Subsidiary The subsidiary handling the day-to-day operations of the restaurant can operate with greater efficiency and flexibility. This entity focuses solely on the trading aspects – serving customers, managing staff, and running the daily business. Without the burden of managing assets or holding significant funds, this subsidiary can be more agile and responsive to the market's needs. Financial Management: Centralised Funds in the Holding Company Having a holding company that controls the finances offers a strategic advantage. This entity can hold and distribute funds as needed, providing financial support to the subsidiaries. This centralised approach to financial management allows for more strategic decision-making, such as when to reinvest in the business, expand, or navigate through tough economic times. Risk Management and Tax Benefits This structure also offers risk management benefits. By separating the different parts of the business, you limit liability across the entities. Additionally, there can be tax advantages to this structure, depending on the specific regulations and tax laws in your region. It’s always wise to consult with a tax professional to fully understand and capitalise on these benefits. Conclusion: A Recipe for Success For restaurant owners, a holding company structure with different subsidiaries can be a game-changer. It offers protection, efficiency, and strategic financial management – ingredients for long-term success and stability. Remember, while the food you serve brings customers through the door, the structure of your business keeps the lights on and the stoves hot. FAQs: How does a holding company structure protect a restaurant’s assets? By placing assets in a separate subsidiary, they are protected from the operational risks and liabilities of the trading company. Can this structure help in tax savings? There can be potential tax advantages, but it’s crucial to consult with a tax expert to understand how it applies to your specific situation. Is a holding company structure suitable for small restaurants? Yes, even small restaurants can benefit from this structure, especially as they plan for growth and risk management.
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Be the happy, free, passionate and successful restaurant owner

Stop multitasking unnecessarily and instead focus on what you’re good at and passionate about. Leave the tedious financial jargon to us. Work with MSF Associates today!


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