The leading accountants in Leeds for restaurants, cafes, and takeaways

According to the Financial Conduct Authority’s latest Financial Lives survey, millions of UK adults are walking a financial tightrope – with one in ten not having any savings whatsoever, and another 21% having less than £1,000 tucked away. But while the report paints a worrying picture, there’s good news too: your situation can change. Even small steps can have a big impact on your financial wellbeing. If you're feeling the pressure, here are some practical ways to regain control and start building up savings – no matter how tight things feel right now. 1. Start with a Financial Health Check Before you can make changes, you need to know where you stand. Look over your recent bank statements and make a list of: Your total monthly income Fixed costs (e.g. rent, utilities, transport) Variable costs (e.g. groceries, eating out, subscriptions) Any outstanding debts It’s not always easy to face the numbers, but understanding them gives you clarity – and control. 2. Build a Bare-Bones Budget A “bare-bones” budget covers essentials only: housing, food, utilities, and necessary travel. This can help identify any unnecessary spending that could be trimmed or paused. Ask yourself: Can I switch to a cheaper utility or phone provider? Are there subscriptions I’m not using? Could I swap one takeaway a month for a home-cooked meal? Redirecting even £10–£20 a month can be the seed of a savings habit. 3. Create a 'Rainy Day' Savings Pot Once you’ve identified some breathing room, open a dedicated savings account – ideally one that’s separate from your everyday current account to avoid dipping into it. Many banks now offer: Instant-access savings accounts Round-up savings (which round your purchases up to the nearest pound and save the spare change) Digital pots that let you assign money to specific goals Even saving £1 a day adds up to £365 a year – a helpful cushion when the boiler breaks or the car needs repairs. 4. Prioritise Debt, but Don’t Neglect Saving If you’re dealing with debt, it's important to prioritise high-interest balances first – like credit cards or payday loans. But that doesn’t mean you shouldn’t save at all. Having even a small savings buffer means you’re less likely to fall back into debt when unexpected costs arise. Consider a 70/30 approach: put 70% of any extra money towards debt and 30% into your emergency fund. 5. Seek Free, Trusted Advice You're not alone – and you don’t have to figure this out on your own either. The FCA’s report noted that help is available. You can speak to: StepChange Debt Charity MoneyHelper (formerly Money Advice Service) Citizens Advice These organisations offer confidential, free advice tailored to your situation. 6. Set a Simple Goal to Stay Motivated Saving can feel abstract when money is tight, so make your goal real. Are you saving for car repairs? An unexpected bill? A quiet Christmas? Naming your savings pot gives it purpose and keeps you motivated. Final Thought We know that managing money isn’t always easy – especially when things feel tight. It’s not just about what you earn, but how you stay on top of it. Making small, steady changes can ease the pressure and help you feel more in control. If you’d like some practical support or a second pair of eyes on your finances, we’re here to help. Restaurants, cafes, and takeaways can benefit greatly from working with a specialist accountant. If you hadn’t noticed already, we are specialist accountants in Leeds for food service businesses, so unlike most accountants, we have years of experience working with businesses just like you. If you're interested in finding out more about how we can help your restaurant become more profitable, book a call with one of our accounting experts . 

The Office for National Statistics (ONS) announced today that the UK economy grew by 0.7% in the first quarter of 2025 – exceeding forecasts of 0.6%. The majority of this growth was driven by the services sector, which includes hospitality. While this is welcome news, the optimism must be tempered. The figures precede recent tax rises for employers and new US import tariffs, and analysts warn the strong pace of growth is unlikely to last. So, what does this mean for restaurant and café owners? Here’s a breakdown of the implications – and practical steps you can take to keep your business thriving in what remains a difficult and unpredictable market. 1. Leverage Short-Term Consumer Confidence Economic growth often leads to a short-term boost in consumer spending. Now is the time to capitalise on it. What to do: Promote midweek offers or limited-time menus to encourage visits beyond the weekend peak. Upsell effectively – train staff to suggest sides, drinks, or desserts that increase average spend without appearing pushy. Use this period to test price elasticity – a small increase in menu pricing may go unnoticed if demand remains strong. 2. Protect Margins Ahead of Employer Cost Increases From April, employer National Insurance contributions and minimum wage levels increased – tightening margins for many in hospitality. What to do: Review your rota against demand data (POS reports, reservation patterns) and cut overstaffing during low footfall periods. Conduct a supplier cost audit – consolidate purchasing or renegotiate pricing now, especially for non-perishables and dry goods. If using delivery platforms, assess whether raising prices exclusively on those apps could offset commission costs without alienating in-house diners. 3. Stay Vigilant on External Cost Pressures The US has imposed tariffs on UK exports, and although indirect, these kinds of moves add strain to the wider economy. Expect input cost pressures in areas like packaging, imported ingredients, or equipment. What to do: Switch to local suppliers where possible – it strengthens your supply chain and plays well with customers who value sustainability. Check your insurance and service contracts – are you overpaying on legacy agreements that could be renegotiated or cancelled? 4. Refocus on Profit, Not Just Revenue Growth periods tempt many businesses to chase sales at any cost. But in this economic climate, profit must take precedence. What to do: Use your accounting software (or ask us to help) to calculate your gross profit by menu item – cut what’s dragging you down. Identify your top 3 revenue drivers (e.g. takeaway coffee, set lunch, Friday dinner service) and invest marketing spend only where there’s clear ROI. 5. Plan for Slowdowns – Not Just Surges The Q1 figures are encouraging, but don’t bank on the trend continuing. Analysts already expect a slowdown. Preparing now means you won’t have to make drastic cuts later. What to do: Create a 12-week rolling cash flow forecast, updated weekly. This gives you real-time visibility and helps spot issues early. Set up a reserve fund (even £500/month into a savings account) to cushion against quieter months or emergency costs. Final Thoughts While the growth news is positive, the smart move for restaurants is cautious optimism paired with solid planning. We’ve seen too many operators expand too quickly on the back of good news, only to be caught short by the next downturn. Restaurants, cafes, and takeaways can benefit greatly from working with a specialist accountant. If you hadn’t noticed already, we are specialist accountants in Leeds for food service businesses, so unlike most accountants, we have years of experience working with businesses just like you. If you're interested in finding out more about how we can help your restaurant become more profitable, book a call with one of our accounting experts .