2020 has proven challenging for many businesses, especially within the hospitality industry. While there are a range of new and existing pain points for business owners, we want to highlight some specific areas where Virgate can prove a useful partner.
Barworks is a pub and bar group with 17 sites across London and has been partnered with Virgate for 15 months. We spoke with Scott, who is FD at Barworks, to understand how Virgate has helped the business during this time. We also explore how our services can help any business pain points you might have noticed.
Remote Working and Headcount Reductions
“Face to face contact has not been necessary as members of the Virgate team were always on-hand to help. The dedicated team respond quickly to emails and it’s always possible to speak to someone on the phone.”
The recent pandemic has caused a staffing headache for many business owners. Whether having to reduce headcount or finding ways to manage staff remotely, the hospitality industry has faced new and unexpected challenges.
One way in which Virgate can help is by outsourcing a key business area. As our team are plug-in and work fully remotely, we can remove the overhead costs involved with housing an accounts department.
We create a seamless operation as effective as an on-site team. Throughout onboarding, we have numerous calls to fully understand your business and requirements. This ensures our team know your business tone and can integrate effectively. As partners, we don’t remove ourselves from the business and even set up a direct phone line so that we can take calls and queries directly on behalf of your business.
“We have benefitted from Virgate embracing modern systems that have cut down on paperwork and streamlined our accounting processes. Xero is a very user-friendly accounting package that makes reporting easy.”
Having effective software is an incalculable benefit to a business. The time and effort that can be saved by integrating applications could be crucial to any business owner. By partnering with Virgate you get the advantage of having payroll, bookkeeping, tax and management accounts reporting all rolled into one.
Virgate offers a variety of hand-picked applications, as well as our own Vantage App, which can ensure swift and accurate reports. Our dashboards are live so you don’t have to wait around for updates; you can simply log in and review the figures as and when required.
“I have been able to focus my time on the most pressing issues facing the business, confident that the foundations of the book-keeping and management accounts process are being managed effectively.”
Delegating tasks and outsourcing is always a difficulty for business owners and managers. If you have been involved in all operational processes since the early days, it can feel uncomfortable allowing others to take control. It is important to remove yourself from time-consuming tasks to focus on how to expand your business and capitalise on changes in the market.
Virgate helps to reduce the time spent on accounting and reporting duties. Through intuitive software, many HR and financing tasks are simplified or removed entirely.
We also provide a 4-person team with hospitality experience dedicated to each client. The team members come from different service areas and have their own function: Accounts Assistant, Management Accountant, Payroll Adviser and a Compliance Manager. This reduces the chances of an uneven team and removes any need for training up accounts employees.
“As we enhance our own systems (eg EPOS, stock control) we can help Virgate become more efficient which in turn will enable them to make reporting quicker and more efficient.”
Forecasting has proved a logistical minefield in 2020. We provided some tips in a recent blog for methods of planning ahead in the short-term following the pandemic. While long-term forecasting may be off the table for a while, that does not mean that your business should feel like it is constantly reacting to change.
According to a report from Toast Central, 50% of restaurant owners marked reporting software as crucial to their business, while 68% review sales figures on a frequent basis. Data-driven reports are essential to forecasting and accessibility to your business figures allows you to be a step ahead.
Virgate makes use of multiple reporting and analytics tools to ensure our clients have access to their financial data at any given time. We have the capability to produce reports for multiple different scenarios, allowing you to compare best/worst cases (and everything in between). We provide expert advice so you can make proactive choices, rather than reactive.
Are you noticing any similar pain points in your multi-site hospitality business?
Our team are always happy to talk through your current situation and explore ways in which we might be able to help. Book a free consultation call and chat with one of our experts.
DISCLAIMER: This article has been produced for guidance only and does not constitute advice. Copyright © 2020 Virgate Accounts. All rights reserved.