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ACCOUNTING SOLUTIONS FOR THE HOSPITALITY SECTOR


Real People

Real Accountants

Real Time


ABOUT US

WHAT WE OFFER

ETC Hospitality was founded by Stephen Easthope and Alan Morgan in 2009.

Real People. Real Accountants. Real Time.

Having spent several years working together on a range of business projects and becoming frustrated with the antiquated financial processes repeatedly encountered in the sector, we formed a business to utilise our extensive knowledge and industry experience. By the end of 2011 we were providing services to companies covering over 200 outlets including hotels, restaurants, cafés, schools along with other non food service hospitality companies.

We are cost-effective and high;y professional and are constantly adapting and updating our processes to ensure the needs of your business are always met. We are continually evolving our UK based delivery model to process the thousands of invoices and credit notes we deal with each week in the most efficient way possible. Our mantra is that data should only be entered once. This combined with a focus on cloud-based systems has meant lower cost delivery, increased accuracy (99.5%) and improved scalability over traditional accountancy providers.

“Alan, Stephen & the team are always on hand to discuss any challenges that may arise”

© etc hospitality 2013


THE BENEFITS • All invoices appear online • Access via a Desktop or mobile device • Drill down from P&L to invoice • Office space is reduced • Headcount is reduced • Cost saving • Efficiency & Reliability We have invested in the latest ‘Software as a Service’ technologies to deliver real time data, accessible anywhere. We provide independent advice to our customers on the latest technologies as a stand-alone service, as well as having partnerships with a number of the key providers. Our processing arm means we employ many of these technologies ourselves from Salesforce.com through to cloud accounting packages. We tailor our approach to every individual client need, agreeing the right balance of consultancy and technology at the outset of each engagement. Technology is at the core of our delivery along with the quality of the people who deliver it. Our partnership with Fourth Hospitality has enabled us to build solid interfaces between leading ‘Software as a Service’ products and two of the market’s best Cloud-based accounting products, Twinfield and Aqilla. We continue to explore and examine new and advancing technologies with an aim at improving and complementing the services we offer. © etc hospitality 2013

alan@etchospitality.com 07919 402616

stephen@etchospitality.com 07512 320330

Accounting Solutions for the Hospitality Sector


SERVICES

Our services can be designed to suit your specific needs and cover a mix of the following:

TRANSACTION MANAGEMENT AND PROCESSING • • • • • • • •

Convert invoices to online archive* Create online approval paths Online purchase order systems Automated bank postings Automated sales postings Automated payroll postings Supplier payments Processing of all types of transactions

BOOK-KEEPING • • • • • • • •

Monthly book keeping VAT returns PAYE/NIC returns Balance sheet reconciliation Bank reconciliation Credit card reconciliation Weekly reporting Weekly cashflow reporting

SYSTEMS • We deliver real time data, accessible anywhere • We provide independent advice to our customers on the latest technologies as a stand-alone service, as well as having partnerships with a number of the key players

ACCOUNTANCY • • • • • •

Produce year end accounts Compilation of year end audit files Monthly Management accounts packs Annual budget preparation Rolling cashflow preparation File year end accounts

FINANCE DIRECTOR SERVICES • • • •

Inexpensive Board representation Regular attendance at meetings Long term planning Fund raising modelling

CONSULTANCY • Projects • Start up support • Strategic accounting and consultancy services can help you interpret data and take decisions • We help our customers deal with changes in the business environment and stay ahead of the competition

* HMRC approved

© etc hospitality 2013


INPUTS & OUTPUTS

Purchase Ledger Online invoice approval and archive

Payroll management system Rota approval

Petty cash

Purchase ordering

EPOS / cash-up process

Menu costing

Data originates from four key areas: 1. 2. 3. 4.

Purchase Ledger. Payroll information. Sales / EPOS. Ordering and Menu Costing

INPUTS

We can extract that data from most existing systems or build a unique interface to extract it.

OUTPUTS

That data is then loaded into an accounts system via an interface.

Š etc hospitality 2013

Reporting:

Accounting:

- Weekly Flash P&L - Sales Mix - Potential GPs - Weekly Cashflow - P&L - Forecast - KPIs

- Profit & Loss - Balance Sheet - Reconciliations - Real-time - Audit Prep - Statutory Accounts - Budgets

Planning & Strategy

Accounting reports can then be produced with real data including weekly flash reports through to P&Ls and Balance Sheets. We can create a cloud based solution for you with our partners or we can work with many other accounting solutions you may already have in place.


THE PAPER PROCESS / INVOICES

1

Invoices are sent to the scanning centre by you or, sent direct from the supplier.

2

Invoices are scanned by us and the data is automatically extracted using intelligent OCR (Optical Character Recognition) software.

3

All extracted data is checked and if necessary corrected by operators to ensure 100% data accuracy.

4

Email notifications are automatically issued to the client from the system for any exceptions.

5

The client can directly access the system via a secure web based system to process such exceptions (or enter directly depending on the nature of the exception) as well as access to an online archive of all invoices processed.

6

HMRC approved. Š etc hospitality 2013


COSTS & BENEFITS

THE COST OF PROCESSING

THE BENEFITS

The average data entry operator processes between 50 to 100 invoices per day

Parallel OCR scanning & e-invoicing hub as a long-term solution with immediate benefits

It is not unusual for 10% to 30% to have queries

Pay for usage pricing model

The EU estimates that every invoice received costs nearly £1 in data entry costs

Processing an invoice for little more than the cost of a postage stamp

No upfront/setup costs, maintenance fees

Total processing costs £2 - £6 per invoice •

No need for onsite hardware, software or integration activity

Cost to send invoices £1.00+ •

Cost of human involvement

No impact on IT resource budget and no internal support & maintenance resource costs

No change required to supplier invoice format

James Burberry, VAT Director at PWC, estimates companies can save up to 4% of net profit per annum from e-invoicing. Source: Savings in prospect from EU e-invoicing, Law & Accountancy magazine © etc hospitality 2013


APPROVAL PATHS

Search functionality allows you to search supplier names, amounts, dates etc.

1

A direct feed can update your accounting software instantly, hourly or daily as the invoices are loaded and approved.

Bespoke approval paths allow for mutli level approval.

The specification process can set up certain invoices or suppliers to pass straight through to accounting package.

SCANNED AND CHECKED INVOICES AWAITING APPROVAL

2 Or, each invoice passes through a specified approval path. This can allow the invoice to be approved by an escalating heirarchy.

An email will notify you when there are invoices requiring approval.

Once approved by the first person in the path they will move on to the next.

Once at the end of the path they will post directly to the accounting package.

Š etc hospitality 2013


You can raise a purchase order in Aqilla which will create a ‘commitment’ in the accounting module.

This goes through the approval paths (like an invoice) and gets emailed to the supplier once fully checked and approved through the path.

AN ORDER VALUE IS NOW CREATED IN THE COMMITMENT LEDGER

1

Raise a purchase order online from the list of suppliers available

The order then goes through the approval path

Once approved, the order can be emailed to the supplier via Aqilla, and a posting is made in Aqilla

2

When the invoice arrives it gets sent to ETC for scanning

The invoice then goes through the approval path and is uploaded onto the actual ledger in Aqilla

If the invoice is greater or less than the value on the original order, an email is sent to the order source and requests authority to change the value. This process will generate two postings in Aqilla:

3

At the end of period Aqilla will post automatically the value of outstanding commitments

© etc hospitality 2013

PURCHASE ORDERS

1. A POSTING TO THE ACTUAL LEDGER FOR THE INVOICE VALUE

2. A POSTING TO THE COMMITMENT LEDGER TO REMOVE THE PURCHASE ORDER VALUE

THIS CREATES AN ACCURATE PERIOD END POSITION INCLUDING A REAL TIME VALUE OF OUTSTANDING PURCHASE ORDERS


OUR CLIENTS

© etc hospitality 2013


Accounting Solutions for the Hospitality Sector

FIND US Garden Studios 71-75 Shelton Street Covent Garden London WC2H 9JQ CONTACT US 020 7470 8877 enquiries@etchospitality.com @etchospitality


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