News & Insights
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Essential Audit Practices for ensuring compliance in the hospitality Industry
The fast-paced hotel industry handles many financial operations, staff management, and tight rule-following, among other aspects. Hotel audits are thus essential to ensure that everything is working as it should.
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Essential Audit Practices for ensuring compliance in the hospitality Industry
The fast-paced hotel industry handles many financial operations, staff management, and tight rule-following, among other aspects. Hotel audits are thus essential to ensure that everything is working as it should.
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Financial Management for Hospitality Businesses During Expo Events
Expo events attract many visitors from all across the globe, which can be very beneficial for the hotel sector. For hotels, restaurants, and other leisure businesses looking to increase revenue, trade events, conferences, and international expos are fantastic methods. However, they also present financial issues, which should be appropriately considered [...]
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Transforming Tips: How the New Tronc Legislation Will Change Hospitality Earnings
Paperchase is the leading global hospitality accounting firm. For over 35 years, Paperchase has provided bookkeeping and financial advising to restaurants that drive profitability. Founded in London, the firm now has a global footprint, serving over 3,000 restaurants worldwide.
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Controlling COGS: A Recipe for Restaurant Profitability [Infographic]
COGS, or the Cost of Goods Sold, is a vital metric for restaurants that directly impacts profitability. By carefully tracking COGS, restaurants can make data-driven decisions to reduce operational expenses. Key factors influencing COGS include menu pricing, accurate inventory management, and efficient purchasing practices.
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Unveiling the Power of KPIs: Measuring Business Performance [Infographic]
Key Performance Indicators (KPIs) are essential tools for measuring a restaurant’s financial health. Two crucial KPIs are Labor Cost and Cost of Goods Sold (COGS). Labor Cost tracks the percentage of sales spent on staff, while COGS measures the direct costs of ingredients and beverages.
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From Revenue to COGS: Demystifying your Restaurant’s P&L Statement [Infographic]
Learn how to use your P&L statement as a guide identifying areas for improvement in your restaurant. Discover how to analyze your revenue, COGS, labor, and operating expenses. Dive into your restaurant’s average check and how to maximize profits through upselling.
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Navigating VAT and Service Charges in UAE Hospitality
UAE hotels are known worldwide for their high-end service, lavish amenities, and robust tourist sector. However, handling this business's finances is challenging behind the scenes.
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Paperchase Guide to Choosing Right Software for Your Hospitality Business
In the hotel industry, controlling money is very challenging and time-consuming. To process payments, manage expenses, and provide thorough financial records, the financial side of a hotel company must be exact and fast.
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Behind the Numbers: Hidden Opportunities in Your Restaurant
In the competitive landscape of the restaurant market, maximizing revenue is paramount for success, but what about the hidden profitability metrics that go unnoticed by even the most experienced restauranteurs?
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How to Use Paperchase’s Budget Template
Budgeting is a crucial part of operating a restaurant. A good budget provides directions and guidance for your team to achieve benchmarks. Your budget allows owners not to operate blindly while sustaining cash flow, especially if you have big expenditures on the horizon.
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Big Restaurant in a New City
Your London restaurant is an enormous success and now you have your sights set on bringing your concept to The States. But, tourism and restaurant opportunities are high in Dubai, so your upscale-trendy menu could fare well in the growing market. Better yet, a second London location may work.
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The Rise of Sustainable Practices: Financial Implications for Restaurants
Hospitality is a rapidly evolving market with changes defining the success of a business in an unpredictable industry. In recent years, all industry sectors have been capitalized by a push for sustainability and a growing need for eco-friendly operations.
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The Rise of MICE Tourism in the Middle East
MICE tourism, which stands for Meetings, Incentives, Conferences, and Exhibitions, is a growing segment of the tourism industry in the Middle East, specifically affecting hotels and adjacent hospitality sectors.
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Entertainment Dining Trends in the Middle East
The Middle East's dining scene is undergoing a vibrant transformation. Diners are seeking more than just a delicious meal; they crave an immersive and interactive experience that blends culinary delights with captivating environments and engaging activities.
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What Makes a Great Restaurant General Manager
A successful restaurant isn't just about delicious food - it's about creating a memorable experience for every guest while maximizing profitability. At the helm of this experience stands the general manager, the leader who orchestrates every aspect of the operation.
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Paperchase Guide to Restaurant Financials
Importance of financial management in Restaurants In the fast-paced hospitality industry, where delicious food meets happy customers, there’s a crucial element often overshadowed: financial management. It’s the backbone of every thriving restaurant, silently supporting its success.
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Exploring the Benefits of Ghost Kitchens for Hospitality Delivery Services
Ever ordered delicious food online but wondered where it came from? That might be a ghost kitchen! Ghost kitchens, sometimes called virtual or dark kitchens, are restaurant concepts that focus solely on delivery and takeout.
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Sustainability Trends in the Middle East Hospitality Industry
As the Middle East dining climate evolves, new trends are rapidly emerging, from new cuisines to immersive entertainment. One facet of the hospitality sector in the Middle East is sustainability and plant-based eating.
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Evaluating the ROI of Restaurant Loyalty Programs
In the ever-changing hospitality landscape, restaurant owners are always looking for ways to stay ahead of the curve. Whether through implementing the most advanced POS system or utilizing a new marketing strategy, the industry is always evolving.
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Emerging Tech Trends in Hospitality Accounting for 2024
The hospitality industry is a complicated financial facet, specific intricacies of hotels, restaurants, and resorts all require nuanced support because of industry-specific regulations and compliance. Paperchase solidifies its stance in the industry through a tech-agnostic operation.
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California’s Updated Surcharge Pricing Transparency
A new law introduced in California will shift requirements for menu pricing in restaurants. Senate Bill 478 was introduced to promote “price transparency” and help consumers avoid hidden fees.
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Paperchase Guide to Hotel Bookkeeping
Balancing books is as important as welcoming guests and providing exceptional services. However ,money management has never been easy, especially in the hotel industry.
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New Regulation Shifts Outdoor Dining in NYC
After taking a critical hit during the COVID-19 pandemic, restaurants bounced back with the help of eased regulations around outdoor dining. New York City became a hub for makeshift patios on sidewalks and the street, embracing a Parisian café culture.
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City of Yes for Restaurants: Dancing Allowed in More Establishments
New York City is known for its iconic restaurants and vibrant nightlife, but the two don’t always overlap. This month, the NYC Hospitality Alliance met with Mayor Adams and the Office of Nightlife to discuss issues facing the hospitality industry.
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Dinner Reservations for the People: NYC Cracks Down on Scalpers
Restaurant reservation scalping, where third-party platforms use bots to snatch reservations at popular restaurants and resell them for a profit, has been hurting restaurants, workers, and consumers alike.
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Maximizing Restaurant Profitability Through P&L Analysis
Your restaurant’s profit and loss (P&L) statement is more than just a financial record; it’s an essential tool that guides strategic decision-making.
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Financial KPIs Every Restaurant Owner Should Monitor
Partnering with specialized hospitality finance accountants like Paperchase gives your business insight into these KPIs so you can run your restaurant with ease.
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Understand COGS And its Importance
Paperchase’s hospitality accountants deliver valuable, detailed reporting, on a weekly and monthly basis to guide operational efficiency, and guide operations to achieve key performance metric goals like COGS.
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Sustainable Accounting Practices for Restaurants
Sustainable accounting lets restaurants and other businesses assess their impact on the economy, society, and environment.
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Comprehensive Financial Planning for Your New Restaurant
Comprehensive Financial Planning for Your New Restaurant
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Exceptional Service: A Key to Restaurant Profitability
In the ever-evolving restaurant industry, one thing remains constant: exceptional service is the cornerstone of profitability.
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Managing Costs: Seasonal Menu Planning Guide and Understanding
In today's culinary landscape, managing costs while maintaining quality is paramount for the success of any restaurant or food establishments. One effective strategy that savvy chefs and restaurateurs employ is seasonal menu planning.
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Everything You need to know about Bars & Night Club Taxes
Have you pondered about your favorite bars and nightclubs' taxes? These sites are enjoyable and provide additional activities. However, they offer a bustling nightlife and pleasure, with severe tax restrictions.
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Coffee Trends in the Middle East
Early 2024 saw a significant shift in the Middle Eastern hospitality industry, with a surge in the focus on coffee. Changing consumer tastes, and a turn towards Western culture due to an influx of tourists, have caused coffee shops to pop up all over the region. While partially concentrated in [...]
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Paperchase Guide To Payroll Processing in Hospitality.
Hotel payroll management is tricky compared to other sectors. Labor law compliance and complicated departmental pay programs are only two variables to consider. Precise payroll processing is necessary for legal compliance, employee satisfaction, and firm financial health.
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What’s The Middle East Fine Dining Climate Looking Like in 2024?
A strategic look into Saudi covers vs. UAE and where their fine-dining future stands. Driven by a rich culinary heritage and shifting consumer lifestyle and preferences, the Middle East Restaurant Market has witnessed a significant boost post-pandemic.
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Engineering your Wine Menu
Every restaurant owner strives to create a winning formula. The perfect blend of ambiance, service, and food, but there's a hidden ingredient. Often misused, your wine list has the power to enhance the dining experience, entice customers to explore new flavors, and ultimately, boost your bottom line.
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Paperchase officially partners with the James Beard Foundation
Paperchase, a leading global hospitality accounting firm, is thrilled to announce its sponsorship of the prestigious 2024 James Beard Awards.
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The Ultimate Guide to restaurant taxes: navigating tax compliance and saving!
Being in the restaurant business seems very easy because it involves dealing with customers all day and letting them have the best meal of their day.
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Paperchase Guide on Bar Financial Planning
Building a bar business can be a difficult task but with correct financial planning you can attract customers towards your business.
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Financial Planning for Successful Nightclub Events
Flashing lights, disco balls, and good times. Running a nightclub is a great way for a business owner to develop a brand and create a highly stylized establishment.
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Paperchase Guide to Hotel Accounting
Hotel accounting is a specialized field aimed at recording, managing, and analysis of the financial activities of a hotel business.
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Paperchase’s Guide to Restaurant Bookkeeping: Expert Insights
A restaurant owner handles many tasks simultaneously, such as serving fresh food while maintaining a good attitude.
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Navigating the Financial Landscape of Hospitality
In the fast-paced world of restaurant management, keeping a tight grip on finances is crucial for success.
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Paperchase’s Guide to Restaurant Accounting: Success Starts with Numbers
Accounting is the engine of a restaurant and good financial and record-keeping organization are what keep it running.
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Essential Restaurant Accounting Tips
Cash flow management is an area that can seem overwhelming to many business owners, but Paperchase specializes in this area to help you understand these specific factors of running a restaurant.
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Best Practices for Small Restaurant Accounting Records: Elevate Your Financial Game
Have you been considering expanding your business one way or another?
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Franchising or Licensing: The Choice Is Yours
Have you been considering expanding your business one way or another?
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Wrapping Up 2023: Expect the Unexpected
The UK has been through a rough period over these last two years. We’ve barely made it without a recession, and the Bank of England raised interest rates amidst a shrinking GDP.
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Accounting for Hospitality in the UAE
“For over 30 years, Paperchase has provided bookkeeping and financial management services to the hospitality industry, globally, however, we do so much more than just bookkeeping. We consider ourselves to be partners to each of our clients, offering insights, problem solving, supporting business growth and training” comments Manit Singh, Business [...]
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Unlocking the Full Potential of Restaurant Data
We recently sat down with Restaurant365 and Wayne Huang, Chief Financial Officer at wellbeing café, Pura Vida Miami, to discuss all things relating to unlocking the full potential of restaurant data and optimising operations and performance.
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Preparing for summer – Tips for hospitality businesses
With 34 years of helping hospitality business to improve, grow, develop and expand, there isn’t much the team at Paperchase does not know about the industry. Getting ready for summer should be on every operator’s agenda right now, so, here are a few tips from the team at Paperchase.
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Attracting, Engaging, and Retaining Staff
Attracting and retaining good staff in hospitality is always challenging. Paperchase talks to Ann Barker, Sales & Partnerships Director of Excellect, an independent employee benefits and health insurance broker to explore some best practice.
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UK Budget 2023 – What does it mean to the hospitality industry?
Has the Chancellor thrown the industry a lifeline? With the recent budget, what will the effect be on the hospitality sector?
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New Legislation Mandates Calorie Labels on UK Restaurant Menus
Adriana Cavita is an international chef, soon-to-be author, and owner of London-based Mexican restaurant
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Celebrating Women In Hospitality
Anna Haugh is a chef and owner of Irish-influenced restaurant, Myrtle.
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Raising Funding For Your Hospitality Business
How do you raise funding for a new hospitality venture?
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Business Planning In 2023
The year ahead is already forecasted to be challenging – it’s about how we embrace the chaos, uncertainty and pressure and use it to fuel our creativity, drive new ways of working and challenge our teams to think outside the box.
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Make Your Bookkeeper Your New Best Friend
You may be running a restaurant, doing your own admin, and have appointed a generic accountant, thinking you have all the help you need to manage the finances of the business. The truth is you also need a bookkeeper!
How to open a restaurant News
How To Open A Restaurant
Simon Binder, Chairman of hospitality accountancy, Paperchase, with 40 years of running restaurants, offers some sound advice to would-be new restaurateurs.
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What Does The New Government ‘Allocation Of Tips’ Bill Mean?
New Government ‘Allocation Of Tips’ Bill Explained
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Paperchase Accountancy Expands Its UK Sales Team
Paperchase, the UK’s leading accountancy services provider for the hospitality sector
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3 Tips For A Successful Hospitality Business
What is the recipe for a successful restaurant, bar, or pub?
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Calorie Information On Menus
New legislation became law on the 6th April regarding the listing of calorie information on restaurant menus.
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2022 Budget Recap: Hospitality Highlights
Did Rishi Sunak's Spring Statement Offer Hospitality a Little Hope for 2022 and Beyond?
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Foodservice Prices Set To Rise!
Due to rising demand, product shortages, distribution problems, with a lack of delivery drivers, food service prices are under extreme risk of imminent increase as the hospitality industry gears up for the festive season.
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Hospitality News: Upcoming Changes Impacting Businesses
Just as the world returns to normal, three significant events in the next 6-months threaten to affect hospitality business as well as the consumer.
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Showing Up For Hospitality
According to findings by Zonal 'no-shows cost the hospitality industry an estimated £17.6 billion in lost sales every year'.
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Marc Bertorelli Joins Paperchase
Marc Bertorelli joins hospitality accountancy specialists Paperchase as Business Development Manager.
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Value For Money – Getting It Right
In the midst of a cost of living crisis, customers are considering now more than ever whether they are getting value for their spend before parting ways with their money. With this in mind we thought we would look at what delivers true value for money within a restaurant.
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The Budget Is Here & Reopening Is Near
Following our recap of the 2021 budget and the UK government’s announcement that hospitality venues can reopen outdoors in April and indoors in May.
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Is Hospitality Giving Consumers What They Want?
It’s almost been an entire year since Covid altered life as we knew it. A lot has changed during this time including consumers’ eating habits, attitudes and behaviours.
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2021 Michelin Stars Congratulations
Paperchase congratulates all our restaurant clients who gained or retained Michelin Stars in the 2021
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What Can Paperchase Do For You?
Whilst Paperchase specialises in the hospitality sector, we are a little more than just accountants. We understand the industry and we swim in the same pond as you.
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Don’t Count The Beans, Cook Them
As hospitality businesses struggle to find staff to do their accounts and bookkeeping in-house, what are the advantages of contracting-out?
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6 Tips For Increasing Restaurant Bookings
Technology, the internet, and mobile applications have revolutionised restaurant reservation management.
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Are You Still Giving Your Customers The ‘V’ Sign?
With an increase in the change in eating habits, and the popularity of dishes that contain neither meat, fish, eggs, or dairy, with vegetarian and plant-based eating gaining popularity, are restaurateurs future-proofing their relationships with their diners?
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Food For Thought With Brett Graham
10 questions and answers showcasing the personalities of some of hospitality’s finest. Join us this month as we get to know Brett Graham of the Ledbury.
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Technology In Hospitality
Technology in hospitality is now playing a major role at every stage of the customer journey, with 40% of diners agreeing that technology has improved their hospitality experiences.
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It’s An Opening!
As hospitality gets ready to welcome back customers, is it a case of just unlocking the doors and letting the crowds in?
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2021 – What Happens Now?
Having spent his entire working life in the hospitality sector as a restaurateur, a strategic consultant to the industry, as well as building some of the most iconic restaurant brands in the UK, Simon Binder, now Executive Chairman of Paperchase, looks at 2021.
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HMRC Announces Extension To Job Retention Scheme
The Chancellor of the Exchequer announces an extension to the ‘Coronavirus Job Extension Scheme’ (CJRS) payable under the scheme set out on 15th April 2020
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Marketing Now – Use Your Downtime Well
Barry Walker – Paperchase Marketing Manager, suggests the best way to spend your lockdown time is by planning for change!