Food for thought

Gain valuable insight into the performance of your restaurant or hotel with our hospitality audit service

Food for thought

Hospitality audit

Our hospitality audit services go beyond checking that your restaurant is compliant with the Companies Act and other regulatory requirements. It offers you an insight into the way your finance function operates and identifies improvements that will help your business continue to grow and prosper.

People-based auditing

We put our hospitality clients at the heart of our auditing service by:

  • Agreeing the scope of the audit in advance, making sure it covers the processes that are most important to your business;
  • Sharing the audit plan with you so you know what will happen when and can be ready for it;
  • Keeping you updated on progress;
  • Minimising disruption by settling as many queries as possible whilst on site;
  • Providing an independent review of your financial processes, highlighting what is being done well and recommending where improvements can be made.

Our responsive approach is designed to help you identify and mitigate the key challenges and risks in your business. You can rely on us to navigate the ever-changing regulatory landscape to help you keep your business on track.

Compliance ‘plus’ for your annual statutory audit

Restaurants, leisure providers, food producers and catering companies rely on WMT for an annual audit delivered in a way that works for both the business and its shareholders. Clients with overseas interests or parent companies, or who are part of a wider group, depend on us to prepare their consolidated accounts.

With WMT, your annual audit will be more than an independent assessment of whether the company’s financial statements have been properly and accurately prepared.

Every WMT audit concludes with a report on the effectiveness of the systems and processes in operation. It shows where your financial management is good and makes recommendations that will help you secure your financial footing, protect the business from fraud, and enhance internal controls.

Benefitting from a voluntary audit

An independent, expert review of your company’s financial statements provides reassurance to anyone with a financial interest in the business. The joy of a voluntary audit is that it can also be adapted to suit different purposes.

If you are looking to expand or sell your hospitality business, investors and buyers will see a regular voluntary audit as a sign the business is well managed. Suppliers also take comfort in knowing the businesses they deal with have received an independent assessment of their financial stability – you may be able to use this to negotiate better payment terms.

Like statutory audits, a voluntary audit can also include an assessment of financial procedures and controls, as well as recommendations for improvements and efficiencies. This is particularly helpful if the business is run by a management team, especially if their rewards and remuneration are performance dependent.

To find out more about how we can help with your hospitality business audit contact Graham Wintle.

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Hertfordshire office

Verulam Point
Station Way
St Albans

London office

2nd Floor
7 St John Street

Hertfordshire office

+44 (0)1727 838 255

London office

+44 (0)800 158 5829

London office (WMT Hospitality Accountants)

+44 (0)20 7253 0064