Hospitality Consulting

Our Hospitality Group is committed to providing solutions to the hospitality and leisure sectors that will help improve business performance by using a variety of analytical methods with innovative and creative solutions.  Our aim is to assist business managers to operate their businesses by making sound business decisions and implementing strategies and plans that result in cost reduction and profit improvement.
The Group includes professionals who have worked extensively in the hospitality industry with a broad range of operational, strategic, analytical and accounting skills.  They provide a full range of specifically tailored accounting, business advisory and tax services.

Cost-effective Outsourced Accounting and Payroll Solutions

We can provide a cost-effective outsourcing solution for your business, encompassing payroll, bookkeeping, management accounts and consultancy services. It allows you to focus on running your business and to concentrate on the core areas that fuel financial health and growth. We have extensive experience in outsourcing to the hospitality industry.
For the past 25 years, Parfrey Murphy has been successfully providing outsourcing services, from small family-run operations to multinationals. We tailor our services to each client from a payroll-only solution to a fully outsourced accounting department.

Our outsourcing solutions can include:

• Total payroll service dealing with numerous pay rates, 78 hour rule
• Maintaining all books and records
• Completing all VAT and PAYE/PRSI returns for filing with the Collector General
• Preparation of monthly/quarterly reports based on management’s specific requirements
• Preparation of Financial Statements and audit files for auditors.

Business Recovery Expert Solutions

Our Hospitality Group has the experience and expertise to assist businesses in the hospitality and leisure industry that are underperforming or experiencing financial difficulties. The Group can work with the key decision makers in these businesses to find solutions to their current challenges and implement a survival plan.

Our work can encompass a variety of areas including:

Case Study

Our client had developed a large and successful family-run business in the bar and restaurant sector. However, the impact of the smoking ban and the downturn in on-sale drinks trade resulted in a significant reduction in turnover.

Business review

Following an initial consultation and subsequent detailed analysis, we found several reasons for underperformance.

Lack of Leadership: Management duties were poorly allocated among family members resulting in overstaffing at a management level. There was no succession planning in place for the founder and the business lacked direction.

Marketing: The premises had traditionally catered for a particular age profile but the demographic had changed rapidly over the years. The business was not responding to the needs of this new market.

Plan

• A succession strategy was developed
• The management team was restructured so that only those family members who had an interest in the business were retained
• Family members who left the business were supported in new operations which were complementary to the existing business
• Underperforming units were closed and the property put to alternative use
• Surviving units were rebranded and marketed to the current demographic

Results

• The client has a better managed and more profitable business
• The new start-up businesses are successful
• The property put to alternative use proved to be very profitable even in the economic downturn

For more information on how we can help your business to succeed please contact Seamus Parfrey