ACCOUNTING SOLUTIONS FOR THE HOSPITALITY SECTOR

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1 ACCOUNTING SOLUTIONS FOR THE HOSPITALITY SECTOR

2 Real People Real Accountants Real Time

3 ABOUT US ETC Hospitality was founded by Stephen Easthope and Alan Morgan in 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 and schools, along with other non-food service hospitality companies. WHAT WE OFFER Real People. Real Accountants. Real Time. We are cost-effective and highly 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

4 THE BENEFITS 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. 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 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. alan@etchospitality.com stephen@etchospitality.com We continue to explore and examine new and advancing technologies with an aim at improving and complementing the services we offer. Accounting Solutions for the Hospitality Sector

5 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

6 INPUTS & OUTPUTS Purchase Ledger Online invoice approval and archive Payroll management system Rota approval Petty cash EPOS / cash-up process Purchase ordering Menu costing Data originates from four key areas: 1. Purchase Ledger 2. Payroll Information 3. Sales / EPOS 4. 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. Reporting: - Weekly Flash P&L - Sales Mix - Potential GPs - Weekly Cashflow - P&L - Forecast - KPIs Planning & Strategy Accounting: - Profit & Loss - Balance Sheet - Reconciliations - Real-time - Audit Prep - Statutory Accounts - Budgets 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.

7 THE PAPER PROCESS / INVOICES 1 Invoices are sent to the scanning centre by you or, sent direct from the supplier Invoices are scanned by us and the data is automatically extracted using intelligent OCR (Optical Character Recognition) software. All extracted data is checked and if necessary corrected by operators to ensure 100% data accuracy. 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.

8 COSTS & BENEFITS THE COST OF PROCESSING The average data entry operator processes between 50 to 100 invoices per day It is not unusual for 10% to 30% to have queries The EU estimates that every invoice received costs nearly 1 in data entry costs Total processing costs 2-6 per invoice Cost to send invoices Cost of human involvement THE BENEFITS Parallel OCR scanning & e-invoicing hub as a long-term solution with immediate benefits Pay for usage pricing model Processing an invoice for little more than the cost of a postage stamp No upfront/setup costs, maintenance fees No need for onsite hardware, software or integration activity 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

9 APPROVAL PATHS 1 Search functionality allows you to search supplier names, amounts and dates - in fact any field that is captured from the data. A direct feed can update your accounting software instantly, hourly or daily as the invoices are loaded and approved. The specification process can set up certain invoices or suppliers to pass straight through to accounting package. Bespoke approval paths allow for multi-level approval. 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 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.

10 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 ed to the supplier once fully checked and approved through the path. PURCHASE ORDERS 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 ed to the supplier via Aqilla, and a posting is made in Aqilla AN ORDER VALUE IS NOW CREATED IN THE COMMITMENT LEDGER 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 is sent to the order source and requests authority to change the value. This process will generate two postings in Aqilla: 1. A POSTING TO THE ACTUAL LEDGER FOR THE INVOICE VALUE 2. A POSTING TO THE COMMITMENT LEDGER TO REMOVE THE PURCHASE ORDER VALUE 3 At the end of period Aqilla will post automatically the value of outstanding commitments THIS CREATES AN ACCURATE PERIOD END POSITION INCLUDING A REAL TIME VALUE OF OUTSTANDING PURCHASE ORDERS

11 Accounting Solutions for the Hospitality Sector FIND US ETC Hospitality Limited 164 Gray's Inn Road London WC1X 8ED CONTACT US