Frequently Asked Questions
What makes Monty different from a normal accountant?
We're a finance department for hospitality businesses, not just an accountant. Everyone here has worked in the industry, and we've run the finance function for restaurant groups from the inside. We know what your numbers should look like, what to chase, and what to worry about, so we spot issues before they cost you money rather than reporting them after.
Do I need a specialist accountant for my hospitality business?
You don't have to have one, but hospitality has cost drivers that most general accountants never meet: food cost, wage percentage, tronc, delivery partner fees, seasonal swings. Not to mention all the systems and automations specific to this industry. A general accountant learns the industry on your time, and that time comes out of your pocket. We already know it. It's a better service and better insights.
Do you only work with restaurants?
Hospitality and retail, restaurants, coffee shops, bars, pubs, hotel, leisure and retail. It means your accountant already understands the industry, is already talking to your suppliers, knows the benchmarks relevant to you and understands how all your systems work
How much do you charge?
Fees are typically 0.5% to 1.5% of turnover, depending on the size and complexity of the business. For comparison, a like-for-like internal finance team would cost you 3% to 6%, so you get the same capability for a fraction of the cost, with no recruitment, no sickness cover, no payroll admin. We'll confirm a fixed fee after a free introductory meeting, so you know exactly what you're paying.
Do you work with smaller businesses or just big groups?
We typically work with hospitality businesses from 1 to 5 sites. The common thread isn't size, it's that the owners are ready for proper financial reporting and looking for a team who work with you as partners, rather than just getting the tax returns done.
What's the difference between you and a bookkeeper?
A bookkeeper records what happened. We look after the whole finance function: day-to-day bookkeeping, payroll, VAT, management accounts, cash flow, tax and, when you need it, a Fractional CFO to help with strategy, funding and board reporting. You get a team: Payroll, Accounts Assistant, Account Manager and a Director.
Why would I need a fractional CFO?
Often the decisions you're making now need CFO-level input, and a full-time CFO costs £150k+ a year before you start. A fractional CFO gives you that experience when you need it. Board meetings, funding rounds, lender conversations, growth decisions, business plans and models. We've done them all, and we do them for businesses your size. You get all of that without the salary.
Do you use Xero?
Yes, we're a Xero accredited partner and specialist in retail and ecommerce. We set your systems up so the information flows automatically, and you can see your numbers any time.
What's tronc and do I need to worry about it?
Tronc is a system for distributing tips to staff in a way that is NI efficient. The rules changed in 2024, tips must be allocated fairly and there are new requirements on how they're handled and taxed. Distributing tips unfairly has real cost. We handle tronc schemes and payroll as standard.
Can you help me raise money or get a loan?
That's one of the things we do best. We've raised finance from banks and institutions on numerous occasions. We'll make sure your management accounts and cash flow are in shape, and put together the business plan and financial model lenders and investors expect to see.
What do I get in management accounts?
Monthly reporting tailored to your business, sales, food and drink costs, wages, overheads, cash flow and the KPIs that actually matter in hospitality. If you're looking for borrowing or investment, this is what lenders want to see before they'll talk to you.
Will I have the same people looking after me?
Yes. You get a dedicated team, Accounts Assistant, Account Manager and Director, and the same people work on your business week in, week out. They get to know your venues and your numbers properly.
Are you UK based?
Yes, a UK team, UK based, and you deal with the same named people every time.
How do I get started?
Book a free introductory meeting. We'll look at your business, tell you honestly what we'd do and what it costs. No hard sell, if we're not the right fit, we'll say so.