The restaurant industry is notoriously tough.
The intensity of work, long hours and high risk of failure makes the professional labour of love. After serving customers, managing the kitchen and keeping the team happy, the last thing restaurant owners want to do is tidy the books.
Thatβs where Phool Ashraf steps in. She decided to focus her work on the hospitality industry and build a modular tech stack to address her clientsβ primary concerns: those of sustainably growing a restaurant without spending their precious time off taking care of the bookkeeping.
SERVING THE RESTAURANT INDUSTRY
Over the last seven years, Phool has worked with hundreds of restaurant owners.
βAfter helping two businesses grow from small pop-up stands to established restaurants in the centre of London, I can bring these best practices to others.
βNiching has helped us move fast. At Gains Accountants, weβre a team of four
but I feel like weβre working equal to six people thanks to technology.
βWeβve used Receipt Bank and Xero since day one, but these tools have evolved with us along the way. My belief is that once data is in, it should never be entered again.β
DEVELOPING A BESPOKE TECH STACK
Phool chose a selection of products that would make the lives of restaurateurs easier.
βWeβre rolling out an app stack designed specifically for the restaurant industry – something that integrates everything from the electronic point of sale (EPS) and stock management to payroll and timesheets.
βReceipt Bank makes it easy for clients to digitise their expense paperwork and send to us in close to real-time. Features like Invoice Fetch also gives our service an edge. They no longer need to manually download recurring suppliers invoices and send them. Itβs all done automatically.β
THE PROOFβS IN THE PUDDING
Using Receipt Bank, Xero and other cloud accounting technology saves Phoolβs clients the cost of one full-time employee. While Phoolβs clients grow, Gains Accountants also goes from strength-to-strength.
βCloud technology has helped us grow faster than I could have imagined. For the business, we won Best Business of the Year in our first year of doing business. And for me? I get to spend more time with my family, and help my team of working parents do the same.β
Looking ahead, Phool is aiming to continue focusing on her niche and grow her practice.
I want to build a practice thatβs worth half a million in two years, delivering exceptional services to the hospitality industry.
Phool takes particular pride in the fact that her firm is 100 per cent digital. βIf any of our clients send us paperwork, we actually just send it straight back. We have no filing cabinets here and we intend to keep it that way.β
ABOUT PHOOL
An ACCA-qualified accountant, Phool has experience in both the public and private sectors. She brings extensive experience in financial planning, compliance service provision and business management advisory services.
βIβm an ambitious person and want to see my company grow along with my clientsβ businesses. Using Xero and Receipt Bank means that I get to work remotely whenever it suits me. I got bored quite easily when I was working with desktop software because I enjoy conversing more than looking at a screen β automation and cloud software lets me do that.β