Punch support: Pubwise Accountancy Pubwise - The Punch Taverns approach to accountancy and stocktaking What is it? A comprehensive package of accountancy and stocktaking services designed to give you the best possible start in your new business, together with a panel of independent Pubwise accountants – ready to help you.

Why do it?

There are many highly successful pub businesses in Britain today. We know of many common skills amongst those that do well, such as entrepreneurial flair, but without exception, all have good financial business controls with the majority out sourcing to professional accountants and stocktakers.

On the flip side, the single biggest reason for those businesses that fail is cashflow problems - perhaps when a large VAT bill arrives unexpectedly. Close behind are poor stock control, lack of financial information and not enough working capital.

The right accountant and stocktaker can help you with all of these issues, giving your business a strong foundation for the future. In addition, by using the expertise of others, taking advantage of their independence, this releases your time to focus on your business. Click here to see which Pubwise accountants are in your area.

What do I have to do?

• Take independent advice when preparing your business plan, before you take on your pub – a service that can be provided by any one of the Pubwise accountants for around £300. Please note this is additional to the Year 1 package which is designed for Partners who have already been appointed to their pub.
• Appoint an accountant and stocktaker to provide you with at least the level of service offered in the Pubwise year 1 package. 
• You are free to use one of the Pubwise accountants, or find your own alternative – all we ask is that they are suitably qualified and experienced in the licensed trade.
• We think that accountancy and stocktaking services are so important that we expect our Partners to have these in place before they enter into a new substantive pub agreement with us. 
• And you can rest assured that we factor in the cost of the service when we assess the rent.

What’s in it for me?

Once you start trading, work with your accountant and stocktaker to ensure you maximise your gross profit and control your costs. Experience tells us that accountancy and stocktaking services will usually pay for themselves.

Examples:

• I worked with my stocktaker over 6 months and improved our wet margin by around 8% - some prices went up, others down, but the overall mix was an 8% benefit.
• It’s so easy to lose money.  I don’t want to suggest that all staff are stealing, but stocktaking can pay for itself in a Saturday night – spot who likes drinking the WKD.
• My accountant has really helped me – I’ve saved a fortune in tax.

All the companies on the Pubwise panel have been through a rigorous tender process with Punch to make sure they have the right skills and licensed trade experience to support Punch Partners. There are enough firms to give you a choice of local and national companies, large and small. Punch has negotiated competitive prices with them all for the Pubwise year 1 package.

All the Pubwise firms are independent companies. When you take them on as your accountant and stocktaker your contract is with them, not with Punch. They are there to advise you. 

Punch have set a price range for the year 1 package, which the Pubwise companies have agreed to observe (as shown in the table above). We think these are competitive prices for a comprehensive package. The exact price charged will vary by supplier and depend on your specific requirements. We recommend that you talk to at least 2 firms before making your choice.

Note: Using a good accountant and stocktaker will help you to keep on top of your finances and give you the best possible chance as you start your new business. However, your business and the risks and benefits that come with it remain your responsibility. Unfortunately, no amount of advice can guarantee success.

Click here to see our Pubwise accountants and stocktakers.