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London based payroll service to small, medium and large corporate companies.

Prysm Financial Acquires Datafox R&D

By Trending

We are thrilled to announce that Datafox R&D is now officially part of Prysm Financial.

R&D tax relief is a tax incentive from the UK Government designed to encourage companies to invest in R&D.

As the UK government continues to use R&D tax relief as a primary lever for economic growth, navigating the complexities of these incentives has never been more vital. From 2026, most UK companies can receive a net benefit of 15% to 16.2% of their R&D spend via the taxable expenditure credit. Furthermore, loss-making “R&D intensive” SMEs can access an enhanced cash return of approximately 27%.

With over 13 years of experience and a proven track record of successful R&D tax relief claims, Datafox is a trusted advisors for businesses across a wide range of sectors.

  • Over 300+ R&D tax relief claims processed in recent months
  • Average client claim of £102,000
  • Amounts recovered ranging from £50,000 to £1.1m
  • Over £100m of R&D tax relief claimed in recent years
  • Now part of an ACCA regulated firm of Chartered Certified Accountants

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    14/01/2026
    This week’s five-day TfL strike action has had a substantial and immediate negative financial impact on hospitality revenues across London.

    Financial impact of TFL strikes on London’s hospitality sector

    By Trending

    This week’s five-day TfL strike action has had a substantial and immediate negative financial impact on hospitality revenues across London.

    Our analysis, which consolidates data from over 100 operators, reveals a severe decline in sales, particularly at the beginning of the week when compared against the 52-week average:-

    • Monday: Revenue drop of −48.62%
    • Tuesday: Revenue drop of −42.20%
    • Wednesday: Revenue drop of −38.77%
    • Thursday: Revenue drop of −18.06%

    Access Hospitality states bookings for restaurants and other hospitality venues in London have fallen by 67%, and trade body UK Hospitality estimates this week’s walkouts could cost the sector up to £110 million.

    The data highlights that the disruption was most severe on Monday (the first day of the strike) and Tuesday, gradually easing as the week progressed.

    To mitigate losses, many operators were forced to reduce hours or cancel shifts for casual and zero-hour employees, leading to a significant loss of income for many employees, in addition to loss of service charge income which is a key component of take home pay.  

    Whilst some restaurants in Soho, Knightsbridge, Notting Hill and those in close proximity to the Elizabeth Line (which was not affected by the strike) reported minimal impact, the data demonstrates the overall sensitivity of the restaurant sector to transport disruptions and underlines the importance of contingency planning around major events that affect customer mobility.

    Although the strike action concluded on Friday morning, its impact is set to linger into the weekend. Projections based on confirmed bookings indicate that weekend sales are still tracking below average. 

    Our industry tracker consolidates data from over 100 hospitality operators across London and the surrounding areas, including quick service, casual dining, Michelin-starred, pubs, bars, and clubs.

    This week’s five-day TfL strike action has had a substantial and immediate negative financial impact on hospitality revenues across London.

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    or for a quote, please complete the below form.





      12/09/2025

      How Bubala Scaled Confidently with Prysm Financial

      By Success Stories, Trending

      Bubala is a Middle Eastern restaurant that started as a popup and has now expanded into three thriving permanent sites.

      Bubala, meaning darling in Yiddish, was founded by Marc Summers (formerly of Berber & Q) with a vision to bring delicious meat-free Middle Eastern food to London. 

      Since Marc partnered with Prysm Financial’s specialist restaurant accountants to manage all aspects of their finance function, Bubala has benefited from regular and robust reporting, with the directors being freed up to fine tune performance.

      A Middle Eastern Restaurant That Happens To Be Vegetarian

      Following a successful popup, the first permanent location opened in Spitalfields in 2019, followed by a second site in Soho in 2022, and a third which opened in King’s Cross in Spring 2025.

      While the menu is exclusively vegetarian, the restaurant prides itself first on the quality of its Middle Eastern dishes. It has always been keen not to be pigeonholed first and foremost as a vegetarian restaurant.

      Bold, complex flavours and textures feature throughout the menu, with high-quality vegetarian dishes given the spotlight they deserve. 

      Hummus, falafel and labneh feature prominently, but inspiration is also drawn from the founders’ Jewish heritage, with the inclusion of confit potato latkes and a pickle plate.

      A SLOW AND MANUAL FINANCE FUNCTION

      As the business grew, so did the complexity of managing finances.

      Bubala previously relied on a small bookkeeping firm with manual, paper-based processes. Invoices and receipts were forwarded ad-hoc, financial information was delayed and historic, and valuable founder time was diverted from operations to administration.

      This lack of timely financial insight made it difficult to make data-informed decisions and plan confidently for growth.

      FIXING THE FINANCE FUNCTION

      Prysm Financial stepped in as Bubala’s outsourced finance department, overhauling the entire finance function using leading cloud-based tools, including Apron. Tasks such as invoice management, payment runs, bookkeeping, and reconciliations were automated or centralized in a single system.

      SCALING WITH CONFIDENCE

      With a streamlined, insight-driven finance function and a solid operational foundation, Bubala is poised for continued growth.

      The team have opened their third permanent site in King’s Cross – with Prysm Financial continuing to support their expansion.

      With Prysm Financial, Bubala now benefits from:

      • Regular, detailed multi-site reporting delivered by an agreed date each month,
      • More accurate profit visibility,
      • KPIs and sector-specific benchmarks to guide strategic decisions,
      • Regular review  meetings to explore opportunities and solve challenges.

      Introductory Meeting

      With over 30 years of combined experience, our digitally-enhanced finance function provides restaurant and hospitality entrepreneurs with financial clarity and specialist advice to navigate past obstacles, identify opportunities and grow with confidence.

      To arrange an introductory meeting,
      or for a quote, please complete the below form.





        31/07/2025

        Streamlining Payroll for an Independent Restaurant

        By Success Stories, Trending

        Our client operates a busy independent restaurant in London, with a team of 20 staff including kitchen, bar, and front-of-house roles.

        As trade picked up post-pandemic, the owner faced increasing pressure to manage staff costs, comply with payroll legislation, and keep on top of admin — all while focusing on delivering a high-quality dining experience. With no in-house HR or finance team, payroll had become a stressful, time-consuming task that risked costly errors and staff dissatisfaction.

        Prysm Financial provides specialist payroll and accountancy services for restaurants, bars and hotels in London and throughout the UK.

        OVERHAULING A DISJOINTED PAYROLL PROCESS

        Built for Hospitality Rotas

        The restaurant relied on a weekly rota that changed frequently based on bookings, seasonality, and staff availability. We implemented a payroll system specifically designed for shift-based hospitality businesses, allowing managers to upload approved hours directly from the rota without retyping or spreadsheet guesswork.

        *****************************

        Real-Time Holiday Pay and Transparency

        Staff worked a mix of full-time, part-time, and zero-hour contracts — making holiday pay calculations a challenge. We introduced real-time holiday accrual and automated payslip breakdowns, giving employees visibility and reducing queries to management.

        *****************************

        Compliance with NMW and Pension Duties

        Our solution included automated checks for National Minimum Wage compliance, even when tronc or unpaid breaks were factored in. We also ensured pension auto-enrolment duties were being met — something that had previously been missed for some part-time staff.

        *****************************

        Simple, Timely Payroll Processing

        We took full ownership of monthly payroll processing, from timesheet validation to payslip delivery and HMRC submissions. Payroll reports were sent directly to the owner each month, including total labour costs, NI contributions, and departmental breakdowns.

        THE OUTCOME

        With a streamlined payroll process and a compliant, cloud-based system in place, the owner now spends far less time managing admin — and more time focusing on the restaurant and its customers.

        Staff have greater visibility and confidence in their pay, holiday, and hours worked, while the risk of compliance issues has been eliminated. Most importantly, payday is no longer a source of stress — for the owner or the team.

        Introductory Meeting

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        or for a quote, please complete the below form.





          ✔ Save up to 50% on payroll costs,
          ✔ Digitally enhanced payroll function,
          ✔ Free up time and frustration,
          ✔ Dedicated account manager,
          ✔ Market leading payroll technology,
          ✔ An accurate, efficient and cost-effective service,
          ✔ Seamless transition.

          15/07/2025

          Transforming Payroll for a Multi-Site Hotel

          By Success Stories, Trending

          Our client runs a group of boutique hotels across four sites in London and the South East, employing over 150 staff on a mix of full-time, part-time, and zero-hour contracts.

          With high staff turnover and complex rotas, payroll had become a time-intensive bottleneck for the HR Director, with manual processes dominating each monthly cycle. They approached Prysm Financial for a more reliable, compliant, and scalable payroll solution.

          OVERHAULING A DISJOINTED PAYROLL PROCESS

          We began with a full audit of their existing payroll setup, engaging closely with the operations director, HR manager, and general managers at each site. Our focus was on reducing admin, improving accuracy, and ensuring payroll compliance.

          *****************************

          Hospitality Payroll Built for Flexibility

          We implemented a cloud-based payroll system designed for flexible, variable-hour workforces. The system could handle split shifts, variable pay rates, and last-minute rota changes – all without needing manual re-entry each week.

          *****************************

          Seamless Rota and Timesheet Integration

          Previously, managers submitted spreadsheet based timesheets, often leading to errors or delays. We integrated their staff scheduling software directly with payroll, ensuring approved hours flowed automatically into each pay run. This removed double entry and significantly reduced pay disputes.

          *****************************

          Real-Time Holiday Accrual and Pay Transparency

          Calculating holiday pay for zero-hour staff had been a major challenge, especially with changing legislation. We implemented real-time holiday tracking based on hours worked, ensuring compliance and reducing confusion for both staff and managers. Payslips were made available via a secure portal, increasing transparency and reducing queries to head office.

          *****************************

          Onboarding and Leaver Automation

          We introduced a digital onboarding process that allowed new joiners to submit details and right-to-work documents electronically. Leavers were processed efficiently, with final pay calculations and P45s issued automatically – saving hours of admin each month.

          *****************************

          Consolidated Payroll Reporting

          Each month, we delivered detailed payroll reports, broken down by site, role, and pay type. Wage cost percentages were benchmarked against revenue, helping the leadership team spot anomalies and optimise staffing levels across quieter periods.

          *****************************

          Monthly Consolidated Reporting
          We built bespoke monthly management accounts, including consolidated P&L by site, food and labour cost ratios, and operational KPIs. This gave the directors a clear view of underperforming locations and helped inform pricing and staffing decisions.

          THE OUTCOME

          Within three months, our client transitioned from a disjointed payroll setup to a centralised, compliant system built for hospitality. Errors and late payments dropped dramatically. Staff satisfaction improved thanks to transparent pay and faster resolutions to queries.

          Introductory Meeting

          To arrange an introductory meeting,
          or for a quote, please complete the below form.





            With over 30 years of combined experience, our digitally-enhanced finance function provides restaurant and hospitality entrepreneurs with financial clarity and specialist advice to navigate past obstacles, identify opportunities and growth with confidence.

            ✔ Chartered Certified Accountants
            ✔ Full service – bookkeeping, accounting, payroll and tax,
            ✔ Free up time and frustration,
            ✔ Dedicated finance partners,
            ✔ Grow with confidence,
            ✔ Powered by Xero.

            15/07/2025

            Improving Profitability Through Smarter Finance

            By Success Stories, Trending

            Our client operates a group of casual dining restaurants across six locations in the UK, with an annual turnover of £4.1 million.

            As the group expanded, the owners faced increasing pressure to manage cash flow across sites, monitor food and labour costs, and ensure timely, accurate reporting. With limited internal finance capacity, they approached us for support in upgrading their finance function and gaining better visibility over the business.

            STREAMLINING A CLUNKY FINANCE PROCESS

            We started by conducting a full review of the restaurant group’s finance processes, working closely with the operations manager and site-level teams. Our aim was to streamline their back-office systems and empower the directors with timely insights to drive profitability.

            Our tailored solution included:

            Migration to Cloud Accounting
            We transitioned the group to a cloud-based accounting platform, providing centralised access for head office and site managers. This enabled real-time financial visibility across all locations and reduced reliance on manual spreadsheet reporting.

            *****************************

            Integration with EPOS and Stock Systems
            Sales data from each restaurant’s EPOS system was integrated directly into the accounting software, enabling daily sales tracking and accurate VAT reporting. We also introduced a stock management system to track wastage and cost of sales, giving the directors greater control over gross margins.

            *****************************

            Labour Cost Monitoring
            Labour is one of the largest costs in the hospitality sector. We implemented a solution that links staff rota and payroll systems to the accounts platform, allowing site-level wage costs to be monitored weekly against sales targets.

            *****************************

            Automated Purchase Invoice Processing
            We introduced a digital solution for supplier invoice capture and coding, including approval workflows for the head chef and general manager at each site. This helped control spending and ensured invoices were matched to agreed pricing and delivery.

            *****************************

            Cash and Till Reconciliation
            Cash variances across sites were creating reconciliation issues and lost time. We set up daily till reconciliation procedures and linked bank feeds to the accounting system, enabling more accurate cash control and reducing errors.

            *****************************

            Monthly Consolidated Reporting
            We built bespoke monthly management accounts, including consolidated P&L by site, food and labour cost ratios, and operational KPIs. This gave the directors a clear view of underperforming locations and helped inform pricing and staffing decisions.

            THE OUTCOME

            Our work created a robust, cloud-based finance infrastructure tailored for the fast-paced restaurant sector.

            With automated processes, integrated systems, and accurate reporting, the directors now have full visibility over site performance and tighter control over key cost areas. Most importantly, they can spend less time chasing numbers – and more time focused on growing their brand.

            Introductory Meeting

            To arrange an introductory meeting,
            or for a quote, please complete the below form.





              With over 30 years of combined experience, our digitally-enhanced finance function provides restaurant and hospitality entrepreneurs with financial clarity and specialist advice to navigate past obstacles, identify opportunities and growth with confidence.

              ✔ Chartered Certified Accountants
              ✔ Full service – bookkeeping, accounting, payroll and tax,
              ✔ Free up time and frustration,
              ✔ Dedicated finance partners,
              ✔ Grow with confidence,
              ✔ Powered by Xero.

              09/07/2025