As we leave 2020 and look ahead to 2021, the restaurants that assess their current situation, the ‘Now’, and look ahead to the goals they want to achieve, the ‘Where’, will be able to better plan, the ‘How’, to prosper in this new year.
Our mission at Trusted CFO Solutions is to help drive the performance of our clients’ businesses (i.e. especially restaurants, but retail and hospitality also). So, as part of our mission, we connect and unify operations and accounting. Here are the obstacles we face in our mission.
From their own words below, you’ll discover how we’ve helped the owners save time through real-time visibility reporting that shifts the burden from top-down leadership to a state where all leaders and managers know the same numbers and can act accordingly. We also discuss how Trusted CFO Solutions leverages the power of Sage Intacct to deliver the data with relevant recommendations on a weekly basis. It’s a favored engagement that has evolved into a powerful business partnership.
Now is the time to convert to a 4-week reporting cycle!
The vast majority of restaurants we work with want to use a 4-week period but don’t have their accounting systems set up to make it happen. Usually, the owner or restaurant manager is having to keep these types of schedules manually in Excel. What we hear over and over again is that it isn’t a useful exercise to compare the results of their latest P&L to the previous month because there are usually a different number of days this month than last month. Further, comparing the current month this year to the same month last year may not be valid either!
The COVID-19 pandemic continues to impact the restaurant industry. Uncertainty looms with the on-going challenges of containing the virus. This uncertainty creates obstacles in business decision-making. With public health requirements and customer preferences changing as the graphs on infections and deaths rise and fall, restaurants have more hurdles than ever. These challenges mean that restaurants need to respond quickly to a constantly changing environment.
Our national partner, Sage Intacct, and the National Restaurant Association surveyed over two-hundred restaurant finance leaders. This survey revealed COVID-19’s impact on their business, their actions in response, and their lessons through the process. Here is what they have to share.
The Atlanta Foodservice Expo is the only event in Georgia to bring together all sectors of the restaurant, foodservice and hospitality industry under one roof. The latest products, services, and technologies will be showcased for the industry, along with a comprehensive and leading-edge program of education that will provide foodservice operators in Georgia and surrounding markets with the best tools to grow and improve their business. Click here to visit their website and learn more about the expo.
Running your restaurant is time-consuming and every minute counts. We get it and this is why we leverage tools, processes, and people to give you time back, alleviate stress and help you accomplish your financial goals. Don’t get stuck surviving as a restaurant, instead find out how you can take your business to the next level. And, we can help.