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.
Cash is king in restaurants. In the midst of this crisis situation with COVID-19, knowing your restaurant’s current cash position is one of the most important insights an operator can have.
We have created a simple, yet effective, Weekly Cash Flow Worksheet that you can easily download and modify (fill out the form below to access).
What are the common reasons that restaurants don’t use the 4-week cycle?
While there are many reasons to use the 4-week system operationally, the reason it’s not used usually comes from a disconnect between operations and the accountants.
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.
Trusted CFO Solutions specializes in working with restaurant groups. One of our wonderful clients, Succulent Hospitality, shares below about their experience working with us and how that’s helped them strengthen and grow their business.
Succulent Hospitality houses three restaurants in the Atlanta area: Hammocks Trading Company, Under the Cork Tree, and Prime 120.
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.
This is part of our Restaurant Success Series. Click here to access other articles.
Our restaurant clients are getting a good handle on controlling food cost and labor, thanks to our Prime Costs Dashboard.
Prior to Trusted CFO Solutions, most only used QuickBooks and only recorded things once a month – after month-end. Today, however, they can review their numbers by the day and also by the week.
The Prime Costs Dashboard is opening eyes. Not only are we educating them on the power of monitoring costs weekly, but the benefit is that they are able to control it before it’s too late.
This is part of our Restaurant Success Series. Click here to access other articles.
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.
Join us (and Sage Intacct) for a complimentary 4-week online Hospitality Hangout for finance leaders.
In this series, we will discuss up-to-date industry insights, as well as strategies to gain real-time visibility plus other tips for navigating turbulent times.
We invite you to mark your calendars and join us on Thursdays for four weeks beginning October 1 at 11 am PDT / 2 pm EDT.
At Trusted CFO Solutions, our restaurant clients partner with us to elevate their business from low-level financial visibility to an eagle’s eye view, soaring above the details.
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.
Run by experienced experts, Trusted CFO Solutions is an outsourced financial and operational reporting firm. We are a unique partner for restaurants due to our experience and specialization. Our client’s industries include hospitality, franchising, foodservice, and distribution. The TCFOS team takes the burden away from the restaurant owner adding an expert to the team based on pain points, providing owners and managers more time to run the business. We help our restaurateur clients interpret, respond to, and plan for all situations their business will encounter. We coach owners on finance and managing through measured results and customize our services to the restaurateur’s unique needs.
Are you looking to launch a new restaurant business? Check out the list below for tips on how you can set your company up for success!
“Educating our clients is at the heart of our team’s focus with our clients,” shared Deborah Griffin Schwartz.
