14 Jun Cater to your Restaurant’s Financial Data Visibility Needs
What’s more important, a rearview mirror or a windscreen? It depends on where you’re going and what you’re trying to see. The same applies to your accounting system. Not only do you need line of sight of what has happened historically for a retrospective review, but you also need a solution that gives you insight into what to expect going forward. We’ve all seen the impact that the pandemic has had on the restaurant industry. In this guide, we discuss how to cater to your restaurant’s financial data visibility needs.
Even before the pandemic, restaurants faced challenges caused by outdated systems. The limitations caused by manual processes, and a lack of visibility into multiple locations made it difficult for business owners to make strategic decisions.
A lot of great insight can be gathered from the mountain of financial data collected daily from reservations, point of sale, and scheduling systems. However, many a time, all this data is siloed and collected on separate systems. An integrated solution enables you to consolidate that data and turns it into accurate and actionable insights.
Table Of Contents
Manage Prime Costs and Maximize Profitability
Fast food is generally associated with gaining weight, but the reality is that the margins are slim. This is why restaurant owners need to keep a close eye on prime costs. You need a solution that offers insight into how you can manage your prime costs and avoid them growing too high. Furthermore, prime costs that are too low are associated with substandard service or quality. Choose a solution that enables you to consistently monitor your costs.
The Cost of Goods Sold
A Cloud financial management system, such as Sage Intacct, provides granular insights into your cost of goods sold (COGS). If you are running a restaurant that operates in multiple locations, you need visibility of how each food & beverage category is behaving compared to your budget, or a prior period.
Enjoy the power of intuitive dashboards where you can add your COGS. Drill down the details of each item and track them as dimensions. You can easily spot problem areas and become more proactive in taking corrective action.
An integrated system saves time by reducing repetitive manual processes, eliminates tedious data manipulation on spreadsheets, automates consolidations. Would you serve your customers stake food? Then why do you still use outdated systems and make vital business decisions on stale data? Join the age of real-time visibility and insights with cloud financial management systems that cater to your restaurant’s financial data visibility needs.