Leveraging Accounting Technology for Success in the Restaurant Business

In today’s dynamic business environment, restaurants require comprehensive control and visibility into their financial and operational metrics. Advanced accounting technology, like Sage Intacct’s cloud financial and accounting software, provides an ideal solution for this intricate requirement.

Sage Intacct’s cloud financials suite, designed with restaurants in mind, provides real-time visibility into a wide range of financial metrics. Moreover, the incorporation of Visual Boards for Restaurants extends this visibility to underlying operational metrics that are crucial for driving financial numbers. This platform understands the intricacies of restaurant operations, including revenue analysis, table turnover rates, invoice averages, and other key metrics.

The Visual Boards for Restaurants offer instant insights across dimensions. It allows restaurant operators to see which staff members are bringing in the most revenue or highest sales per hour, chart the top-selling products by brand or location, and identify which category contributes the most to revenue or profit. When anomalies are detected, operators can easily drill down into granular details for further investigation.

Enhanced by artificial intelligence, the Visual Boards sift through data using sophisticated functions such as clustering, outliers, trend lines, and forecasts. The platform allows data to be presented in more than 30 interactive visualizations, facilitating better decision-making and strategic initiatives.

However, for many restaurants, managing the complexities of finance and accounting can be overwhelming. This is where outsourced accounting comes into play. By outsourcing their accounting functions, restaurant operators can tap into professionals with restaurant-specific experience who can unlock hidden insights in performance data.

HTB’s outsourced accounting team can take on daily accounting tasks and long-term strategic planning, freeing up restaurant operators to focus on running their stores and building their business. This arrangement is often more cost-effective than hiring full-time staff, as it allows restaurants to purchase the right level of accounting talent needed for their current operations.

Our team can also assist with detailed forecasting and trend analysis, helping to understand how costs and profitability vary by location, day, time, season, and other factors. They can also analyze restaurant’s performance data to identify issues and make necessary adjustments before they become problems.

In conclusion, the integration of advanced accounting technology and the support of outsourced accounting can dramatically improve the operational efficiency and financial management of restaurants. By leveraging these resources, restaurant operators can gain real-time insights, make data-driven decisions, improve cash flow management, and ultimately, achieve greater success in their business.

Contact our Outsourced Accounting Team below to discuss solutions for your business and learn how we can help you achieve your business goals.