It proves difficult for many multi-unit quick-service restaurant operators to manage the financial aspects of multiple entities. Each location contributes a unique dynamic and challenges, creating a complex web of data, making work more time-consuming, labor-intensive, and involving a lot of manual effort.
Every restaurant location has different profit and loss figures, prime costs, expenses, and revenue. Without a unified chart of accounts, managing money and comparing and analyzing performance at each entity becomes a much more intricate task than needed. “It's much easier if you do it on one unified platform. You can look at how the business is doing overall,” says Bill Fuesz, hospitality industry principal at Sage Intacct. “It makes it simpler to compare how different stores are doing financially.” This is where financial management platforms, such as Sage, step in to revolutionize how quick-service operators navigate their economic landscape.
A lot of restaurant operators depend on spreadsheets to track their financial consolidations. “Spreadsheets are error-prone and lack security, especially with multiple entities. Whether you have a few or several entities, monthly financial closes, intercompany eliminations, or consolidations, it all becomes very complex,” says Fuesz. A unified platform simplifies managing each location, enabling a global view of the business and comparisons between entities.
Furthermore, monthly financial closes become a prolonged process without seamless data consolidation. With multiple entities, the monthly close can stretch for days, if not weeks. This lag results in operators relying on outdated information, hindering real-time decision-making. Additionally, accommodating new locations demands creating separate charts of accounts, adding complexity and consuming valuable time.
Sage Intacct is a cloud-native financial management platform. It is engineered to address these multifaceted challenges faced by restaurant operators. Sage Intacct streamlines data consolidation across entities by offering a consolidated data management solution. This unified platform gives operators a comprehensive view of their financial landscape, enabling them to make informed decisions in real-time. “By building out restaurant tech in the cloud, you can use application programming interfaces to pull data automatically from your point-of-sale system, the restaurant inventory system, payroll, and other systems. The data is then integrated and presented in one place,” says Fuesz.
Advanced metrics and visual reporting are at the core of Sage's solution. Dashboards serve as data visualizations, presenting easy-to-understand operational data. “It is easier for the human mind to digest the data when displayed on the dashboard using graphics,” says Fuesz. Seamlessly integrated metrics recommended by the National Restaurant Association allow operators to compare and analyze data among all their locations.
This solution also prioritizes mobile compatibility and scalability, ensuring operators can efficiently manage growth and adapt to changing needs. “The ability to scale up and down is essential, especially if they're acquiring new locations. Sage has scalability and flexibility. It's easy to clone an individual entity and set up the new entity to have those attributes,” says Fuesz.
As the restaurant industry evolves, the need for streamlined financial management solutions becomes increasingly evident. Sage Intacct simplifies the complexities of multi-unit management. With a unified platform, advanced metrics, seamless integration, and scalability, restaurant operators can navigate the intricate financial landscape efficiently and confidently, making data-driven decisions that will define their success in the competitive market.
By Olivia Schuster