In the restaurant industry, each decision makes or breaks a business, and having access to accurate, real-time data is crucial. Restaurant operators face many challenges when managing finances, and accounting firm partnerships are revolutionizing how restaurants manage data.
Restaurant365, a SaaS company, provides all-in-one accounting, store operations, and workforce solutions for restaurants for streamlined operations and accelerated reporting within a cloud-based platform. Paperchase, a global accounting firm, has specialized in restaurant finances for over 30 years and is aware of the technological challenges this industry faces.
“In the restaurant industry, technology has always lagged behind,” says Philip Gay, a partner at Paperchase. “Restaurants are still stuck using outdated methods. Historically, establishments might have relied on software like QuickBooks, or in some cases, even paper registers, and some places still have financial data scribbled on the back of a napkin.”
While traditional accounting software like Quickbooks works for smaller restaurants, Paperchase found that Restaurant365 provides more efficient service to its larger franchise clients. With less time-consuming manual entry and data-crunching, Paperchase can deliver faster financial insights, close books quicker, and spend more time counseling their clients.
Paperchase’s accountants are Restaurant365 experts who help their clients maximize the value of their systems, like taking advantage of highly customizable reporting, allowing more time to be spent analyzing data, and working with restaurant operators to make informed decisions.
With its seamless integration of processes, from the general ledger to point-of-sale systems, Restaurant365 allowed daily and weekly financial metrics to be delivered near-real-time. “Now, you can understand what’s happening within 24 hours,” says Gay. “Whereas in the past, it could take weeks to get that information. Because we can run reports faster, we spend less time on macros and more time analyzing data.”
This partnership has benefited multi-unit operators like Subway, which initially had a closed-end system but expanded by integrating Restaurant365. “Subway primarily worked with individual operators,” says Gay. “This approach resulted in napkin-style record-keeping. However, as Subway started welcoming multi-unit operators into its network, it recognized the need for robust solutions, leading to incorporating Restaurant365. While Subway is exploring other options, the combined power of Paperchase and Restaurant365 has proven to be the most effective choice as it navigates this transitional process.”
Paperchase’s expertise in using Restaurant365 has brought tangible benefits to its diverse array of clients across the US. According to a case study provided by Restaurant365, clients have saved more than 4 percent on labor costs, lowered accounting fees by over 30 percent, and tripled location counts while lowering expenses.
This level of growth and cost reduction would have been nearly impossible without the power of real-time data and efficient accounting Restaurant365 provides, enabling restaurant operators to make informed decisions, reduce costs, and achieve growth while transforming financial management.
To learn more about streamlining the accounting process, visit the Restaurant365 website. For more information about expert accountants who can power your system, visit the Paperchase website.
By Drew Filipski
