What fast-casual and fine-dining restaurants can teach each other.

For decades, many fine dining operators viewed restaurants as a creative space rather than a profit center. But the tumultuous past few years have brought dramatic changes in the labor pool, supply chain, off-premise dining, and inflation, resulting in an increased need for high-end restaurants to monitor their bottom line. Fast-casual and quick-serve restaurants, on the other hand, have always kept profits top of mind.

Luxury concepts want to know which days and shifts the restaurant operates at peak efficiency, and know they must pay higher wages to retain skilled staff. From their fine dining counterparts, fast casuals can learn to streamline business on days or areas that may not be as profitable, and the impact of loyal staff and stellar service on customer retention. Both types of restaurants—especially those in strong growth mode—must be hyper-attuned to what is happening inside the restaurant.

“While most restaurants can pull reports from point-of-sale, third-party delivery platforms, and other payment avenues, that information doesn’t convey the full financial picture due to the nature of siloed or antiquated technology. Nor does it address the cost side of the ledger,” says Chris Moxhay, director of U.S. business development at Paperchase.

Paperchase specializes in working with restaurant brands ranging from quick-service restaurants to fine dining, tailoring reports to specific aspects of business operations for each client. The consultancy is known for its mastery of day-to-day financial operations, as well as the breadth and frequency of reporting, which allows clients like Le Pain Quotidien and Zuma to make agile business decisions. Its decades of industry specialization allows for much more detailed reports that are focused toward restaurant operations.

In addition to the standard monthly balance sheet and P&L statements, Paperchase technology reconciles data from dining-specific sources such as vendors, POS systems, and third-party delivery to provide reporting by the week, day, or hour. Its weekly reporting provides comparative data analyzing a restaurant’s top performing areas, KPIs such as cost of goods sold, and critical labor analysis.

“The weekly reporting of our key metrics has been instrumental for our teams making the necessary adjustments that are needed at a restaurant day to day,” says Patrice Leys, CEO of Five Guys NY. “Their attention to detail and familiarity with the foodservice industry continue to be an advantage for our growth as an organization.”

One area that Paperchase’s specialized team of experts highlight in analysis meetings with clients are comped and voided items. Paperchase accountants encourage clients with high percentages in these areas to investigate the underlying reasons for comps and voids. This typically reveals valuable insights about the business, like the need for greater training for servers—or something more nefarious, such as theft.

“What is most interesting are the stories that lie behind the numbers,” Moxhay says. “We don’t just rely on technology to give the reporting, we have a team that analyzes the data and can highlight areas in the restaurant that need improvement or present overlooked opportunities. This level of insight helps restaurant brands grow and expand.”

To learn more, visit pchase.com.

Sponsored Content