Daniel Packer

In the restaurant industry, efficiency isn’t just an advantage, it’s a necessity and that is where AP automation for restaurants can help restaurant owners get ahead. https://lnkd.in/gwxcNer9 #APAutomation #Restaurants #SupplierInvoiceReconciliation #Profitability

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Attention restaurant franchisors – are you struggling with ASC 606 and ASU 2021-02? These accounting standards can make revenue recognition a complex task when running your franchise. Check out our latest article to learn more about navigating these technical accounting rules, including how to identify distinct performance obligations and advice on amending franchise agreements. https://lnkd.in/euxNS_jK

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In a recent QSR Magazine article, restaurant franchisees discuss the economic challenges they face in 2024, including rising costs, labor shortages, and shifting consumer behavior. To address these challenges, franchisees are implementing various strategies to cut costs, improve efficiency, and enhance customer service. Some franchisees are reducing their operating hours or using automation to reduce labor costs. Others are raising menu prices to offset rising food and supply costs, or focusing on employee training and benefits to improve customer service and attract and retain talent. 💡 Download our white paper to learn more about how restaurant franchisees are adapting to this year's economic realities: https://avydn.co/3XuLItW

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The restaurant industry is set to break records with $1.1 trillion in sales by the end of 2024! 🚀 Here are some highlights of the industry's innovative growth projection, according to National Restaurant Association. https://hubs.ly/Q02DMDhc0 #FoodserviceIndustryTrent

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Last month, we hosted a comprehensive webinar series on Best-in-Class Solutions for Modern Restaurant Groups. We were honored to have OneDataSource join us for Maximizing Your Payables: How to Excel with AP Automation. Watch to hear Anna Anderson talk about the top three AP Challenges. Watch the full session here: https://hubs.li/Q02NxNG30 #restaurant #restauranttech #restaurantindustry #restaurantfinance #finance #accounting #cfos #controllers #accountingsoftware #restaurants

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𝗜𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝗶𝗻 𝗹𝗲𝗮𝗿𝗻𝗶𝗻𝗴 𝗺𝗼𝗿𝗲 𝗮𝗯𝗼𝘂𝘁 𝘁𝗵𝗲 𝘃𝗮𝗹𝘂𝗲 𝗼𝗳 𝗔𝗣 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗼𝗻? onePAY Director of Operations Anna Anderson recently joined our partners at Tablespoon LLC to discuss the benefits of accounts payable software for restaurant franchisees. You can access the webinar via the link below!

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John Hamburger, President of Restaurant Finance Monitor, recently summarized key characteristics of successful multi-unit franchise restaurant groups that he has seen time and again make a difference: - A bias towards growth. - High-quality financial reporting. - Leverage is manageable. - Successful operators keep a level head during different economic cycles. I want to dissect 2, 3, and 4 because this is where we see the biggest shortfall in smaller restaurant groups.    High-quality financial reporting means that your management and executive team have access to an accurate, consistent, and timely:  - Weekly balance sheet - Weekly cash flow report - Weekly or biweekly prime cost (COGS and labor) as a % of sales - Weekly Accounts Payable Aging or Unpaid Bills report - Period-end (monthly or 4-week period) P&L, Balance Sheet, and Statement of Cash Flows We want to reiterate the importance of the balance sheet. A P&L means nothing unless every account on your balance sheet is reconciled. Traditional bookkeepers or non-CPA/trained accountants can fall short here, producing inaccurate results that drive misleading decisions. If you need help with this, please don't hesitate to DM The Fork CPAs.   Managing leverage is just as important, especially when interest rates are high and everyone is focused on EBITDA. Store-level EBITDA is a vital KPI for growth, but depreciation and interest are real expenses that must be considered when assessing profitability. Too much debt is one of the primary reasons multi-unit groups fail. Generally, an EBITDA coverage ratio of over 10 is considered good ($10 of EBITDA for every dollar paid in interest). Unfortunately, more than a third of publicly traded restaurants in the US have a ratio lower than 10; the median is around 4.5.    Successful operators keep a level head during different economic cycles. This means they always keep the appropriate amount of working capital on hand. The appropriate amount of working capital is measured by dividing your total current assets (cash, inventory, and prepaid expenses) by your total current liabilities (accounts payable, credit cards, tips payable, sales tax payable, etc.). The ratio of current assets to current liabilities should be at least 1:1 for your restaurant to operate smoothly. You can determine your restaurant's working capital requirements by reading the article below. #restaurantfinance #restaurantaccounting #restaurantcfo #restaurantcontroller #hospitality #restaurants #accounting #finance #cpatips #hospitalityaccounting #workingcapital #financialanalysis https://lnkd.in/emDXFJPB

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Say goodbye to waitlist chaos! Kyobee optimizes seating for a smooth summer rush through its Table and Alert management system. #kyobee #tablemanagement #alertmanagement #restaurantsoftware #restaurantsinusa #restaurantsinusacalifornia #restaurantsoftwaresolutions #toprestaurantsoftware #menu

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What’s the biggest accounting challenge in your restaurant? Are you tracking supplier overcharges, inventory value, and COGS correctly? We’re looking into these top 3 accounting challenges in our latest post–check it out! #Restaurant #Hospitality #Accounting #EntrepreneurTip #Stockifi

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Unlocking the Future of QSR Guest Experiences: Delve into the Impact of Technology 🚀 In the fast-paced world of QSR, speed, convenience, and quality reign supreme. But what truly drives customer satisfaction beyond just good food? Our latest blog explores the tech-driven revolution shaping guest experiences. Discover why over 60% of diners believe technology enhances restaurant convenience and how it influences return visits, especially among the under-45 demographic.📱 Based on insights from our survey on Consumer Perceptions of Restaurant Tech, we analyze what factors truly matter to QSR patrons and how technology is reshaping their choices. Ready to uncover the game-changing insights? Let's explore together! #QSR #GuestExperience #TechImpact

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Join us in Napa in 2 weeks at the 2024 Wine Industry Financial Symposium to gain valuable insights from industry CFOs on navigating today's business landscape. In this session, hear from leading executives on critical topics like tech investments, alternative revenue streams, debt management amid high interest rates, strategic acquisitions, and more. Register today: https://zurl.co/pCcb #WineBusiness

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Discover 8 best practices for successful restaurant inventory management. Our latest blog posts discusses inventory strategies to reduce waste, cut costs, and raise profits. #expertiseaccelerated #accounting #restaurant #restaurantinventory #success

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In Part Two of our series, we explore California’s minimum wage increases, offering tailored insights for the restaurant industry. Learn how to navigate wage hikes, create value platforms and use price reductions to stay competitive: https://lnkd.in/ess-Zdc7 #RestaurantPricing #MinimumWage #restaurantindustry #fastfood

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Quick-service restaurants are tackling a significant hurdle: high employee turnover. Reports show the hospitality sector losing 70-80% of its staff each year, costing QSRs an average of $36,295 annually. 💰 Interested in solutions to combat this challenge? This article explores strategies like implementing good music and leveraging technology in operations. Find out more here: https://lnkd.in/gBtRwQEz #QSR #EmployeeTurnover #HospitalityIndustry #TechSolutions

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Ensure labor compliance, every shift. Visit the Restaurant Resource Center for Labor & Scheduling to explore resources with strategies, tips, and best practices to help make labor law compliance simple. Learn how to avoid violations and create compliant schedules with confidence. Check it out here: https://lnkd.in/dxZhczFj #laborlaws #laborcompliance #labormanagement

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Discover how personalized experiences and data-driven strategies are revolutionizing restaurant loyalty programs. Learn how to stay ahead in the competitive QSR landscape with insights from Paytronix's 2024 Loyalty Report: https://lnkd.in/gmhyd395 #personalization #loyalty #qsr #franchise #franchisemarketing #localmarketing #distributedmarketing

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