Quick service restaurants (QSR) have complex accounting and payroll needs. Traditionally, expensive salaried employees have fulfilled these needs, but in the last 5+ years, technological advancements have opened the door to more cost-effective alternatives that increase operational efficiencies!
Today, the QSR industry can benefit from software-based outsourced accounting teams, which offer all in-house accounting expertise at a fraction of the price.
What is Outsourced Accounting and Payroll?
Outsourced accounting is looking outside the company for assistance with typical business accounting and bookkeeping. The hired service can be an individual or a team and use traditional bookkeeping techniques or the latest software.
RASI offers a comprehensive outsourced accounting solution (including payroll, ap and cash management, financial reporting, and more) built from the ground up specifically for restaurants. An essential consideration for outsourced accounting is finding a team that understands your industry, and RASI excels by this measure. RASI has partnered with thousands of restaurants to manage their accounting, reduce costs, and empower their operators with timely and accurate financial metrics and reporting.
Reason #1: Save Money and Time
The quick-service restaurant industry is primed to benefit from outsourced accounting and payroll advantages. First and foremost, among those benefits is the cost and time effectiveness of outsourcing. Think about the following: The average full-time bookkeeper is approximately $42,000 per year; RASI’s highest level of accounting service costs $9,600 per year (for one location), inclusive of a team to guide and support your financial goals. That’s an immediate savings of 77% with increased industry expertise, right at your fingertips.
Beyond the substantial financial benefit, outsourced accounting saves significant staff time. QSR software for restaurants (like RASI’s) combines accounting with payroll, accounts receivable, accounts payable, cash management, and more. Sophisticated software eliminates many manual, tedious tasks across back-office roles, freeing up staff time for revenue-producing activities. QSR accounting can be significantly simplified using the right tools.
Reason #2: Advanced Tax Expertise
A dedicated outsourced QSR accounting team, if well chosen, will have years of experience with the quick-service industry. This accumulated expertise will enable your accounting team to file taxes in a manner that minimizes your liabilities. There may be state programs you can participate in that reduce your tax exposure via tax credits or rebates—your outsourced accounting team will know how to make the most of these opportunities. A real QSR accounting team knows every nook and cranny of applicable laws to benefit your business.
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Reason #3: Room for Expansion
Quick service restaurants are known to have set operational templates and well-known brands. This combination makes them ideally suited for expansion to multiple locations. It’s common for QSR owners to have several restaurants and plans for more, making it imperative that their accountants offer a service that can grow with the business.
When you outsource to a flexible accounting team like RASI, you’re partnering with professionals who deeply understand the nuances of managing multiple locations and a team that can staff up as demand dictates.
How Does Outsourced Accounting Drive QSR Restaurant Profitability?
- Save management time via delegation of accounting and associated back-office tasks.
- Save money by not having a full-time accountant on payroll.
- Benefit from tax expertise to minimize your tax bill and secure tax credits and rebates, where available.
- Access an accounting team that adapts to your growth and understands multiple location businesses.
For updated information on the QSR Industry and its current climate, check out RASI QSR Partner, Delaget’s, 2021 QSR Operational Index. This report contains unique industry information including key operational performance metrics from over 6,000 of their quick service customers across the last 3 years, including sales data, employee trends, loss metrics, and industry insights!
How to Select an Outsourced Accounting Solution
While outsourced accounting can be an asset to any restaurant business, not all accounting teams are created equal. It’s critical to understand your specific accounting needs and check that your accounting provider can meet them. For operators of QSRs, you’ll want to be sure that your chosen team understands the demands and opportunities of quick service.
RASI is a comprehensive back-office solution for QSRs. RASI combines accounting, compliance, payroll, cash management, POS integration, and financial operating metrics. As a result, thousands of restaurant operators across the nation have made RASI their choice for restaurant management.
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When you sign up with RASI, a dedicated account team will onboard your management staff, configure the software to match your operational flows, and coach your team on using the software to set and meet financial goals. Contact us today for a free demo!