Operators panicked when COVID first hit, dining rooms closed, and businesses dropped 60%-70% below their typical figures. The pandemic forced them to pick up the pieces of their operations and determine their next moves to stay open, yet comply with constantly changing restrictions. As independent restaurants continue to face massive hurdles, we’ve seen spectacular growth in creativity and grit as they continue to find new ways to build revenue. On the quick-service side, while not out of the woods entirely, franchisees have found a small space of breathing room while they operate through their drive-throughs. While drive-throughs have created a steady source of revenue for QSRs, there are additional areas of opportunity within which they can capitalize. During this post, learn how QSRs have been able to find success during the pandemic, beyond drive-throughs, via outsourced accounting and payroll solutions.
Top 3 reasons why outsourcing restaurant accounting & payroll can help a QSR brand find success – during and after the pandemic
Operators have a much bigger edge when they’re proactive instead of reactive – especially when the world throws unanticipated challenges their way. It’s difficult for an operator to make an adjustment at the end of a period and have to react retroactively to something going on for the last ten weeks. Conversely, having the ability to view areas of opportunity, implement changes, and immediately see how it impacts financials provides operators with the critical information they need to run their businesses successfully. When decreased sales and increased above-store expenses are hitting the table, making the right decision at the right time is paramount to success, growth, and true profitability.
Owners need to stay deeply involved in the operations; there’s an increased need for guest confidence and comfort and a need to demonstrate to employees that it’s still safe to work. QSR’s are in a unique position where the opportunity for drive-through operations allows for increased sales as compared to the independent operator. Ultimately, however, having a better understanding of the business and its financial position will enable operators to focus their attention where it’s truly needed – with their guests and team.
Having accurate and up-to-date financials is imperative when operators need to spend more time on the floor. Allowing an outsourced accounting company to take care of the books provides peace of mind for operators to do just that. It gives the extra room for owners to remain involved with their business on an interpersonal level while ensuring their financial state is stable and accurate, carving the path for a more sustainable and profitable business model.
Utilizing data to back business decisions provides a backbone for operators to ensure they’re on the right track. The biggest problem operators face is either no data or “data overload.” Operators can set themselves up for success and genuinely understand the picture of their business as a whole if they have streamlined data that’s simple and organized. Organized data offers operators the ability to set KPIs (key performance indicators) and performance thresholds that can be measured. Now more than ever, operators simply don’t have time to spend hours each week analyzing disorganized data or toggling back-and-forth between numerous reports and spreadsheets to determine how their business is performing and where the issues and opportunities lie. opportunities lie.
Operators receive a comprehensive financial and operational look at their business with RASI. Request a demo to learn how you can translate that weekly P&L into an operational tool so you can coach your store-level managers to make educated business decisions!