Learn how Jersey Mike’s franchisees leverage Restaurant365 to automate their accounting functions.
Marnie Feinour is the president of The Bottom Line, a well-established public accounting firm that provides accounting and tax services for various franchise brands nationwide, including more than 720 Jersey Mike’s Subs outlets and various other franchise brands.
Modern restaurant accounting systems should involve full integrations between tools. The most important integration is between your restaurant accounting system and your Point of Sale (POS) system. The POS system has real-time, detailed snapshots of daily sales, menu performance, and labor cost metrics. Having this data stored and tracked with your accounting system can help you identify historical trends, make decisions about current costs, and forecast future sales and labor needs.
Cloud-based software gives you the flexibility of connecting to your restaurant business anywhere, any time and from any device. Having a cloud-based POS system and a cloud-based accounting system is especially important.
Additionally, a POS system that connects with your other cloud-based restaurant technology providers can streamline processes and reduce inefficiencies. It’s crucial that your cloud-based POS system integrates seamlessly with your cloud-based accounting system to centralize your daily sales and labor data. Keeping track of this data daily enables you to make immediate, data-driven decisions.
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Having immediate visibility into all the key drivers of your restaurant performance is a strategic differentiator for your successful operation. Your POS system and restaurant management system holds data on your sales, labor, inventory, menus, and various operational and financial aspects of your business, but it requires real-time access to the data to generate actionable insights for day-to-day operational decision-making, as well as to make decisions about when and how to expand your business. Real-time reporting keeps you up to date on your spending, allowing you to make immediate, data-driven decisions to control your prime costs.
An end-to-end AP automation solution efficiently streamlines the accounts payable process by providing the means for vendors to upload invoices directly into your accounting system, or in the case of paper invoices, allows you to scan and upload them to the system. Then, it routes invoices through workflows for approval and securely sends payments to your vendor through multiple payment options. AP automation can significantly reduce manual accounting tasks and as you add locations, you can do so without adding resources to your accounting staff.
Accounting teams spend days, sometimes weeks, reconciling last month’s bank activity. Automated bank reconciliation systems can connect directly with your bank, allowing you to connect your financial institutions directly to the bank activity feature in your accounting software and automatically download your bank activity transactions. Consequently, with direct integration, you can reconcile your activity every day in just minutes, rather than waiting until the end of the month.
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