Virtual CFO Services for Restaurants
Accurate & actionable financials.
Running a business can be challenging. Running restaurant borders on insanity! Let’s not go down the rabbit hole that is the juggling act of restaurant management (food, staff, customer service, facility, ok maybe a peek) because we know you don’t have time to read a volume of stuff you already know. If you are considering outsourcing your bookkeeping and financial reporting service to us, why not supercharge your restaurant accounting solution with our Restaurant Virtual CFO service?
Our Virtual CFOs are industry veterans who will consult, prepare, and review all aspects of financial reporting. Consider them your last line of defense against financial mismanagement, bad vendor agreements, and missing data points needed to make the best decisions.
By outsourcing your CFO needs with a Restaurant Virtual CFO-focused company, you can realize a full suite of restaurant accounting solutions without breaking the bank.
My Restaurant CFO’s Virtual CFO Provides:
Cash Flow Forecasting
One of the most common tools your CFO will reference is a cash flow forecast. This tool helps you and your strategy team understand what happens to your cash position in the future based on the decisions you make today.
Once a plan is in place, you’ll want to know how well you’re tracking it. We all know how important budgets are, but they don’t always get used. Your CFO will help get your budgets in place and then analyze your company’s performance against it.
For restaurants on the verge of a cash crunch, knowing break-even points is crucial. Your sales and production teams must know how much work they have to deliver in order to keep the bills paid. Every restaurant faces hard times, and if that ever happens to you, your CFO can help you dig deep and control the excess.
Labor Cost Management
If you’re a staff-heavy organization, you must know as much as possible about your payroll costs. Is your staff operating efficiently? Should you give someone a raise, and if so, what will it do to your business over the long run? As we coach businesses across the country, labor costs tend to be their biggest downfall. They have either been over-hired or haven’t staffed enough, and the bottom line gets strained.
Variable vs. Fixed expense reporting
Not all costs in your business are created equal. Some costs are incurred regardless of what you do – we call those fixed costs. While you can reduce costs in this category, there’s only so much you can cut, and the benefit to your business becomes less and less impactful. However, your variable expenses are the costs you incur when you do work. The secret to getting wealthy is efficiently controlling these costs. Your Virtual CFO is an expert at identifying these costs and keeping them in check.
Debt Planning & Reduction
To know where you are going you need to know where you have been and where you currently reside. This, in a statement, is the reason for detailed reporting and analysis. Not only does My restaurant CFO curate and prepare all of your restaurant’s reporting data we review and consult with you on the findings and provide valuable information for decision-making. See a trend here? It’s all about properly structured actionable data so you can financially fuel your passion.
Depending on the goals of your business, your CFO may suggest several different tactics to help make your business more profitable. An entrepreneur that wants to attract investors will need a different focus from their CFO when compared to an entrepreneur that’s trying to add more products to their offering.