Restaurants Use New Financial and Operational Management Systems
Running a restaurant is a bit different from running other types of businesses. With regular inventory counts, figuring out taxes on tips, and monitoring the fluctuating price of ingredients, keeping track of finances can get tricky. Companies like Restaurant Solutions, Inc. (RSI) provide simple solutions to help restaurant owners track numbers and generate accurate reports on their operations. Their operational management system provides tools for busy restaurant owners to track and plan back office details. Their users can create a budget, track their accounts, manage inventory, reconcile bank statements, and even engineer their menus using RSI’s program.
Budgeting is essential for any business, and even more important with restaurants. With continual price fluctuations on ingredients based on seasons or gas prices, it can be difficult for restaurants to stay on budget from week to week. This is why normal accounting software may not be the best fit for restaurants. Accounting solutions specific to restaurants can help owners track the specifics to their business, such as Theoretical vs Actual Food Cost. RSI’s menu engineering tool is helping restaurant owners identify the overall impact on food items taking price volatility into account. This can influence which options are featured on the menu during different seasons, or even which ingredients are used in place of other more expensive ones.
Tracking various accounts may also look different to a restaurant than other businesses. For instance, a restaurant may not have much held in their accounts receivable since most of their bills from customers are paid within minutes to hours, not days to weeks. However, the costs of goods category can frequently change based on external factors. Inventory must also be continually tracked in a restaurant. With food spoiling each week and some dishes rising in popularity depending on the weather, inventory can change drastically from one day to the next. Restaurant operations tools can show owners trends in inventory, best times to make purchases, along with other savings opportunities.
Without accurate financial reporting, it can be difficult for restaurant owners to make day-to-day operational decisions. RSI’s Bank Reconciliation System ensures accurate close-outs so restaurant owners can proactively manage their cash flow and make better decisions on future purchases or what to alter in their business plan. Using tools like these empower restaurant owners to waste less, grow their profit margins, and manage the parts of their businesses that need continual monitoring.
Media Contact
Company Name: RSI
Contact Person: Pamela Adams
Email: Send Email
Phone: (303) 458-1204
Address:1101 W. Mineral Ave. Ste. 200
City: Littleton
State: CO
Country: United States
Website: restaurantaccountingservices.com
