Why Restaurant Owners Need To Take Charge Of Their Financials
While mastering the financial side of your restaurant might not be your passion, it’s essential to your success because it can help you operate more efficiently and turn a better profit.
Gain Better Business Insights
Spot strengths and weaknesses, make adjustments, and track improvements with cutting-edge restaurant technology.
For instance, with Grubhub’s integrated POS systems, you can get consolidated financial information to help track financial data that provides customer and business insights—so you can make fact-based decisions.
- Analyze sales trends and forecasts future sales
- Track customer counts
- Help balance the books
- Examine payroll costs
- Appraise performance of specials and promotions
- Identify expense-spending habits
Additionally, with better insight into your business, you can work within the Grubhub For Restaurants platform to improve delivery operations, expand takeout revenue and increase your average order size.
Manage Restaurant Cash Flow
Keeping an accurate accounting of how much money is coming in and going out on a consistent basis can be difficult and time-consuming. Especially if you are doing it manually. Yet, managing cash flow is essential to your success.
Integrated POS systems can automatically break out sales and expenses data with a just a few clicks. You’ll have up-to-the-minute, accurate cash flow status at your fingertips. Knowing exactly how much money is available at any given time to pay bills, make payroll, and purchase inventory will help you operate more efficiently.
You’ll even be able to predict future cash flow levels and create more accurate budgets based on historical data.
Price Items Accurately
With a comprehensive overview of inventory expenses, restauranteurs will have accurate Cost of Goods Sold (COGS) data. This information can help you price your menu items knowing exactly what your profit will be per plate.
This COGS data will also allow you to easily identify changes in inventory costs over time and tweak prices accordingly.
Get a Handle on Expenses
Between labor costs, operating expenses, insurances, taxes, rent and more, managing expenses is an on-going challenge for any restauranteur.
With an accurate, up-to-the-minute accounting of all expenses, restaurants owners can look for ways cut costs, make informed decisions about staffing and equipment, plan for future expenses and increase profits.
Make Tax-time Easier
Tax time can be stressful for any business owner. Even more so for those who have not kept an accurate accounting of their financials.
Restaurants that partner with Grubhub can easily generate reports, download and reconcile financial statements, and even get their 1099-K reissued if they misplace it.
Whether you do your taxes yourself or use an accountant, keeping organized records, saving receipts and having a grasp on your financial operations will pay off at tax time. What’s more, you’ll be less likely to file incomplete or inaccurate information.
Embrace your inner accountant! The financial insight you gain will help you make intelligent business decisions, save you money, time, and boost your profitability.
Read about Restaurant Marketing, Operations, and more on Grubhub’s Learning Center for Restaurants.