This is part of our Restaurant Success Series. Click here to access other articles.

Now is the time to convert to a 4-week reporting cycle!

The vast majority of restaurants we work with want to use a 4-week period but don’t have their accounting systems set up to make it happen. Usually, the owner or restaurant manager is having to keep these types of schedules manually in Excel. What we hear over and over again is that it isn’t a useful exercise to compare the results of their latest P&L to the previous month because there are usually a different number of days this month than last month. Further, comparing the current month this year to the same month last year may not be valid either!

Are you still working with Quickbooks and Excel spreadsheets, emailing back and forth, with countless employees working late to finish month-end financial reports only to find all the numbers changed the following morning? What about those problems you’ve had when finding errors weeks later?

Are all the companies in your business portfolio cobbled and thrown together, making it difficult to know the health of your companies? By the time you’re ready to pivot the company, are your reports already dated?

Saying “Goodbye!” to spreadsheet headaches and busy work is indeed a benefit that Sage Intacct Budgeting and Planning provides, but there is so much more to enjoy.

Sage Intacct Budgeting and Planning (SIBP) empowers our customers in four important ways.

The COVID-19 pandemic continues to impact the restaurant industry. In part one of this article, we shared the first three of five major areas revealed in the survey of over two-hundred restaurant finance leaders administered by our national partner, Sage Intacct, and the National Restaurant Association. The results reveal the impact on their restaurant business, the actions they took in response, and the lessons they learned through the process of adapting to the constant changes.

The COVID-19 pandemic continues to impact the restaurant industry. Uncertainty looms with the on-going challenges of containing the virus. This uncertainty creates obstacles in business decision-making. With public health requirements and customer preferences changing as the graphs on infections and deaths rise and fall, restaurants have more hurdles than ever. These challenges mean that restaurants need to respond quickly to a constantly changing environment.

Our national partner, Sage Intacct, and the National Restaurant Association surveyed over two-hundred restaurant finance leaders. This survey revealed COVID-19’s impact on their business, their actions in response, and their lessons through the process. Here is what they have to share.