Top Questions Restaurant CFOs Should Be Asking and Why | Global Shared Services

February 22, 2021

The following is an excerpt from our monthly newsletter sent by Will Fleming, President of GSS.

I have a question for you. Actually, I have several questions for you.

– What are the dominant constraints that hold back your company’s growth, and how do you plan to overcome them?

– How does your company plan to grow? M&A? Organically? Both?

– What is your greatest area of spend where there is a lot of uncertainty about the return?

These are just a few of the many strategic questions that you as the CFO (or CFO equivalent) should be asking. But the most important question I have for you is this…

Are you a pragmatic strategist?

If you can’t answer these questions fully, read on. This transition is vital to your growth.

Strategic Thinking Isn’t A Luxury

The ability to answer questions like the ones above indicates that you have successfully transitioned from day-to-day accounting and operational concerns to acting as a true strategist.

Strategic thinking isn’t something you do when you are successful, it is something you do to become successful.

Not sure who you can trust your franchise accounting and finances to? See why you should choose GSS

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You don’t get from 3% to 10% profit by getting better accounting; you do it by getting beyond accounting.

What does that look like?

CFO as Leveler, Enabler, & Transformer

Let me paint you my vision for what the CFO should be. I’ll break it into three parts.

Leveler: At the end of the day, everything from the food you sell, to the vendors you use, to the marketing campaigns you implement either make you money or lose it.

Numbers are objective, and if a CFO can get above managing day-to-day accounting, no one is better suited to (1) discover constraints to your growth and (2) work with the applicable teams to solve them.

A CFO can level the playing field and keep everyone honest about economic returns.

Enabler: Why can’t you grow 200% this year? Let me guess – a lack of capital. This problem isn’t insurmountable with a pragmatically strategic CFO. Knowing how to increase profit margins, work with banks and lenders to acquire capital, and effectively manage debt should be one of the core responsibilities of a CFO.

Transformer: Occasionally, in times like these, CFOs can be transformers in an organization playing a key role in shifting the overall business model, product line, and more towards a more profitable end.

Here’s the problem – a CFO can’t do any of this if they are always cleaning up accounting.

So, How Do You Get There?

The answer isn’t a better accountant. Good accounting is table stakes. What you need is a partner who can bridge the gap between accounting and strategic thinking.

Yes, that partner can handle day-to-day accounting, but more importantly, they provide proactive financial analysis, budget forecasting, compliance risk-mitigation, reliable reporting, and more.

This foundation is what a CFO needs to become a pragmatic strategist and take your organization to the next level.

That’s where we come in. We are not here to replace your CFO, we are here to enable your CFO to be a pragmatic strategist.

We help restaurant business owners, franchisees, and holding groups create accounting order and access strategic insight.

Empower Your CFO

If you are looking for someone to check the boxes you need for taxes and compliance, call your local bookkeeper.

If, however, you are looking for the freedom to step into a more strategic role (or even just want to talk about what that looks like for your organization), reach out. I’d love to talk with you.

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Insights

Managing finances in a restaurant is more than just balancing the books—it’s a constant challenge of keeping cash flow steady, ensuring payroll is accurate, and staying compliant with tax regulations. With 3-5% profit margins and high transaction volumes, even small financial missteps can have serious consequences. Many restaurant operators rely on generalist CPAs or outdated accounting systems, only to find that their financial reports are inaccurate, tax filings are late, and cash flow projections are unclear. Multi-unit operators face even greater hurdles, juggling multiple locations while trying to maintain financial stability and growth. Outsourcing accounting can provide relief, but choosing the right partner is critical. The best providers go beyond basic bookkeeping, offering real-time financial insights, seamless technology integration, and industry-specific expertise. With the right support, restaurant owners can shift their focus from managing spreadsheets to running and growing a successful business. Here’s what to look for—and what to avoid—when selecting an outsourced accounting provider. Understanding Your Restaurant’s Specific Needs Finding the right outsourced accounting partner starts with understanding your restaurant’s unique financial challenges. Whether you operate a single location or a multi-unit franchise, your accounting needs will vary based on business size, operational complexity, and growth goals. A one-size-fits-all approach won’t work—your financial partner should be equipped to handle the nuances of restaurant finance at every stage. How Size and Complexity Impact Financial Management Every restaurant’s financial needs depend on its size and structure. A single-unit restaurant may only need basic bookkeeping, while a multi-unit operator must manage high transaction volumes, centralized reporting, and payroll across multiple locations. Franchisees face additional complexities, balancing brand requirements with independent financial oversight. Operators who manage finances in-house often hit a breaking point as their business grows. Smaller restaurants may start with a local CPA or DIY bookkeeping, but as revenue and expenses increase, manual processes become unsustainable. A lack of dedicated financial expertise can lead to delayed reporting, tax filing errors, and difficulty tracking profitability. The Role of Technology in Restaurant Accounting Technology plays a critical role in modern restaurant financial management. Restaurants using Restaurant365, QuickBooks, or other accounting platforms need an outsourced provider who understands these systems and can seamlessly integrate financial data. Without this expertise, operators risk manual errors, inefficient reporting, and compliance issues. An effective accounting partner should also be familiar with POS systems, payroll platforms, and inventory management software. The ability to extract and analyze data from these systems ensures accurate financial reporting and real-time insights. Planning for Growth with Scalable Financial Solutions

Enhancing Your Restaurant’s Digital Presence

By William Fleming • September 22, 2024

From email to social media to traditional advertising, there are many ways to invite current and potential clients to engage with your business. However, your website is your most powerful tool when it comes to developing meaningful relationships and giving people a comprehensive view of your team, offerings, and ways in which you can help enhance their lives or solve problems. GSS took these benefits into account as we recently designed and unveiled our new site . Our intention revolves around a renewed ability to connect with clients, to showcase our competitive edge, reflect the current state of our services , and introduce strategies involved in helping restauranteurs gain an advantage. Based on my experience, I thought I’d share some ideas to consider regarding your restaurant's digital footprint. Intention is Key Along with awareness, business owners should consider what they want to convey through their website. Do you have a unique menu offering? A team of caring employees? High quality of service? Are you perfect for a lunch date or a family dinner after a sporting event? As your business evolves, make sure your website is updated to mirror that progress and build credibility with your customers. Reflecting Growth and Innovation A redesigned or updated site will allow you to showcase new menu offerings, testimonials, or community involvement which highlight your restaurant's evolution. For instance, GSS recently expanded our accounting and business intelligence services to include payroll . It's a move that communicates our commitment to staying ahead in the restaurant accounting sector and is now a significant part of our website. Enhancing User Experience User experience is equal to customer experience when it comes to technology. When someone visits your website, you want to ensure that their digital experience is as pleasant as the service they'll receive inside your restaurant. Paying attention to technological upgrades and trends such as faster load times, more intuitive navigation, and better mobile responsiveness can give you the upper hand in retaining visitors and encouraging engagement. If you offer a mobile ordering app , you'll want to keep a close eye on that experience while also keeping your menu, hours, and other information up to date. Boosting SEO and Visibility HubSpot reminds us that search engines prioritize websites that offer fresh content and up-to-date information. You want potential customers to hang out as long as possible on the site because that will continue to inform search engines that you are worthy of a higher ranking. By updating your website periodically, you can prioritize improving search engine optimization (SEO), a critical component of using the power of Google and other engines to drive traffic and boost sales. Final Thoughts GSS went into the web design process to create a seamless user experience, including streamlining navigation, enhancing content, and providing tools to drive business success. However, as Harvard Business Review says, "Businesses can't improve operations without honest and substantive feedback."