Top 7 Restaurant Accounting Mistakes Multi-Unit Operators Must Avoid – And How to Fix Them

The 7 most common restaurant accounting mistakes are: 1) using a monthly instead of a 4-week period, 2) using cash-basis instead of accrual accounting, 3) skipping weekly inventory, 4) inconsistent reconciliation, 5) accounting on top of bookkeeping errors, 6) unoptimized software, and 7) failing to outsource to restaurant specialists.  Each of these errors directly impacts […]

Why Planning Is Valuable… Even If Nothing Goes to Plan | Global Shared Services

The following is an excerpt from our monthly newsletter sent by Will Fleming, President of GSS. Let’s be honest. Planning has felt useless this last year and a half. Food costs crushed restaurant budgets. Supply chain issues limited the menu. Foot traffic has been impossible to estimate. Just because plans feel useless, however, doesn’t mean […]

The Key to Long Term Success? Operating Leverage. | Global Shared Services

Many restaurant owners I talk to see financial security as having the ability to pay their bills on time and meet their quarterly bank covenants while having a little extra money in the bank just in case things get tight—with a disciplined restaurant budget. In other words, they see it as having some financial leverage. Unfortunately, […]

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

Restaurant operators face unique financial pressures—rising costs, tight margins, and complex regulations—that basic accounting cannot solve. Financial performance in 2024 saw median revenue and operating income growth, but maintaining profitability remains a challenge across the industry.  To scale from 15 to 50 locations, you need more than compliance; you need strategic financial leadership. In this […]

Top Restaurant Trends to Watch For in 2021

The following is an excerpt from our monthly newsletter sent by Will Fleming, President of GSS. I often get emails around this time of the year from restaurant owners asking my thoughts on the coming year as they put together next year’s strategy. I am not a soothsayer, but I have been in the restaurant […]

Top Reasons to Avoid One | Size | Fits | All Accounting | Global Shared Services

Many restaurants want an outsourced accounting solution that is turnkey and operates in the background. They want a solution that runs behind the scenes and allows them to not even think about accounting unless there is a problem. Many outsourced accounting companies offer just that – a one-size-fits-all accounting process that operates as independently from […]

The Story of One Restaurant Owner Winning During COVID | Global Shared Services

In other posts, I have mentioned different franchises that are succeeding in today’s environment and how they are doing so. Instead of just talking about these owners broadly, I thought I would share with you a story of one of the franchisees I am talking about. Meet Nick. The Story Nick first heard of Tropical […]

What Is Restaurant Accounting? | Top Terms and Defintions | Global Shared Services

Restaurant accounting is an integral part of running a profitable restaurant business. After all, any business that doesn’t run accounting properly won’t be a proper business for very long. That said, while accounting is an essential business function, that doesn’t mean it’s a simple one. Actually, in application, it can be fairly complex. In most states, […]

The Top Restaurant Accounting Software Solutions

Searching for a restaurant accounting software solution can feel overwhelming. There are many options out there. How can you choose the right one for you? We’re here to help. At Global Shared Services, we’ve worked with hundreds of restaurant businesses and used a variety of accounting software solutions. If you want consulting on which restaurant accounting software is […]