Recruit and Retain Talent With Tech, Training, and Thoughtfulness
For the past few years, many of us have struggled to recruit and retain talent within the restaurant industry. Now, with the worst of the pandemic seemingly behind us, the Wall Street Journal reports on a more optimistic labor market – one that is “consistent with a jobs market coming back into balance” rather than one that […]
What Is Restaurant Bookkeeping? | Global Shared Services
Restaurant bookkeeping is a lot like keeping a well-organized wallet. Both involve keeping track of cash, cards, and coins—where they are, how much you have, and if something’s missing. After all, it is the extensive process of tracking and recording all the financial activities of your franchise and it can produce quality results when you […]
Top 5 Restaurant Accounting Outsourcing Myths | Global Shared Services
Restaurant accounting is all about concrete principles, accurate data, and business intelligence. Investing in clear and actionable steps will help your franchise, or restaurant grow. Believing in misconceptions without doing your own researching can lead to missed profitable opportunities. Study the myths outlined below and discover how you can leverage outsourced restaurant accounting for growth. Myth […]
Top Reasons to Leverage Restaurant365 | Global Shared Services
The following is an excerpt from our monthly newsletter sent by Will Fleming, President of GSS. The National Restaurant Association Show is back after a two-year hiatus, providing the industry an opportunity to gather to exchange ideas, war stories, and of course to learn about industry-leading products and vendors. Of course, our VP of Sales Nick Stauff will be […]
The Old Playbooks Won’t Work | Global Shared Services
The following is an excerpt from our monthly newsletter sent by Will Fleming, President of GSS. I recently read a McKinsey article that included a poll which listed “uncaring leaders” as the number one reason people were leaving their jobs without securing new positions. I know our clients care deeply about their businesses. They’re entrepreneurs, after all. […]
When Should You Outsource Restaurant Accounting? | Global Shared Services
If you aren’t outsourcing your restaurant’s accounting function, you likely fall into one of two camps. You may be a restaurant business owner who’s simply used to the traditional mode of accounting. You’ve always relied on an internal employee or a small internal team. If this is true, you may perceive outsourcing as an unnecessary […]
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, […]
What Will 2022 Look Like for Your Restaurant? You Decide.
The following is an excerpt from our monthly newsletter sent by Will Fleming, President of GSS. I am hearing a lot of negativity heading into 2022 – there is a new variant on the horizon, free COVID money is gone, restaurant demand is down, etc. I am not going to give you a “life is […]