How Restaurant365 Can Maximize Your Restaurant’s Profitability
Contributors
Earlier this year, Moore Colson joined Restaurant365 as their first and only channel partner in Atlanta. This dynamic partnership has given us more significant resources within the R365 network and afforded us a much deeper understanding of the inner workings of this feature-rich system, as we are now involved with the physical implementation of the software for our clients.
R365 Benefits for Restaurants
R365, a fully cloud-based software, continuously updates its platform’s offerings in response to industry changes and client requests. As channel partners, Moore Colson is privy to upcoming enhancements ahead of the end users, has top-notch accounting and operations managers explicitly assigned to support us and our clients, and, through previous implementations and engagements, can help you avoid some of the pitfalls others have experienced.
R365 is a leader in restaurant enterprise management. They have existed since 2011; in 2021, they acquired Compeat and Ctuit. Their partnership portfolio runs deep and includes integration capabilities with dozens of point-of-sale systems, product vendors and banking institutions. These integrations have streamlined day-to-day tasks by importing sales data every night, tracking labor and inventory costs, importing accounts payable and reconciling bank accounts seamlessly in the background, thus lessening human error, providing real-time information and allowing for proactive rather than reactive management decisions. These are just a few of the offerings of this impressive software.
With rising food costs and a highly competitive labor market, the hospitality industry, with an average profit margin of 3 to 5%, needs to utilize every available tool to mitigate unnecessary costs. Moore Colson partnered with Restaurant365 because it is a highly effective, user-friendly tool to manage the ever-changing bottom line.
Lessons Learned Implementing R365
Through our R365 engagements, we identified areas of opportunity, effectively guided accounting teams on how to self-check their work for guaranteed accuracy, and ultimately, provided restaurant managers and owners with solid financials to help them better steer their operational decisions.
We discovered that operators understand profit and loss statements, but only some understand the balance sheet, which represents the true health of their company. Moore Colson’s experience allows us to teach operators and bookkeepers how to better utilize their R365 system through evaluations of their financial reports. During these evaluations, we guide our clients on best practices, identify opportunities where the clients might be underutilizing or incorrectly using applications, and, if deemed advantageous, advise our clients of system features that could benefit them. Our in-depth day-to-day bookkeeping experience in R365 has given us invaluable hands-on knowledge and experience, making us trusted advisors with our hospitality clients.
If you need assistance with your current system or are considering upgrading, the Moore Colson Restaurant and Hospitality Practice can help. Our team can assist with implementing an accounting system efficiently and effectively for your restaurant business. Don’t hesitate to contact us for more information.
