Once you’ve made the decision to outsource your franchise accounting department, choosing which outsourced accounting for Taco Bell team to use is the next step. But how do you know what services you need? Which accountant offers the best financial services for you? Choosing the right outsourced accounting team can make all the difference in streamlining your processes. These five characteristics will streamline your Taco Bell business and make your days that much better. Make sure whichever outsourced accounting team you choose offers these five things.
Expert Navigation Through Tough Situations
No man is an island. As the franchise owner of your restaurant, you may feel separated from your staff. That’s natural when it comes to being in a leadership position. That doesn’t mean that you have to do it all on your own. When you work with a great outsourced accounting team for Taco Bell franchises, you should have access to a virtual Chief Financial Officer.
A virtual CFO is there when you need him and gone when you don’t. They help you navigate through difficult financial and business decisions. A virtual CFO can provide you with the years of financial reporting and decision-making experience that you may lack. Because of this, they can help you decide when to expand, help you negotiate mergers and acquisitions of other Taco Bells, and even negotiate startup fees.
If a virtual CFO comes with your outsourced accounting services for Taco Bell, then you’ll have the experienced backup you need when making difficult financial decisions. Look for a company that offers a virtual CFO if you want an expert backing you up when it really matters.
Accurate Financial Reporting
Your financial reports are the thermometer to your Taco Bell restaurant. They tell you when your business is starting to slow down or if it’s in good health and ripe for expansion. Because you make crucial decisions based off of your financial reports, it’s essential that they’re accurate and timely. One missed number or moved decimal point could mean the difference between a healthy restaurant and one that needs to make some serious changes.
A good outsourced accountant will create timely and accurate reports based on your specific financial goals. Reports should be created at least once a month if not once a week. It’s important to review the reports with a knowledgeable accountant who can highlight red flags and possible financial issues that may come up over the following months. Accurate financial reporting isn’t just about measuring what’s currently happening within your restaurant, but also about predicting future issues and measuring progress towards your goals.
Scalable Financial Services
What happens when your franchise restaurant grows from one Taco Bell to three or four? Will your outsourced accounting for Taco Bell team still be able to keep up?
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Your outsourced accounting team should be able to scale with your Taco Bell business as you grow. With a wide variety of financial services and a large team, your outsourced accountant should be able to handle five units or fifty. Look closely at the size of the franchise restaurants your accountant currently handles. Is there a wide enough range to accommodate your current size and future goals?
The last thing you want is for your financial process to hold you back from reaching your goals. Accounting mistakes such as delayed payroll or inaccurate reporting can really hold your business back from reaching your goals.
Technology that Moves Your Business Forward
Similar to most things these days, technology evolves fast. Working with an outsourced accounting that has the best cutting-edge technology can upgrade your business from paper to paperless processes in a heartbeat. Outsourced accounting for Taco Bell should be efficient, streamlined, and add value to your business- not detract from it. Reliable and cutting-edge financial tech can make your accounting seamless.
Custom Packages Unique to Your Business
Every business is different. Some need the full suite of financial services while others only need the help of a virtual Chief Financial Officer. Whatever your franchise restaurant needs, your outsourced accountant should be able to put together a custom package tailored to your restaurant. Don’t waste your time with standardized accounting packages. Standardized accounting services can only get your business so far. Once your franchise restaurant grows, you could find that standard accounting packages are slowing you down and holding you back.
Look for outsourced accounting for Taco Bell that offers a wide range of services with the ability to offer custom combinations to help you meet your financial goals. At Global Shared Services, we offer everything from accounts payable processing to full CFO services. With this wide variety of offerings, we can accommodate every financial aspect of your Taco Bell.
We believe that every franchise restaurant should have access to experts, no matter where they’re located. Your restaurant business deserves access to high-performance financial and accounting services you can trust. We combine a full suite of financial services with expertise and cutting-edge technology to create high-performance F&A services at an affordable cost. If you’re interested in working with us, learn more about what services we can offer your business here.