When franchise owners think of increasing their restaurant’s efficiency, they may first try developing new ways of task maintenance, different employee schedules, or handling food overproduction. But outsourcing financial services for franchise restaurants is also a great way to increase efficiency.
When you outsource your financial services, you no longer have to juggle restaurant management and your own accounting. And you don’t have to rely on your local CPA for some lower-level services that leave you in need of higher-level financial strategizing.
Outsourcing your financial services for franchise restaurants can increase efficiency in several ways.
Financial Red Flag Detection
Nothing slows down the efficiency of your franchise restaurant like a large issue with your finances. What if franchisor requirements aren’t completed properly? Soon you’ll find yourself facing fees or damages that could bring your business screeching to a halt.
When you outsource financial services for franchise restaurants, you’ll be backed by an expert who handles processes to meet compliance needs, with proven expertise in the industry. The ability to rely on your daily financial processes can greatly increase your efficiency. Just imagine the time you’ll have to devote to your restaurant when you don’t have to double or triple check your reconciliations or waste hours on phone calls with the bank.
Catching red flags that pop up in your everyday financial processes early on can save you the time and money that you need to improve your franchise restaurant business.
Seamless Payroll Administration and Maintenance
Payroll is a couple days late. Now your employees are worried about their paycheck, potentially unable to pay their bills, and definitely distracted at work.
Financial services for franchise restaurants don’t only impact the franchise owner. Having reliable financial services can also impact your franchisor, managers, and employees.
If your payroll is consistently late or full of mistakes, it’s quite possible that your employees could quit. Talk about an efficiency issue—a staff shortage is a big one.
Seamless payroll administration and maintenance means handling pay raises or decreases in a timely manner and reliably sending out paychecks or automatic deposits on a regular schedule. Don’t underestimate the power of your payroll administration. When your employees are paid on time with no mistakes, they’re more likely to have higher job satisfaction and be more productive.
One Full-Service Department
So you know outsourcing your F&A is a good idea, but it can be difficult to give up full control over your finances. You may find yourself outsourcing just your business tax or financial statement processing, while holding onto your other daily financial duties.
This may work for a while, but in order to have the most efficient financial services for franchise restaurants, it’s useful for the expert that you’re working with to have the whole picture in front of them. This way, there’s context and meaning to the data that can unlock higher-level insights.
Outsourcing all of your financial services gives you one full-service department that knows exactly what’s happening with your finances and takes everything off of your plate. This also means more streamlined and integrated processes when you use full CFO services. You’ll receive higher-level guidance, as well as the daily support to allow you to put all of your energy toward your franchise without the distraction of handling time-consuming financial processes.
When all of your financial services are outsourced to one department, you’ll have integrated services under one vendor, and you won’t waste time on unnecessary communications.
Expert Guidance on Spending and Pricing Strategies
When you outsource your financial services for franchise restaurants, you’ll also receive expert guidance on where you can afford to offer discounts, charitable donations, or other pricing strategies.
In a franchise-owned restaurant, your franchisor is unable to control exactly where you set your prices in the way that they’re able to control the prices within corporate-owned units. While a franchisor will often give guidance on pricing, you may still have to make some decisions on your own.
An expert can help guide your pricing decisions and increase the efficiency of your restaurant. If you are able to offer specific discounts, an outsourced CFO will be able to guide you through these decisions. Changing your price points or increasing discounts can increase your efficiency, drawing in more customers and giving your franchise more profitability.
Expert guidance on where you can spend your money can increase your restaurant efficiency in some not-so-obvious ways. When you put some of your profits toward employee training, you’ll have more efficient servers and better customer service which will increase customer satisfaction while also increasing the number of customers that come through your doors.
You can also increase employee pride in your company by increasing the amount of charitable donations that your franchise makes. Employees can be proud of the ways their workplace gives back to the community. Increased workplace community and pride is often correlated with increased employee motivation and satisfaction, which can increase efficiency in turn.
Don’t underestimate the power of expert guidance when it comes to where you spend your profits. Giving back to the community and your employees can increase franchise restaurant efficiency in unexpected ways.
GSS Saves You Money
Global Shared Services offers proven expertise when it comes to outsourced financial services for franchise restaurants. Too many franchise restaurants are faced with a choice between affordability and quality. It shouldn’t be that way.
Access to expert-level financial and accounting services is a major factor in a business’ ability to succeed and scale. Global Shared Services was founded in 2003 to empower businesses like yours with that capability. We know what it takes to meet franchisor requirements, streamline accounting and financial activities, and strategically plan for growth.
Increase the efficiency of your restaurant with GSS. We’ll increase your profitability, develop dependable payroll services, and detect money-draining mistakes before they occur with industry-leading franchise accounting services. Contact us today to find out how you can make your franchise restaurant business more efficient with GSS.
Looking to Grow Your Franchise and Save Costs?SEE OUR SERVICES
With GSS, we meet our franchisor requirements on time and with accuracy. The local CPA could not handle our volume. We are so happy to have made the change. GSS knows our business and our franchisor requirements.Multi-unit fast sandwich Owner