Improving Restaurant’s Financial Performance Through ELEVATEPRO Services
Client Overview
A restaurant providing food and beverage services.
Challenges
Before partnering with the accounting firm, the restaurant faced several challenges:
- Lack of visibility into the actual profitability of each menu item.
- High raw material costs and excessive waste.
- Lack of an accurate inventory management system.
- Delays in preparing financial reports.
- Difficulty monitoring cash flow.
ELEVATEPRO
ELEVATEPRO provided the following services:
Developing A Chart
Developing a chart of accounts specifically tailored to the restaurant industry.
financial forecasts
Preparing budgets and financial forecasts.
Point of Sale
Implementing an integrated accounting system and connecting it with the Point-of-Sale (POS) system.
Inventory System
Establishing an inventory management system and monitoring Recipe Costing.
Monthly Financial
Preparing monthly financial statements and monitoring key financial indicators, including: Food Cost Percentage. Labor Cost Percentage. Net Profit.
Results After 6 Months
Results
20% reduction
in inventory waste.
Reduced food cost
from 38% to 31% of sales.
12% increase
in gross profit margin.
Financial reports
delivered within 2 days instead of 2 weeks.
Improved cash flow
and reduced unnecessary expenses.
Tools Used
- Q.BOOKS or an accounting software solution.
- Point-of-Sale (POS) system.
- Excel and Power BI for financial reporting and dashboards.
Value Delivered by the Accounting Firm
- Improved financial decision-making.
- Better control over operating costs.
- Accurate and reliable data for management.
- Supporting expansion plans and the opening of new branches.