Restaurants – A tale of implementing financial reporting improvements with the help of OASYS Hospitality Accountants

In the first quarter of 2023, James had been running his chain of restaurants for a few years by this stage. He had learned quickly the importance of strong financial reporting and control in this type of industry. Initially, he had some difficulty managing his finances, but after commissioning OASYS Hospitality Accountants who introduced a series of changes and improvements including implementing regular management accounts and tracking key performance indicators (KPI’s), he could see significant improvements in his financial position with out compromising on his personal responsibilities of overseeing his chain of restaurants.

?

At a glance he could on a regular basis, see which of his many restaurants were improving, which ones needed improvement and the remaining were the very impressive ones, all with the help of key management and financial insight which he alone did not have the time or the resource to undertake

?

He noticed that by monitoring his KPI’s, he was able to quickly identify where his strengths and weaknesses lay, and what areas of the business needed further development. This allowed him to make proactive changes, which boosted his restaurant's sales and profitability. Regular financial reporting and liaising with his dedicated OASYS Management Accountant that was assigned to him and his business, helped him keep his finger on the pulse of his business, allowing him to make informed decisions and stay ahead of the competition.

?

One day, James received a call from a bank requesting financial reports for his restaurants, and he was able to supply them with ease, by making a simple call to his dedicated Management Accountant at OASYS. Thanks to his proactive and forward thinking approach of signing up a Service Level Agreement with OASYS Hospitality Accountants, and the diligence in keeping up with his management accounts, he was easily able to provide the necessary reports, and the bank was impressed with the level of financial control he had in his business.

?

This helped to increase his credit rating and allowed him to borrow the funds he needed for the expansion of his chain. James also used the regular management accounts to identify any areas he could save money, allowing him to reduce unnecessary expenses and increase his profit margins. The bottom line is one of the most important aspects of running a business and this definitely helped James to expand.

?

James realised the benefits of strong financial reporting and control were immense, from helping him make informed decisions to giving him the confidence to expand his business. By prioritising regular management accounts and tracking key performance indicators, he had a clear view of his business's financial health, which helped him make positive changes that drove his business forward. Bigger and better were the order of the day and his strategy throughout this period of expansion for James.

?

If you would like to take a page out of James’s business protocol then please don’t hesitate to please feel free to reach out to our Business Development Manager Parvez directly on?[email protected]?and 01452 888 466 or 07375 790 345 for a no obligation conversation. Oh and because we know that Hospitality business owners and managers never only work Monday to Friday 9am till 5pm hours, you can contact Parvez at any time outside these hours that work for you because remember we are experts at understanding the Hospitality industry and how is operates.

#hospitalityindustry #restaurants #hotels #hospitality