Few parts of Sweden's business sector were more affected by the Covid-19 pandemic than the restaurant industry. The restaurants that survived are now in a different position than they have ever experienced: optimistic, yes, but more than a little traumatised.
"The Great Reset" is a term that journalists have thrown around to name the phenomenon of post-Covid businesses, labour, and even governments starting to function differently after the forced sabbatical we experienced.
For the restaurant industry, it means looking for new ways to operate creatively and resiliently. They are seeking insights and expertise that they may not have felt the need for before — and accounting firms are the specialists who can deliver that.
Previously, you may have been hired to handle bookkeeping or other basic tasks. But we know that's not really your craft: you want to analyse data, not complete administrative tasks. And now more than ever, the customer is receptive.
Digitise Data
If your firm has not entered the path of AP automation, we strongly recommend starting there to best support your restaurant customers. Take your relationship beyond bookkeeping by using technology to automate manual data entry and posting.
With technology specifically designed to reduce errors and increase efficiency for the finance team, your firm will have more hours available to take on analyses that require more expertise. Digitised data gives your firm the ability to work with larger amounts of information in less time — giving you the flexibility to really dig into the numbers and discover cost-saving opportunities.
Introduce More Efficiency
Restaurants tend to miss opportunities for in-depth data analysis. When you help them digitise, you not only increase the efficiency of your own team but also discover other opportunities where your customers can cut costs and increase their profitability.
Offer Business Intelligence
Proper handling of restaurant invoices allows your firm and the restaurants you support to control what was once uncontrollable. Labour costs, although significant, should be fairly stable. Food costs are another story.
It is best practice for the restaurant industry to engage with suppliers and build strong relationships — putting owners in a better position to secure contract prices. Digitising invoices can help your team identify when food costs have deviated from agreed prices. Even if it is only a few cents over the agreed price on certain lines, these deviations can result in significant overcharges over time.
Take on More Clients per Employee
Bazaro's invoice automation, approval, and cost management features help your accounting firm go beyond bookkeeping and focus more on analysis instead of administrative work. Our client Elite Accounting was able to reduce their invoice handling by 50% — freeing time for strategic and advisory partnerships.
Are you ready to take the next step in supporting your restaurant customers? Contact us to book a demo.