Paperchase's Guide To Restaurant Accounting

In the fast-paced world of restaurant management, keeping a tight grip on finances is crucial for
success. As the digital era transforms every aspect of our lives, the realm of restaurant
accounting is no exception. Having reliable restaurant accounting software is paramount to
streamlining your financial operations and elevating the performance of your establishment. Our
decades of experience working across a variety of systems enables Paperchase to help you
choose the software that is right for your business. Our accountants work with a variety of
platforms but are particularly fans of Restaurant365.

Restaurant365

Paperchase is proud to partner with Restaurant365, an accounting service created to “empower single-to-50-location concepts and to maximize efficiency and profitability with dynamic, restaurant-specific operational and accounting tools.”

R365 is the more advanced option for any business with multiple locations or complicated operations such as intercompany transactions or a commissary. If you’re ready to make the switch, Paperchase will provide implementation to R365 from QuickBooks and make sure you can take advantage of its array of services. Not sure if you’re ready to make the jump? We will analyze your cash flow and let you know when it’s time for an upgrade.

Businesses that are operationally complex and are doing a lot of intercompany transactions, need greater oversight across multiple locations or require very fast reporting and month-end close procedures should see if Restaurant365 is the right fit for them. R365 can keep all of these records in one place and streamline the process, whereas QuickBooks requires switching between sites, provides less insightful data, and requires more work to extract reports. Nish Patel, CEO of Paperchase endorses that: “R365 enables operators with multiple locations that share vendors or frequently transfer purchases, allowing easy intra-company reconciliations, which is near impossible with other platforms.” R365 is a complex but powerful system and it’s essential to have an accounting team that is fluent in this program and knows how to maximize the value of this investment

In addition to converting your QuickBooks to R365, we offer discounted services through our partnership. Paperchase’s partner benefit with R365 also means we pass along a discount to our clients. Restaurant365 does more than just accounting. When your team is ready, we can implement store operations services like inventory, cash management, and forecasting at a discounted rate through our partnership. For example, “cashing out procedures are made simple and allow Paperchase and their operational teams to increase oversight.”

Whichever accounting software you use, Paperchase will transfer all your existing information into R365. This full implementation comes at a reduced cost which is included in our partner benefits and provides:

Conversion of your existing system to R365. This typically takes 1-2 months and is done
in 3-5, 1 hour sessions.
POS polling set-up
Custom financial reports.
- Balance Sheet
- Weekly Profit and Loss Statement
- Income Statements
- Investor Reports
Historic data transitions
- R365 alone will only look at the last 2 years, but for an extra cost, Paperchase will
  implement all previous years of information to gain more insightful data.

Overall, Paperchase believes in R365’s state-of-the-art technology because of how “the platform makes daily operational tasks easier, which in turn supports our accounting teams in delivering the best, most accurate reporting. It is a great asset to organizations that want to maintain tight controls and maximize their growth.”

Conclusion

Morgan Harris Co-Founder & Chief Community Officer of Restaurant365 proudly endorses their partnership with Paperchase.”Paperchase is one of our very best partners. Their technical expertise of the product enables their customers to get the most out of the software to maximize store-level profits. What really sets them apart is their true understanding of restaurant economics and the drivers of profitability. So, when you combine their industry knowledge and deep product experience with your concept and talented people – it is an undeniable recipe for success.”

In the intricate world of restaurant management, having the right tools at your disposal is paramount. As we conclude this exploration of two of the top accounting software options for restaurants, consider how embracing these technological solutions can transform your financial landscape. Choose wisely, and let your restaurant’s financial future flourish. If you are ready to take the next step towards financial efficiency, Paperchase Hospitality Accountants are here to
guide you. Explore our tailored solutions and elevate your restaurant’s financial management to new heights. Contact us today to embark on a journey of financial empowerment.