March 17, 2014
For 20 years, CFO Advisors has provided board-level advisory and outsourced CFO services to multi-unit restaurant groups across North America. They help companies assess and implement best practices in financial reporting, streamline and integrate their accounting and finance processes, move their systems to the cloud, and adopt business analytics as a mission-critical process. These services all result in companies harnessing and exploiting their data to drive top and bottom lines.
As restaurant brands grow, data proliferates demands on the home office, and operations teams quickly multiply. Operational and financial reporting becomes more complex, less proactive, and increasingly labor intensive. Operations need quick feedback on what is going right and what is not without having to rely on intervention from finance or accounting. CFO Advisors was looking for a solution to provide feedback that is fast, reliable, easy to digest, and intuitive on a self-serve basis. Accounting needs accurate and automatic data integration to operations systems without constant intervention from IT folks or having to rely on manual processes executed by store management. Executive leadership expects accurate, insightful reporting, placing a premium on the company’s ability to identify trends within data relationships, propose and implement solutions, and track performance against goals quickly and consistently. The business has to constantly evolve, allowing all management to work on the business rather than in the business.
CFO Advisors was looking for an intuitive, easy-to-use solution that would help them gain insight and control to help their clients achieve these goals.
CFO Advisors recommends Ctuit RADAR as their key component of any restaurant group’s data toolkit. The system is tailored to give restaurant management great visibility into their core business, address and monitor key financial and operational initiatives, and simplify and eliminate back office processes. As a true cloud-based system, Ctuit RADAR is easily accessible to all management levels from wherever they are located. Analyzing restaurant results and monitoring key performance measures in the field is fast and accurate with its easy-to-use user oriented interface designed to increase manager productivity. The ability to drill down on transactions allows the CFO Advisors operations team to quickly make informed decisions that impact profitability or adjust strategy when negative trends are identified. Seamless integration with financial and payroll systems reduce headcount devoted to accounting and can free up resources to focus on interpreting and communication trends.
• Upon implementing Ctuit RADAR’s COGS (Cost Of Goods Sold) module, CFO Advisors was able to provide the Operations Team with a single, online source to answer inventory and purchasing questions ultimately driving their gains in efficiency and time savings.
• Understanding usage and consistency of each inventory item allowed CFO Advisor’s executives to develop a deeper understanding of menu items to ensure maximum profitability.
• CFO Advisors utilized the Manager’s Log, providing a centralized location for managers to communicate, provide multi-unit consistency, and share best practices. By integrating this communication with their analytics, CFO Advisors is able to provide snapshots into key events in the restaurants during the period.
• RADAR helped CFO Advisors ensure consistency and eliminate guess work in weights and measures among stores.
• Empowering the staff at each of their clients has given them the tools they need to make informed decisions and then measure their success.
• Utilizing Ctuit’s On The Fly mobile app, CFO Advisors and their clients can access data literally anywhere and anytime.
“Providing management with a central source for data access allows them to make informed decisions that impact profitability, adjust strategy when negative trends are identified, or congratulate locations on superior performance,” says Gregg Thomas, a partner with CFO Advisors. “By incorporating Ctuit RADAR into our toolbox, we ensure ourselves that we have an accurate and stable data source to integrate into the business analytics solutions that we provide our clients and that they rely upon to drive their business.”