How many systems and finance and accounting applications do you use daily? Are you manually reporting in Excel? Do you feel like you're Monty Python on a quest for the Holy Grail of accurate financial reporting? If you've answered yes to any of these questions, then you have a problem.
Bridgekeeper: What is your quest?
Lancelot / CFO or Restaurant Group Owner: To seek the Holy Grail
Unfortunately, for many restaurant groups, the reality is that financial information can be scattered among applications that don't communicate with one another, which can mean data management is unwieldy and time-consuming. Thus, your never-ending quest or Monty Python obsession.
According to a recent Sage blog and Foundry's 2021 Data and Analytics study, "fewer than half of business and technology leaders have a clearly defined data and analytics strategy." As a result, multiple systems can lead to data silos that impede sharing and collaboration and create inconsistencies.
For example, can you afford to be behind in your financial reporting in today's economy and inflation? Do you have the time to run the numbers through multiple systems and Excel documents?
Bridgekeeper: What is your favorite color?
Lancelot / CFO or Restaurant Group Owner: Accurate financial data. Okay, maybe blue.
Manually transferring data into spreadsheets and reports may make errors along the way. Foundry also found that leaders identified data-quality problems as the No. 1 roadblock for organizations adopting data-driven initiatives.
Integrating financial data into a single cloud-based platform improves data quality and accuracy for restaurant groups. Sharing information is also easier. An integrated finance and accounting solution provides your restaurant group with common, updated, and accurate numbers.
Bridgekeeper: Alright. Off you go!
When you improve data accuracy, it can have a tangible impact on business performance. For example, a recent Gartner study found that breaking down silos and sharing data boosts business outcomes. Gartner also predicts that by 2023, organizations that promote data sharing will outperform their peers on most business metrics, so it's a good idea to start implementing those new processes now and give your business a head start.
Mountain West Wendy's Group closes the books 123% faster with Tablespoon and Sage Intacct. "It's a lot easier running a business when you know where you stand. Implementing Sage Intacct with Tablespoon's experience in the restaurant sector has been invaluable to the business." Learn more >
Dashboards in Sage Intacct are easy to make and access. Innovative Dining's employee users can dig into Sage Intacct and get the information they need without relying on accounting for access. Learn more >
Fun For All's stores had servers, but the systems needed to 'talk' to each other. "The blend of Tablespoon's experience and Sage Intacct's best-in-class cloud-based platform made us extremely happy. Sage Intacct's ability to drill down into the data is impressive. I can see my finances at a high level and break them down into specific invoices. Knowing when and where money is spent is important to running my business." Learn more >
Data is projected to play a more significant role in business strategy in the future as leaders gain new insights from advanced analytics and data.
According to Sage and Foundry's study, "78% of leaders expect data and analytics to fundamentally change how they do business over the next three years." In addition, the cloud and advanced capabilities enabled by AI and machine learning will help your organization be more proactive in mapping the best path forward.
Managing data digitally using software (i.e., Sage Intacct powered by Tablespoon) will help your business keep on top of any data changes in the company in real-time.