Restaurant Financial Benchmarking
2016 competition for restaurant customers is fierce. While food costs have leveled off, the number of restaurants competing for every customer dollar is high. Rising labor costs are a result of ACA regulations and the recent success of a widespread movement to increase the minimum wage. These combine to make it more challenging to profitably operate a restaurant. Restaurant managers are looking for creative ways to leverage technology to increase efficiency and reduce costs without any risk of negative impact to sales. Managing spending is critical to financial profitability. Denny’s operators use “back-of-house” systems to keep a tight handle on food, beverage, labor and other costs within their control. However, keeping a close eye on controllable costs alone is not enough. Key financial controls and benchmark reporting can help Denny’s operators identify potential issues before they become problems.
“IQ BackOffice provides Denny’s operators with timely and accurate controls and financial statements as well as key benchmarks. As a market leader in web-based accounting solutions, we provide complete process transparency and faster access to information,” says CEO, David Schnitt. “IQ’s accounts payable, bank & credit card reconciliations, fixed asset accounting and managed payroll services deliver significant process improvements lowering client costs. This allows Denny’s operators to save money, make better real-time decisions and have stronger financial controls.”
IQ Backoffice has recently added another leading 26 unit Denny’s franchisee to the roster of premier clients benefitting from our services. Ajay Keshap, who recently implemented IQ BackOffice’s Full Service Accounting services, shared: “We evaluated a number of outsourced accounting firms. We chose IQ BackOffice because of their technology leadership, their restaurant industry experience, and their experience and understanding of Denny’s operators’ requirements. I look forward to receiving timely dashboards, financial reports and metrics that will allow me to make more timely business decisions.”
IQ BackOffice is a global leader in business process outsourcing, delivering customized solutions for its clients and boasting 99.97% quality and up to 68% cost savings.
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