With three successful restaurants and a commissary, the Fort Worth-based diner had outgrown their bookkeeper and needed professional accounting help from a firm that understands restaurants.
“Prior to Tablespoon we did everything ourselves with the help of a bookkeeper. Our resources were limited, and we spent a ton of time. Our bookkeeper couldn’t keep up with the day-to-day finances. We knew that we needed help."
They were introduced to Tablespoon by a professional acquaintance in their network in late 2018. Tablespoon’s restaurant industry focus was a key decision factor. Restaurant operators depend on timely and accurate P&L information to manage costs but establishing the proper systems and controls can be a challenge. It is critical to partner with an accounting firm that understands the unique needs of growing restaurant groups.
Onboarding & Streamlining
Small business accounting software such as QuickBooks can help restaurants meet their basic bookkeeping needs and file tax returns. But as restaurant companies grow and expand to multiple locations, having real-time visibility into the numbers is key to financial success. Tablespoon’s Managed Accounting Services, delivered through Sage Intacct cloud financial management software, is a powerful combination. It’s the one-two punch growing restaurant groups need.
“One of the first changes we made was to move from cash-basis bookkeeping to full accrual accounting. By ensuring all costs are recorded in the correct week, they were able to get a true picture of their P&L for the first time,” says Andrew Lester, CEO at Tablespoon.
After onboarding and implementing Tablespoon’s recommendations, they saw drastic improvements in their financial and operational reporting.
"The changes that Tablespoon helped us make were monumental in the operational and financial health of our diner.”
Companies often struggle with understanding the value of a professional firm vs. what they pay with a bookkeeper. It’s not just dollars and cents, it comes down to experience and insight. A bookkeeper can tell you where you stand financially, however; a professional firm can help you evaluate, adjust, and grow.
“At the end of the day, a professional accounting firm is more money than a bookkeeper, but Tablespoon has more than paid for their value. If you are thinking about making the switch, do it now vs later. We wished we had done it sooner."
Measuring Outcomes and Seeing Value
“With Tablespoon, I have a strong sense of security that everything is under control. Tablespoon goes the extra mile and explains everything in terms my team understands and helps us stay on top of our finances and in a strategic mindset.”
Tablespoon streamlined their accounting processes and tailored their managed accounting services to their specific needs. In addition, Sage Intacct’s open API environment allowed them to integrate Craftable, which seamlessly connects purchasing, recipes, inventory, and sales with accounting to help operators drive profit.
“Tablespoon helped us research solutions and select a best-in-class system to integrate our vendors, purchases, recipes, and operations with Sage Intacct. We didn't have an accurate food cost. We didn't have the ability to dial-in our operations. After working with Craftable, we have the tools in place to help us measure success. We have full oversight of our commissary and restaurants from a micro and macro level. Our numbers in Sage Intacct make so much more sense as we are in the process of streamlining everything."
Additional Value from Tablespoon:
- Customized reports and dashboards for leadership and store managers to maintain a constant pulse on the financial health of the business
- Assistance with investor meetings and preparation of investor reporting
- Tax and vendor guidance
- Weekly credit card error reports to quickly identify shortages and avoid a financial loss
“Tablespoon has even provided guidance on pricing techniques. A simple adjustment from $0.95 to $0.99 has increased our revenues."
Investing in Success
Meeting with investors or potential investors is critical to the continued development of your business. These meetings provide investors with clarity on your story, allow you to gauge concerns, and showcase your growth.
“We have an investor and Tablespoon took the time to meet with him and set him up with his own dashboard so that he could stay abreast of our growth. It was very helpful to have that professionalism behind our diner.”
Looking ahead, they have plans to launch a new concept and expand their mission of providing delicious vegan comfort food. With Tablespoon’s Managed Accounting Services and expert advice, they had the financial team in place to support their continued growth and success.
Advice to Anyone Considering Outsourced Accounting-as-a-Solution
“Tablespoon has made us a lot of money by helping us dial in on areas of concern and streamline our accounting processes. This would not have been possible without outsourcing our accounting to a firm that knows our business.”
