Summary: Financial visibility is important for today’s restaurant, franchise, and hospitality owner/operators, but technology systems often fall short. In this article, Aprio explores how streamlined and unified cloud accounting and ERP solutions are transforming the way modern businesses manage costs, reporting, and data-driven decision-making.
As a restaurant or franchise owner, you face constant pressures from different directions, including rising labor costs, staff turnover, shifting customer expectations, and razor-thin margins. To grow and scale in an industry that has become increasingly saturated, you need complete visibility into your business’s financial performance.
But too often, financial reporting lags reality. By the time your traditional system produces reports, you may already be weeks into making decisions based on outdated data. And if you’re a multi-unit or franchise owner/operator, the challenge multiplies because you’re tasked with tracking consistent, accurate financials across multiple entities and locations.
If you’ve already done some research into alternatives, then you likely know that cloud-based accounting and enterprise resource planning (ERP) solutions are the starting point for changing the game. With these solutions making up the foundation for real-time insights, streamlined reporting, and enhanced security, cloud accounting platforms are helping businesses across industries keep pace with change and build a foundation that can sustain long-term profitability.
But it goes beyond just accounting and ERP; the true differentiators are the software solutions available in the marketplace. There is a wide range of unified systems to choose from, including:
- Point of sales (POS) systems
- Payroll solutions
- Inventory and menu management
- Account payable software
- Accounts receivable software
- Banking services
- Delivery services
The accounting and ERP system you choose should enable efficient, effective data transfer between these functions — which is why it’s one of the most important technology decisions you can make.
Below, we unpack some of the most common misconceptions about cloud accounting and ERP, and how you can take the next step with confidence.
Why visibility matters, and how a streamlined and unified cloud accounting helps
Financial visibility isn’t just about numbers on a page; it’s about clarity, agility, and control. In your restaurant or franchise business, you need timely, accurate data to track costs and margins in real time, adjust pricing and staffing based on demand, forecast cash flow, and more.
Traditional and bespoke technology systems often can’t provide you with this level of insight. On the other hand, a unified technology cloud accounting platform (tech stack) can give you a centralized view of your most critical financial data, updated instantly. You can see daily sales trends, compare store-level performance, and quickly identify areas of concern all from one dashboard.
For example, an owner/operator with 10 franchise locations can use their tech stack to consolidate reporting seamlessly, eliminating manual reconciliations and delays common with legacy systems. This visibility enables that owner/operator to make better decisions, faster.
Common misconceptions about cloud accounting and ERP
As a modern restaurant or franchise owner, it’s important for you to understand that cloud accounting represents more than just a technology shift. You should think of it as a strategic investment that you make in your business. By providing real-time financial insights, streamlining reporting across locations, and enhancing decision-making, your chosen tech stack will help you stay agile and profitable in the future.
Despite the advantages above, some owner/operators are still hesitant to adopt cloud accounting due to some pervasive misconceptions. The most common are:
- “It’s too complex for smaller businesses.” Most cloud and ERP applications can scale as needed for restaurants of all sizes, and many are designed with smaller operators in mind.
- “It’s too expensive.” While the implementation may require you to make a larger upfront investment, you will reap long-term efficiency savings, reduced labor costs, and fewer errors, which often outweigh the initial expense.
- “We’ll lose control of our data.” In fact, a cloud solution can help you improve data control and give you better oversight, permissions, and audit trails.
Demystifying security for cloud adoption
Beyond common misconceptions and normal change management concerns, you may be hesitant to move your business’s sensitive financial data into the cloud. Fortunately, modern ERP platforms are built with robust security protocols, often exceeding what your business could manage in-house. Some of the most significant safeguards include:
- Encrypted data storage and transfers
- Multi-factor authentication for users
- Role-based access controls
- Regular system monitoring and updates
At Aprio, we work with restaurants, franchises, and hospitality businesses like yours to evaluate security risks and implement best practices, providing you with critical peace of mind while leveraging the benefits of cloud technology.
Key visibility benefits for multi-unit locations
If you are a multi-unit restaurant operator or franchisee, then your biggest reporting concern is having the ability to consolidate and analyze your financials across locations. If you also juggle multiple brands or ownership groups, that concern is likely intensified. In this respect, a cloud and ERP platform can be the solution you need to ensure optimal consistency and accuracy. Most platforms make it possible for owner/operators to:
- Roll up performance data from multiple entities.
- Compare unit-level profitability.
- Standardize reporting for investors and franchise partners.
- Scale without adding back-office complexity.
- Benchmark performance across multiple locations.
With a cloud accounting and ERP solution, you can unify your reporting across locations, reduce overhead, and focus on driving growth.
Final thoughts and what’s next
As we look toward the future, we expect that cloud accounting and ERP platforms will continue to evolve with the unique needs of the restaurant, franchise, and hospitality industry. Some of the most pivotal trends you should keep an eye on include:
- Advanced analytics and AI to provide owner/operators with predictive insights into customer demand and cost fluctuations
- Deeper POS and supplier integrations to capture data across the value chain.
- Mobile-first capabilities that allow owner/operators to manage their financials on the go.
- More automated compliance and reporting functions.
At Aprio, we bring together industry experience and technology acumen to help restaurant and franchise owner/operators assess, implement, and optimize cloud-based financial systems. Whether you are an independent restaurant looking to simplify your reporting or a multi-unit franchise preparing for rapid growth, Aprio can guide you toward the right solution for long-term success.
