Managing finances efficiently is not just about keeping books up to date but ensuring they can support rapid decision-making and scalable growth. Particularly for restaurants and businesses in the F&B sector, there are many moving parts and internal controls that require precise and timely tracking to help prevent errors and fraud, maintaining accurate and reliable records and improving internal processes like inventory management, payroll, and more.
Enter CloudCFO, a cloud accounting firm that leverages advanced technology to revamp the traditional bookkeeping process in accounting, delivering real-time financial data for agile business operations. As an outsourcing provider specializing in accounting, bookkeeping, and finance services, CloudCFO offers customized, technology-driven solutions, enhancing the financial operations and strategic decision-making of startups and SMEs.
“The team has been highly responsive to our day-to-day accounting needs, always ready to address concerns quickly and efficiently,” says Leo Araneta of Kashmir, an Indian restaurant in Makati. “The owner brings deep expertise, stepping in as our CFO whenever major financial decisions arise, offering invaluable insights.”
Now more than ever, with rising costs due to inflation, maintaining profitability through rigorous control over margins is key to not only staying competitive in the F&B industry, but also to setting your restaurant up for the future. Just like Kashmir, CloudCFO helps manage your books, as well as provides strategic direction to keep your business healthy and thriving. Here are five ways CloudCFO does just that:
1. Customized financial solutions
Prior to managing books, the team at CloudCFO first does an in-depth assessment of a company’s business model and current practices, ensuring that they provide tailor-fit services that are specific to each client’s needs and long-term goals. For restaurants, the review covers various internal controls such as POS systems, reconciliation of multi-channel payments, inventory management, and regulatory compliance. Rather than providing a standard “one size fits all”-type of service, CloudCFO works hand in hand with their clients to ensure optimized efficiency on business processes and strategic decision-making, leading to scalable growth for the restaurant.
2. Proprietary technology and integration capabilities
CloudCFO doesn’t just use off-the-shelf software; the team has developed proprietary technology tailored to the nuanced needs of businesses in the Philippines. This technology supports basic bookkeeping functions and integrates seamlessly with other business systems, enhancing overall functionality and data coherence. Through this system, CloudCFO provides a holistic and instant view of a restaurant’s finances, allowing leaders to quickly identify opportunities to act on, and deal with possible challenges.
3. Consolidation across multiple payment gateways and branches
As customers can pay through different channels such as cash, credit cards, and e-wallets, and even order through online partners like Grab and Foodpanda, it’s essential to implement strong controls to match these payments with POS reports, for accurate records of daily sales. Further adding branches and channels through which customers can order food makes bookkeeping more complex. CloudCFO helps restaurants manage and accurately account for each transaction, to minimize any discrepancies for cash received and total sales.
4. Tracking costs and inventory across branches
In busy restaurant operations, tracking costs of raw ingredients and exact portion control can be challenging. As ingredient costs fluctuate and theoretical costs may not always align with reality, CloudCFO helps restaurants stay on top of price adjustments through its technology-backed solutions, allowing you to regularly review how these cost changes affect profit margins. This, then, leads to better management of any branch’s inventory, and accurate food cost calculations.
5. Operational efficiency and compliance with local regulations
The operational efficiency provided by CloudCFO’s bookkeeping services in the Philippines helps startups streamline their processes and reduce costs associated with traditional bookkeeping. Moreover, CloudCFO’s systems are built to ensure compliance with local regulations, which is often a complex challenge for SMEs due to their limited resources. Accurate bookkeeping ensures that startups meet regulatory requirements and are prepared for audits, avoiding penalties and ensuring compliance.
Beyond bookkeeping, financial reporting and compliance, the CloudCFO team provides strategic financial guidance to business owners, advising them on key decisions leading to their overall growth. More than accountants, the CloudCFO team acts as an extension of your company’s finance department to give accurate and timely reporting, using this to help plan what’s next for your growth.
“What sets CloudCFO apart is their genuine commitment to our success. It’s the first time we’ve felt like a supplier truly views us as a partner—our growth is clearly their priority, too,” says Araneta. “Their tech-savvy approach has been a huge plus, allowing us to seamlessly integrate with online applications. With their experience in the F&B industry, they understand the unique challenges we face and provide tailored solutions.”
Choosing CloudCFO means opting for a partner who understands the dynamics of the F&B industry, and is committed to the long-term growth of your company. By providing accurate, real-time financial data, and end-to-end services from payroll to tax compliance and financial consultancy, CloudCFO expertly manages the numbers, ensuring restaurant owners can focus on what they love: serving great food.