Positioning to win: why the fastest-growing franchisees are outsourcing their payroll and accounting
“As a new owner of 17 Taco Bells, I had a lot of other pressing priorities besides payroll, financial reporting, and P&L. I knew I either had to bring it in-house or outsource. It made the most sense for my business to outsource.” –Todd Bisbocci, Taco Bell franchise owner
Franchisees who are looking to grow are faced with tremendous challenges, including managing development, operations, and strategy (just to name a few). But oftentimes, payroll and accounting administration and challenges can get in the way of focusing on these key priorities. That’s why growth-minded operators are choosing to outsource to restaurant payroll services. Here are the top 5 benefits for outsourcing payroll and accounting functions at your restaurants.
#1: Focus on the important stuff
Outsourcing allows you to spend your limited time and energy on growing and improving your business. As Tony Kulick, Allied Lube CFO, explains, “As a franchise that’s adding 8-10 units per year, it’s important that we channel our limited time and energy in the right ways. We made a commitment to spend our time focused on three key areas: store growth, operational enhancements, and guest experience. In order to do this, we needed to spend less time on administrative and housekeeping issues.”
#2: Say “no” to staffing hassles
Maintaining a solid accounting team takes a lot of work. Restaurant managers are faced with finding and training the right people, overseeing them, and handling issues like retirement, vacations, illnesses and other unavoidable disruptions. You won’t have to worry about any of that when you outsource accounting functions.
#3: Never ever miss a deadline
A missed payroll or sales tax payment could potentially put you out of business. When you outsource, your provider makes sure all payments and reporting deadlines are met, and you never have to worry about it. They use best practices and follow processes that are tested and certified. An accounting partner provides transparency, improves the audit trail, and ensures compliance with the complexities of federal, state and local laws.
#4: Expand with ease
Working with an accounting provider means you can quickly and easily scale up as needed, with access to skilled talent of all levels, without the hefty price tag of bringing in specialists on a case-by-case basis. All it takes is a quick call to your provider – and bam! – you’re all set with the accounting resources you need.
#5: Base your business strategy on better information
Easily monitor financials and cash flow, which gives you an improved ability to conduct business planning and strategy. With this invaluable information available at a moment’s notice, you can be more strategic and make more informed business decisions.