Restaurant & Retail Financial Management Group (RRFMG) was Restaurant365’s first partner (2014) and first platinum partner (2018). A few years ago, R365 decided to feature us in a promotional campaign where we talked about why we chose them as a strategic partner for our clients. Transcript of the video interview is below.
Scott Sampson, CFO
Restaurant and retail financial management group is an accounting services firm that currently services about 15 clients, approximately 80 to 90% in the restaurant space.
Wayne Lipschitz, CEO
Being able to have a cloud-based system where anyone could access it anywhere in the world was very attractive to us. The ability for our store managers or general managers to go in and scan invoices and enter invoices and look up financial statements was very appealing and the ability for all the add-ons all in one integrated system made a lot of sense for us. And ultimately, I have not yet come across a package that is as sophisticated.
RRFMG finds Restaurant365 implementation to be extremely helpful and extremely simple.
Scott Sampson, CFO
The clients that restaurant and retail financial management group services that are in expansion or growth mode are set up well using R365 because it’s very easy to sort of plug and play once you understand the application, how it works, and what reporting you can get out of it. Then it’s just a matter of looking at it from an additional location standpoint.
Restaurant & Retail Financial Management Group has been able to utilize those efficiencies to cut days out of our closing process. In preparing the financial statements to provide to our clients in some cases, it’s been 2 to 3 days. It allows us to manage more of the day-to-day details involved in the accounting process and it allows them to focus more on the meaning of that data as opposed to spending their internal funds to prepare that data.
Wayne Lipschitz, CEO
Usually, they come to us and they’re on QuickBooks or something very simple and they’re looking to make a change, not just in accountants in back-office accounting. They’re also looking to make a change in their systems. And with Restaurant365 and everything that it has to offer, that’s usually a very attractive package to be able to get us and be able to get us as a partner of Restaurant365.
Scott Sampson, CFO
Recently, Restaurant & Retail Financial Management Group was able to onboard a new client. Ultimately servicing 60 units of various concepts within the restaurant industry and restaurant space, and ideally we were able to do that through our selling both the R365 product, which allows the client to save some dollars on the infrastructure piece of the financial management system, as well as our services being more cost effective in part because of the fact that we’re using R365 to produce their needs from a financial perspective and an operational reporting perspective, more cost-effectively using this software.
Restaurant365 has been beneficial in growing the company’s business in the sense of our clients know that we provide a service timely, accurately, cost-effectively to them and the industry within the restaurant industry is sort of small. Ultimately that word gets out and we can pick up additional clients, from that perspective.
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