QUESTIONS

No. KitchenSync integrates with Quickbooks Online, Xero, and Intacct; so we can just pick up the work wherever you’ve left off in your existing accounting software. Once we take over your books, we will connect them to our online portal, giving you one place to view all of your critical operational and financial reports. Our portal aggregates data daily from the accounting software (managed by us), point-of-sale system, payroll software (also managed by us), and your inventory platform.

This is up to you and dependent on the tier of service that you elect. Our goal is to quickly get to the point where we can provide financial and operational reports to you autonomously, without having to come to you for information.We will work with you over the first several weeks of our relationship to align around processes that will help us move fast and prevent you from being a roadblock to reporting. Once we are up and running, have your point-of-sale system connected, and have all of your required logins, all you’ll need to do on a consistent basis is ensure that invoices are scanned to us every couple of days.We may have questions from time-to-time about specific transactions; but as we get to know you and your business, the frequency of those inquiries will be less and less. For those that elect the Advanced or Enterprise Finance tier, your Accounting Manager will not only send you the books each period, but will schedule time with your team to discuss what the reports are showing. Their goal is to help improve the financial literacy of the entire team so that everybody understands what their working toward.

Cash basis accounting is simply recording transactions on the date that money moves in or out of your accounts. While this is good enough for some small businesses, it doesn’t work for restaurants because you are not collecting or distributing money on the date a transaction is completed. For instance, if you have 30 day terms with your produce supplier and you have chosen a bookkeeper that offers cash basis accounting, you will be recognizing last month’s produce expenses today, rather than when you received and used the product. This creates a mismatch between when you recognize sales and when you recognize the expenses associated with those sales; so you’ll never get a handle on true profitability. For that reason, 100% of the financials that we deliver for restaurants are done on an accrual-basis, whereby sales are recorded on the date of a guest’s visit and expenses are recognized when purchases are delivered, regardless of when they are paid for.

Yes. We offer 4-4-4 , 4-4-5, 5-4-4, or reporting. Period reporting is often preferred by many restaurant groups to improve comparability between periods. In period reporting, all periods begin on a Monday and end on a Sunday, so there is no variability in how many weekends are in each reporting period. With that said, the KitchenSync platform also provides significantly detailed weekly reports, minimizing the need for period reporting to help you compare.

"Performance Management" includes a monthly (or periodic) one-hour video conference held between a restaurant's dedicated Advisor and ownership to discuss specific department-level performance, financial statement highlights, overall business health, and strategies for accelerating the attainment of stated company objectives.

Up to four hours per month of direct engagement between a restaurant's dedicated Advisor and store level management to discuss and strategize around monthly and quarterly goals.

Shareholder Relations includes a quarterly shareholder presentation, delivered via email, including a one-page executive summary highlighting current initiatives of the management team as well as a highlight of recent financial performance.

"Vendor Relations" includes the initial setup of vendor accounts, including the negotiation of payment terms, as well as a quarterly audit of vendor pricing against similarly qualified purchases.