Tired of Your Back Office Holding You Back?
Take your restaurant finance department to the next level.
Zachary Weiner provides part-time, interim, and special project Chief Financial Officer (CFO) services to the restaurant and hospitality industry.
When Is It Time to Bring On a Capable Restaurant CFO?
You could be facing one or more of these example situations in your business, and that’s one of the first indicators that the business could need the advanced financial knowledge of a senior restaurant’s financial position.
- Your business faces risk and uncertainty and needs an understanding of if that risk is manageable or at the minimum, a plan to mitigate it.
- If you are planning a hyper-growth for your restaurant, think that you have 5-10 restaurant units or locations, and can realistically add 5-10 by the end of the year.
- You are concerned or unsure about some of the regulatory or compliance issues (think on the lines of liquor tax, varying rules in different states, sales tax, entity tax filings and the like).
- Your current accounting reports and operating reports are not communicating a clear story, are not timely, are not usable or structured appropriately.
- Your finance department is not well experienced in many issues you are facing, or is not able to guide other connecting departments (e.g. sales, inventory, budget, planning and so on).
- You are continuously finding yourself in a cash scarcity, or even worse, mysterious cash disappearance situations.
- Your purchases and COGS are fluctuating rapidly from one period to another and you are unable to explain the difference.
- You want to value your restaurants, have plans for an IPO, debt restructuring, or fundraising from other sources.
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What Are the Responsibilities of a Restaurant CFO?
The main responsibilities of a restaurant’s CFO are to:
- Manage the restaurant’s financial reporting.
- Build and maintain the restaurant’s projections and budget.
- Raising debt or equity capital (such as new venture fundraising).
- Developing financial systems and infrastructure to facilitate growth into new markets.
- Mergers and acquisitions.
- Preparing for an IPO.
- Implementing the planning tools to guide your company’s growth.
- Handle legal and negotiations for the CEO, such as leases, insurance, etc
- Preparing and executing a plan of reorganization.
The CFO should help translate the restaurant’s metrics into insights that the rest of the management team can use to make strategic decisions – important decisions such as when to open new units, make additional hires, when to ramp up sales or marketing spend, negotiate service contracts, etc.
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As Seen In
Whether you just lost your CFO or Controller. Whether you need interim assistance or your company is growing and requires the expertise of a part-time CFO, we have a flexible solution that will work around your needs. We can hit the ground running and provide the type of expertise needed to assist your company in many areas successfully.
Experience Makes All The Difference
Zachary Weiner is a seasoned finance professional, and his experience in the restaurant industry is what sets him apart from the pack. The author of the top-selling restaurant finance book QuickBooks for Restaurants: A Bookkeeping and Accounting Guide, find out why Zachary Weiner is your perfect part-time CFO.
What Clients Are Saying
‘Having fallen into the CFO of my family’s restaurant group, Zachary has been an absolutely invaluable resource. His advice and guidance have made me feel 10x more comfortable in the CFO position than before I began working with him. Finally, Zachary’s ability to help me strategize towards the most impactful initiatives for my business really sets him apart from others.’
AU DANG – HAPPY ENDINGS HOSPITALITY (ARLINGTON, VA)
The Bottom Line
All of our efforts have a positive bottom-line impact. Some may show up immediately to the bottom line, others prevent unnecessary expenses from happening, and some create positive long-term benefits.
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What to Look for in an Outsourced CFO
Not every restaurant or hospitality business needs an outsourced CFO, but when it’s time, it’s time! Here are some of the key items to look for when hiring a senior finance professional on a contract basis:
- Look for someone who knows your industry – a company operating in the restaurant/hospitality industry is much different than one that operates a complex supply chain and manufacturing network.
- You operate in a specialty industry, you need a restaurant/hospitality specialist. The restaurant industry has unique capital and cash flow needs. Find an outsourced expert who can help you craft a financial strategy unique to your restaurant.
- Get someone who can provide the right amount of attention for the foreseeable future. Fractional CFOs are in high demand and finding someone who has enough time to dedicate to your business can be a challenge. Working with someone who doesn’t have the bandwidth to give you the attention you probably need maybe a mistake.
- Choose a partner who will compliment your leadership and management style. For example, if you’re not a details-oriented CEO, finding a finance leader who is comfortable diving into the details may be best.
Some Tell-Tale Signs You Need a Restaurant CFO
Still not sure you need a restaurant part-time CFO to elevate your restaurant empire to the next level. Here are some tell-tale signs:
- Concerns about regulatory or compliance issues, future cash flows, or if you are making an informed/educated decision?
- The financial staff takes over 15 days from the end of the accounting period to produce accurate and meaningful financial reports.
- Operating reports do not provide you and the team with meaningful information or are not timely.
- The finance department is bloated and inefficient.
- The cost of goods fluctuates widely from one period to the next.
- The lack of corporate planning results in crisis management (AKA putting out fires daily).
- The operating performance of entities reflected in your financial statements varies significantly from your and the team’s expectations.
- Unexplained cash shortages.
- Debt Service takes over 90% of free cash flow.
- Currently do not know your ideal food and beverage cost.
- Recently had compliance issues related to liquor tax, sales tax, entity tax filings, etc.
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Who Wrote This Page, Anyway?
Zachary is an outsourced financial controller and CFO for startups and restaurants across the country. His clients vary from fundraising/pre-revenue to $20 million in annual sales. He has worked with multi-unit operations with 20+ entities. Through his multiple bestselling books and guides, he has been able to help thousands of business owners to manage their finances better.