Zachary Weiner provides part-time, interim, and special project Chief Financial Officer (CFO) services to the restaurant and hospitality industry.
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 be helping translate the restaurant’s metrics into insight that the rest of the management team can use to make strategic decisions – important decisions like when to open new units, make additional hires, when to ramp up sales or marketing spend, negotiate service contracts, etc.
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Whether you just lost your CFO or Controller and 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 successfully assist your company in many areas.
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 if your perfect part-time CFO.
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 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 20 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.