OUTSOURCED CFO
As restaurant companies grow, the internal financial requirements grow exponentially .
RDS’ Outsourced CFO Service is designed for emerging growth clients who seek the expertise of an in-house Chief Financial Officer but do not have the need or resources to hire one on a full-time basis. On a part-time/consultancy basis, RDS oversees daily, weekly and monthly financial functions, as well as one-time and on-going activities that fall under the CFO umbrella. As each client’s needs vary, RDS will customize a program to suit individual clients’ needs and budget.
THE FOLLOWING CFO SERVICES ARE OFFERED:
- Set up systems and spreadsheets for inventory and payroll
- Set up transfer system
- Review sales tax procedures
- Review/evaluate employee file system
- Observe and evaluate an inventory
- Observe and evaluate a store management shift, opening and closing
- Evaluate banking system
- Review leases and prepare overviews
- Set up credit card receivables.
- Management of cash (cash transfers, prepare / review cash worksheet).
- Prepare weekly cash flow
- Review A/P with recommendations on what to pay
- Interface with vendors
- Supervision of inventories
- Oversee production of weekly P&L statements.
- Receive and review bank statements
- Review each bank reconciliation
- Production of financial statements
- Interpret and review financial statements with senior management
- Review all first-of-the-month payments
- Prepare monthly reports
- Set-up and monitor systems
- Oversee employee benefits programs, including insurance and 401(K)
- Oversee preparation of tax returns
- Oversee audits
- Review of licenses
- Oversee legal issues
- Review credit card rates and contracts.
Michael Sternberg, CEO, Sam & Harry’s Restaurant Holdings, LLC
Back-Office Overview
The report analyzes more than 50 back-office functions and delivers a report with overview, comments and recommendations for each. Included are accounting / bookkeeping procedures, human resources, financial controls, legal procedures and tax savings.
Restaurant Business Plans
The RDS business plan is a battle-tested document that combines strategy and tactics to achieve a desired plan for growth. RDS’ clients have used the business plans to acquire financing, gain landlord confidence and investor support.
Outsourced CFO Services
This service is oriented to restaurant companies that cannot afford or justify the expense of a full-time CFO. Included are budgeting, lease negotiation, insurance, accounting oversight and project finance.
Financial Services
In addition, RDS provides a wide array of financial services oriented to the restaurant industry. Included are debt placement, financial analysis, lease review, landlord representation and international restaurant development.