How Financial Insights Can Help Restaurants Succeed in a Post-Pandemic World

The pandemic created levels of volatility never before seen in the restaurant industry. Now, with commodity and labor costs on the rise, the pressure is only increasing. In these uncertain times, financial insights shine as guiding lights. Let’s explore how the use of a financial reporting software can lead multi-unit chain restaurants to financial success.

Winning With Standardized and Aggregated Financial Data

If the growing level of interest in our financial insights solution, metiRi®, is any indication, it is clear that franchise restaurant brands are looking for financial data analytics to help them better understand their overall system.

metiRi, our cloud-based software-as-a-service (SaaS) solution, empowers multi-unit brands to understand, manage and navigate their financial data. The franchise tool helps brands and its franchisees in tackling challenges like minimum wage increases, labor costs and raising supply chain expenses.

metiRi collects, standardizes and aggregates data from any accounting system so franchisees can continue to use their existing financial reporting methods. With this type of franchise technology, there’s no more guesswork, just real-time insights to help restaurant operators make informed data-driven decisions.

Financial Success Benefits Both Multi-Unit Franchise Brands and Franchisees

As the restaurant industry faces inflationary pressures, it is now more important than ever to provide franchise support and have clear communication between multi-unit brands and franchisees. Accurate, consolidated financial statements can help. Here’s why:

Easily Identify Cost-Saving Opportunities

Manually compiling financial reports can take hours or even days to complete. metiRi collects these insights in minutes, streamlining financial reporting and aligning your data with your brand’s KPI scorecard. When a user log in, they will get an instant overview of their business’ financial performance based on the historical financial data they have uploaded.

Using metiRi’s financial insights, users can unlock average annual cost-saving opportunities of up to $55,500 (or 4% profit margin) per location.

Peer Restaurant Benchmarking

Franchisees are required to submit Profit and Loss (P&L) statements to the franchisor, but often receive little or no feedback. Therefore, many of them spend considerable time creating their own benchmarking templates, which can often be incomplete and even misleading. 

With our financial analytics software, franchisees gain instant visibility to anonymous system-wide financials and unit-level performance. They can benchmark financial insights from each of their restaurant locations against peers using its interactive financial dashboard.

Users can compare their stores to others selecting attributes specific to the brand, such as store types, regions and more. This feature allows them to quickly identify cost-saving opportunities for various restaurant KPIs, including food and labor, and compare them to average scores within the system.

Consistent Financial Reporting

With metiRi in place in more than 80,000 franchise locations globally, RMS works closely with brands to tailor the franchise software to real-world, specific needs. Authorized users can quickly gain access to intuitive and visual financial performance reports that provide a deeper understanding of their business portfolio’s success.

For example, you can get a view into YOY unit-level profitability to help make informed financial decisions about rightsizing and future-proofing. Or drill down into attributes tailored to specific brand needs such as market area, store type (drive-thru vs. mall locations) and restaurant management area.

Also, financial reporting becomes more consistent, with more operators participating. Brands that use metiRi report that more than 80% of unit operators now report monthly financials within just 45 days of month-end, a marked improvement from the industry standard of just 50% of operators reporting annual financials within six months of year-end.

Access Accurate Financial Data

metiRi is an easy-to-use financial solution designed specifically for franchise brands based on 30 years of industry experience. If you’re interested in seeing how metiRi can accelerate franchise growth by easily aggregating, benchmarking and evaluating franchise data across your entire organization, we encourage you to schedule your personalized demo. Contact us today or email bob@revenuemanage.com.

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