Microsoft Dynamics GP for Growing Hospitality, Restaurant and Food Service Companies
Published: March 23, 2017
You're growing, and perhaps it's time to expand your hospitality, restaurant or food service company to additional locations and markets. That means having to up your back office software game. You started business with a good point-of-sale (POS) system for cash and credit card transactions, and maybe a simple back office. But if you want to expand, you'll need a much better handle on payables, payroll and HR, and will have to contend with multi-location purchasing, warehousing and potential new investors seeking better financial information.
A good POS system can be expanded to new locations, but where do you get the solid back office program to do all that other stuff that can talk to the POS system without soaking up a lot of capital?
Tribridge has a number of solutions for food service customers. Today I'm going to focus on Microsoft Dynamics GP. Dynamics GP can do the following for your business:
- Provide solid purchasing control using the "three-way-match" method
- Take advantage of banking programs such as SurePay or EFT to insure your payments reach the right party
- Provide flexibility in payroll, including benefits, garnishment deductions and federal/state reporting
- Provide cash forecasting that automatically includes payables and receivables transactions and can account for recurring transactions (i.e., lease payments)
- Provide financial reporting which can be sliced by store, market, or any other dimension in a matter of minutes
- Resolve cash reconciliation processing between POS systems and Dynamics GP for multiple checkbooks
The true power of Dynamics GP is the ease with which you can integrate transactions from other systems: your POS system, a 3rd party payroll provider, the bank, or any other provider of data on your business activity. Finally, one source of the truth! Tribridge uses best-of-class tools such as eOne’s SmartConnect to build bridges between your other systems and Dynamics GP.
Common integrations we build for our restaurant and food service clients include:
- Sales and cash activity from the POS system so your financial data is updated every day automatically
- Payroll activity from a 3rd party provider or another system so your payroll activity is reflected in your financial statements immediately
- Bank deposit data, so you know how much your locations are depositing as fast as the bank does
These integrations can be set to run automatically so you can come into the office first thing and see where you are on cash and location performance.
I'm sure that all of this sounds great, but cash is dear to a restaurant or food service business trying to expand. What if you don't have a lot of money to spend on software or the hardware to run it on? By using Dynamics GP hosted by our cloud-services company, Concerto Cloud Services, upfront costs are minimized and spread into reasonable monthly payments. And you don't have to buy or maintain any hardware.
When the time comes to up the back office software game, get in touch with the Tribridge team to determine how we can best provide the expertise for where you're headed.