In this episode of Hospitality Hangout, hosts Michael Schatzberg, known as "The Restaurant Guy," and Jimmy Frischling, referred to as "The Finance Guy," are joined by Morgan Harris, Co-Founder and Chief Customer Advocate of Restaurant365.
Morgan shares his journey from a CPA at PWC to a passionate entrepreneur determined to help restaurants thrive. He delves into the unique challenges that restaurant accounting and operations present and explains how his vision to address these issues led to the creation of Restaurant365. Morgan also highlights the company's strategic partnerships with accounting firms to effectively reach more restaurant operators by relying on a trusted network of Restaurant365 experts.
Key Insights:
- Restaurants possess distinctive accounting needs that require specialized solutions.
- Inventory management significantly impacts accounting processes.
- The importance of tracking inventory outside of traditional accounting software.
- The necessity for restaurants to generate profits for sustainability.
- Fundamental principles of accounting, including debits and credits.
- The integration of accounting and inventory management within Restaurant365.
- The misconception surrounding the complexities of restaurant businesses.
- Challenges faced by early adopter restaurants due to outdated technology.
- The significance of establishing partnerships for the advancement of restaurant technology.
- How outsourced accounting services contribute to increased sales for restaurants.
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