QuickBooks Online (QBO) is a widely recognized industry-standard software that small businesses use to efficiently manage their finances. It handles all the essential financial tasks that companies need both at startup and as they grow. With QBO, businesses can easily track their income and expenses. The software aggregates transactions from bank accounts and automatically reconciles them. Additionally, QBO categorizes various transactions and maps them to the appropriate Chart of Accounts for accurate accounting. At FIXE, we integrate QBO into our software suite to provide comprehensive financial management solutions for our clients.
Accounting standards, reporting requirements, and regulations vary significantly depending on the business’s location. QuickBooks Online (QBO) simplifies these complexities for businesses. For example, California alone has hundreds of sales tax jurisdictions. Additionally, as a business grows – whether adding 1 or 50 locations – additional accounting complexities arise. QBO handles these challenges seamlessly, ensuring compliance and accuracy, allowing businesses to focus on their core operations.
To keep track of financials, businesses need various reports, such as Profit & Loss statements, balance sheets, etc. and would like to know what their accounts payable, accounts receivable, cash flow and outstanding invoices are. QuickBooks Online (QBO) provides these capabilities to small businesses, making it an essential tool for financial management.
When starting a business, one of the first pieces of advice from accountants is often, “Go get QuickBooks.” While there are other accounting software options available, QBO has been remarkably effective for over decades. This proven track record gives us confidence in using QBO for all our restaurant bookkeeping needs at FIXE.
What if I am a franchise owner? Typically, each restaurant in a franchise is managed separately, and QuickBooks Online (and FIXE) can handle that seamlessly. Whether you own 10, 50, 100, or even 200 stores, QBO can manage the accounting for each one individually. No matter how large your restaurant franchise grows, QuickBooks+FIXE can manage it without any issues, providing a reliable solution for your financial management needs.
At FIXE, we specialize in the restaurant industry and offer unique capabilities to restaurant / franchise / group owners, or management companies with multiple restaurants. Whether you manage fast food outlets, dine-in restaurants, bars, or catering services, we can provide aggregated and comparative reports tailored to your needs. Our comprehensive reporting allows you to compare the financial performance across different restaurant concepts, helping you make informed decisions to drive your business forward.
Our team of account managers, bookkeepers, and experts supports groups, multi-entity businesses, and individual restaurants by utilizing QuickBooks Online (QBO). Whether you have one location or multiple, you can access our portal to view your financials seamlessly.
Customers want reports on a periodic basis, whether weekly, monthly, or quarterly in formats specific to restaurants. At FIXE, we generate these reports (on-demand) – a functionality that currently exists. We have now enhanced our capabilities to enable multi unit management. For restaurant owners/managers, we manage your in-house and 3rd party sales figures, payroll, and accounts payable by combining restaurant expertise, best in class software (such as Quickbooks, Ottimate, Shogo, etc.), dedicated service, and automation to streamline bookkeeping. so you can stay current and focus on what really matters…running and growing your restaurant.
We are introducing a single destination where you can manage your entire group of restaurants. Through this portal, you can assign operational responsibilities for each location, enabling designated managers to view and run their operations efficiently. We are addressing this complexity to streamline your management processes. Once this is in place, we shall provide various comparative reports. This capability represents the next evolution of our services, which will be rolled out over the next few months.
The vision is to use AI to provide clients with actionable insights. For example, “My cost of goods, such as tomatoes, is going up by X dollars,” or “Your labor costs are increasing significantly month-to-month or quarter-to-quarter, so watch it.” Additionally, we can analyze “What are my beverage sales compared to my alcohol sales?” While we can provide these insights for each individual location, our goal is to offer comprehensive analyses across all locations.
This advanced capability will help you identify trends, manage costs more effectively, and make data-driven decisions to enhance your business operations. By leveraging AI, we aim to deliver valuable insights that empower you to optimize performance and profitability across your entire restaurant portfolio.
We have made a strategic decision to adopt QuickBooks Online (QBO) as our system of record for all financials, accounting, and restaurant bookkeeping. By focusing on a single accounting system, we ensure that we can provide the best services to our customers. QBO enables us to maintain consistent, accurate, and efficient financial management, allowing us to deliver exceptional support and insights to help our clients grow and succeed.
