Is Automated Accounting Right For Single-location Hospitality Businesses?

Hospitality business owners often ask us if our automated accounting solution is suitable for their single-location business.

Maybe you’re a single-unit hospitality owner and wonder “do I really need advanced technology to manage the accounting of my single-unit restaurant or café?"

We can tell you right now that the answer is absolutely! Automated accounting is the perfect solution for either single or multi-location hospitality businesses because we can easily adapt to your needs.

Let’s face it, if you’re a single-location hospitality owner, staying on top of your finances can be a daunting task. You’re probably already wearing multiple hats, and running day-to-day operations takes most of your time. If you’re like many of our clients before they met us, you're exhausted!

In this article, we’ll discuss how automated accounting can benefit single-unit hospitality businesses while showcasing the example of Devour Bakery, a business that transformed its financial management with Outmin.

What Exactly is Automated Accounting?

Before we dive in, let’s quickly define automated accounting. Unlike traditional accounting, which places a heavy emphasis on manual data entry and repetitive tasks, accounting automation leverages the power of technology to streamline financial processes.

‍Statistics show that 86% of employees believe automation will help them do their work more efficiently, and 73% of IT leaders credit automation for helping employees save 10-50% of the time they previously spent on manual tasks.

Here at Outmin we use advanced technology such as Artificial Intelligence and Machine Learning to automate (highly tedious) tasks such as:

• bookkeeping
• invoice processing
• expense tracking
• payroll management
• financial reporting

Automated these means more efficiency, accuracy, and less human error!

Another key feature of automated accounting is the ability to integrate with other systems, such as bank accounts and Point-of-Sale systems. It's a seamless integration that syncs financial data across different platforms, requiring minimal human input.

And if you're wondering if you need to be a tech expert to use automated accounting, we can tell you right now that you don't. Not. At. All. That's the beauty of an accounting system like Outmin: everything is done for you.

What does automated accounting bring to the table?

Now that you have a better idea of what automated accounting is all about, let's talk specifics.

To give you an example of how automated accounting can help your business, let’s have a look at Devour Bakery, a single-location bakery and café that struggled with managing its finances before implementing Outmin.

Before Outmin, Devour Bakery’s owner, Yvonne Murphy, was drowning in paperwork and manual data entry. Her outsourced accountant was expensive and inefficient, year-end reporting was a nightmare (many sleepless nights...sound familiar?), and she struggled to get access to financial reports that gave her a clear and timely picture of her business's financial health.

With Outmin, everything changed.

Here's what Outmin's automated accounting solution is offering Yvonne and other hospitality businesses.

We offer Comprehensive Account Management

Outmin manages Yvonne's accounts payable and accounts receivable seamlessly. This means that we process and collect invoices from suppliers and set up bank payments for you. You don't have to worry about your day-to-day bookkeeping - it's all on us.

We take care of tax and compliance

Filing VAT every two months? Boring, but necessary! Fortunately, Outmin can do it for you. We work with a team of accountants who are experts in their field and can promptly assist you with everything. That's what we do for Devour Bakery and many other businesses.

We also take care of compliance to make sure you follow all local laws. You shouldn't have to add more stress on top of everything.

We handle Payroll

An automated accounting system like Outmin can also take care of payroll management. As you probably know very well, running payroll can be very time-consuming and prone to human error. Plus, a payroll service can be costly.

With Outmin, you have a fully streamlined payroll system that gives your team accurate and on-time payments.

We seamlessly connect with other hospitality systems

Outmin connects with your bank accounts, Point-of-Sales systems, supplier portals, and delivery providers. This ensures that all financial data is synced in real-time, providing you with accurate insights into your business performance!

We offer weekly financial reporting

If you're anything like Yvonne, you probably struggle to get an accurate and timely picture of your finances. Profit and Loss statements are difficult to follow, and month-end accounts delivered 6 weeks later always keep you one step behind!

With Outmin, you get crystal clear financial statements every single week - from Profit and Loss to cash flow statements.  You also have access to Key Performance Indicators to help you understand your business trajectory at a glance.

This gives you full control of your business's financial health and provides you with actionable insights to help you make better business decisions.

We make invoice submission easy with our mobile app

With Outmin's mobile app, you can capture and upload invoices and receipts on the go. It's a super easy process that helps you keep track of your business documents.

This simple, user-friendly accounting tool eliminates the need to keep a bunch of paperwork. Best of all, once you upload your documents, Outmin categorises everything for you in real-time.

What are the benefits of automated accounting for your single-location business?

Now, onto the good stuff. Let's break down the benefits of automated accounting for your single-location business.

1. Enhanced efficiency

By reducing manual processes and the need for human intervention, Outmin makes your accounting processes much more efficient and faster. This ultimately saves you a lot of time and money.

2. Improved Accuracy

With Outmin's advanced algorithms and seamless integration with various systems, you can say goodbye to human error. You can enjoy peace of mind knowing that your financial data is accurate and up-to-date, allowing for better decision-making.

3. Costs Savings

Yvonne Murphy said that, after factoring in salaries, software, and outsourced accounting professionals, automation could save you up to 35,000 euros every year. How does that sound to you?

With a system like Outmin, you don't need to hire an in-house accounting team or spend a lot of money on different accounting software. Outmin is an all-in-one solution that takes care of everything for you at a fraction of the cost.

4. Increased visibility and control

With in-time financial reporting and insights, you have full visibility into your business's financial health. This allows you to make informed decisions quickly and effectively. More control over your business's future? Always!

5. Time Savings and Peace of Mind

One of the biggest benefits of incorporating accounting services into your hospitality business is the time savings it provides. As a busy café, pub, hotel, or restaurant owner, you already have a million things on your plate – from managing staff to ensuring customer satisfaction. By outsourcing your accounting needs, you free up valuable time that can be better spent focusing on growing your business.

Yvonne and other business owners save at least 10 hours every month with Outmin. That's a good amount of time that you can use for more important things. And why not treat yourself? Yvonne went on a Paris getaway in January, something that would have been impossible before Outmin. Wouldn't you want a bit more time for yourself and your family?

Take your Single Location Hospitality Business to a Whole New Level

A lot of businesses within the hospitality industry struggle to find financial stability, but you should know that it's possible to thrive and succeed without losing your sanity.

Manual data entry, tedious paperwork, and financial stress are a thing of the past. You shouldn't have to worry about accounting tasks the way you do now. Because you need to focus on what's important, and that is running a successful and profitable business. Simple as that.

Ready to experience the benefits of automated accounting for your business? Schedule a demo today and join the countless businesses that have already transformed their financial management with Outmin!