Among the first to feel the pinch of the pandemic, hospitality businesses were initially predicted to be the last to recover before the world could return to pre-pandemic levels.
However, as more people received vaccinations, the hospitality industry bounced back faster than expected. Many restaurants and food establishments in the United States quickly adapted, shifting to innovations such as delivery apps, QR codes, and ghost kitchens to survive.
The Largo Group, an accounting firm based in Boston, Massachusetts, provided its Weekly Bookkeeping Method to help restaurant owners across the United States pull through, especially at the height of the pandemic's restrictions. Consisting of dynamic techniques, it became a difference maker, with over 95% of the firm's clients continuing to operate after massive lockdowns.
"Our weekly accounting approach is designed to give restaurant owners more control of how they operate the business. From these weekly reports, the timely communication and guidance we provide have been crucial in making decisions fast," shares Anne Gannon, CPA and founder of The Largo Group.
"Through our unique approach, I truly believe our mission is to give back the control of finances to the business owners, so that they can make better decisions daily," Gannon adds.
The techniques for transformation
The Largo Group's Weekly Bookkeeping Method consists of tools that allow owners to take control of their business while aiming for the vision of success and building sustainable growth for clients.
In the weekly personalized reports, a detailed income analysis shows how the client's restaurant performs each week. An expert will immediately handle any concerns or questions that may arise.
A designated operations expert can also provide one-on-one coaching calls to provide more discussions on budgets, forecasts, labor, and cash flow. This ensures that business owners remain focused on achieving the best possible results. The weekly bookkeeping service also includes a 50% discount on tax returns and free quarterly tax planning.
Finally, exclusive webinars, tutorials, and courses by The Largo Group allow owners to take another step closer to taking control of the business by personally learning from the resources that will help them along their journey.
Experts that understand the industry
In a recent research conducted by the US-based National Restaurant Association, several factors are making an impact on a restaurant's bottom line. 88% of operators say their total food costs are higher than in 2019, and labor costs are up by 15.1%. These factors are leaving owners to make hard decisions regularly.
More than just an accounting firm for restaurants and food businesses, The Largo Group developed various methodologies based on the vast experience of its industry experts and experienced hospitality accountants.
The Largo Group has a full grasp of the industry's dynamic nature and understands that a month is insufficient for owners to make decisions. Given how quickly things can change, a timely way of doing things can ultimately determine whether a business will continue to operate or close its doors.
The Largo Group