We were recently approached by Receipt Bank to understand how the restaurant industry can make the most out of cloud-based technology.
Here are some of the key points from our collaboration:
The restaurant industry is notoriously tough.
The intensity of work, long hours, and high risk of failure makes the profession a labour of love. After serving customers, managing the kitchen and keeping the team happy, the last thing restaurant owners want to do is tidy the books.
That’s where Phool Ashraf steps in. She decided to focus her work on the hospitality industry and build a modular tech stack to address her clients’ primary concerns: those of sustainably growing a restaurant without spending their precious time off taking care of the bookkeeping.
Serving the restaurant industry
Over the last seven years, Phool has worked with hundreds of restaurant owners.
“After helping two businesses grow from small pop-up stands to established restaurants in the centre of London, I can bring these best practices to others.
“Niching has helped us move fast. At Gains Accountants, we’re a team of four but I feel like we’re working equal to six people thanks to technology.
“We’ve used Receipt Bank and Xero since day one, but these tools have evolved with us along the way. My belief is that once data is in, it should never be entered again.”
Developing a bespoke tech stack
Phool chose a selection of products that would make the lives of restaurateurs easier.
“We’re rolling out an app stack designed specifically for the restaurant industry – something that integrates everything from the electronic point of sale (EPS) and stock management to payroll and timesheets.
“Receipt Bank makes it easy for clients to digitize their expense paperwork and send to us in close to real-time. Features like Invoice Fetch also gives our service an edge. They no longer need to manually download recurring supplier’s invoices and send them. It’s all done automatically.”
The proofs is in the pudding
Using Receipt Bank, Xero and other cloud accounting technology saves Phool’s clients the cost of one full-time employee. While Phool’s clients grow, Gains Accountants also goes from strength-to-strength.
“Cloud technology has helped us grow faster than I could have imagined. For the business, we won Best Business of the Year in our first year of doing business. And for me? I get to spend more time with my family, and help my team of working parents do the same.”
Looking ahead, Phool is aiming to continue focusing on her niche and grow her practice.
“I want to build a practice that’s worth half a million in two years, delivering exceptional services to the hospitality industry.”
Phool takes particular pride in the fact that her firm is 100 percent digital. “If any of our clients send us the paperwork, we actually just send it straight back. We have no filing cabinets here and we intend to keep it that way.”
You can also see read the full story by Emma Pegg here – How Phool Ashraf Serves the Restaurant Industry with Cloud-Based Technology.