It’s easy to generalize about accounting practices, but each industry has its own nuances and accounting standards and procedures. This is especially true for fast-paced sectors like hospitality and restaurants.
The Largo Group, a US-based firm, has developed a unique bookkeeping method specifically for these types of businesses. Founder Anne Gannon and her team of experienced accountants and industry experts believe their mission is to give back the owners’ control of their finances.
“We’re more than an accounting firm,” describes Gannon. We’re an extension of our client’s business because we want to build long-term, sustainable growth for them.” Gannon also emphasizes that their four tools give business owners more confidence and control over their numbers. Their weekly accounting approach is also crafted to ensure owners can fully grasp how their business operates.
A reliable hand at the most challenging time
A 2022 research that included data from the US Department of Labor shows that the restaurant business experienced much higher unemployment rates during the pandemic than the private sector as a whole. This is despite employees and their dynamics being vital to business success.
The experts from The Largo Group understand how crucial labor is as a decision-making factor and how sudden changes can impact the business. That’s why they’ve been the go-to firm for restaurant owners across the US during the pandemic’s most challenging periods.
The team’s weekly accounting model has proven to be a difference maker, with over 95% of clients surviving covid related shutdowns. The four tools help restaurant owners fully understand what’s happening around their business.
The Largo Group Tools for business owners
The Largo Group’s innovative method focuses on a unique, owner-centric process to give restaurant owners more control over business operations. The process starts with the cash flow tool, which makes them aware of their current business position, mainly with the funds going in and out. This enables them to make better business decisions, especially when the tool is utilized daily.
By having better control of the business’ finances, restaurant owners can then take advantage of the budget tool to take control of their spending, leading to better inventory and utilization of current supplies. The enhanced profit and loss report provided by the budget tool allows them to create better plans for more profit instead of expenses.
The forecast and scorecard tools put everything together to ensure smooth, future-ready business operations practiced by the restaurant owners and the rest of the team. This allows the entire restaurant business to operate swiftly and efficiently, making them thrive better in the fast-paced hospitality industry.
The Largo Group acknowledges that pivoting to such systems can be challenging, so they also offer coaching calls made by seasoned operation experts. These calls cover cashflows, budgets, forecasts, and labor, to ensure the business is on track to achieve the best possible results.
Supporting restaurants every step of the way
According to Gannon, founder of The Largo Group, the company’s ultimate objective is to empower business owners with the tools they need to take control of their finances and make informed decisions that lead to lasting success.
The Largo Group boasts a distinctive weekly accounting methodology as one of several services the company offers. Along with tax incentives and exclusive access to webinars and courses that align with their success-driven vision for owners, The Largo Group has recently introduced two new programs for the year: the Accelerator Coaching and Franchise Accelerator aimed at promoting business growth. The company has also launched a podcast offering valuable advice and tips on achieving both short-term and long-term goals, a testament to The Largo Group’s dedication to giving what’s best for restaurant owners.