11 restaurants
closed every day for the group we work with today
Restaurant365 accounting, done every day
Everything a restaurant controller does, plus the daily checking most groups never have time for.
Every day
- Bank reconciliation against the bank's own file
- Daily sales checked against your POS
- Labor checked against payroll, person by person
- Card deposits matched, processor fees booked
Every month
- Month-end close for every entity
- P&L by restaurant and for the whole group
- Balance sheet reconciliations
- Intercompany and management fees
When you need it
- R365 setup, cleanup and bank rules
- Budgets, forecasts and lender packages
- Investor and ownership reporting
- Reports built around how you run
Custom reporting Restaurant365 doesn't give you
Restaurant365 holds your numbers. We build the reports on top of it: every restaurant's sales, bank, labor and P&L in one place, refreshed overnight and waiting when you sit down. Built around how your group runs, and far easier to use than digging through R365: no menus, no exports, just open it.
Your group · morning report
Sample data
Daily sales
Yesterday, all locationsNet sales$84,213
vs. same day last year+6.2%
Guests2,941
Bank reconciliation
Operating account, this morningDateBank lineAmountMatched to
10/11Card settlement12,684.40Deposit, 10/09 sales
10/11Cash deposit2,146.20Daily sales summary
10/11Food vendor ACH−6,312.88AP payment
10/11Payroll−31,920.05Payroll journal
10/11Processor fees−368.17Card fees expense
Bank balance$412,880.15
Book balance$412,880.15
Difference$0.00
Labor vs. sales
Yesterday, target 30%Downtown
27.4%
Waterfront
29.1%
Uptown
34.6%
Midtown
28.8%
Lakeside
26.9%
Airport
30.2%
Uptown is over. Three line cooks went past 40 hours; overtime is $412 of the gap. Payroll matches the register to the penny.
P&L by restaurant
Month to dateDowntownWaterfrontUptownGroup
Sales512,400448,950371,2001,332,550
Food & beverage cost29.8%30.6%31.9%30.6%
Labor28.1%29.4%32.2%29.7%
Operating expenses18.3%19.0%20.4%19.1%
Restaurant profit23.8%21.0%15.5%20.6%
Every number clicks through to the entries behind it, straight from your Restaurant365.
Fully customizable. If your group tracks it, we can build it. A few we've built:
- Prime cost by week
- Vendor price changes
- Labor by person and day
- Manager bonus scorecards
- Investor and ownership reports
- Loan balances and lender packages
- Five-year projections
- Recipe and menu costing
- Anything else you need
- 2:30 amSales pulled from your POS
- 4:00 amBooks refreshed from Restaurant365
- 7:00 amBank activity matched
- 8:30 amSales and labor entries ready to approve
- 6:00 pmDaily close email in your inbox
Before you hire a controller
A good restaurant controller often costs over $100,000 a year, takes months to find, and is still just one person.
Hiring one person
- Learns Restaurant365 on the job
- Finds problems at month end
- Books stop when they're on vacation
- Months of recruiting before day one
- Start over if they leave
1st Class Accounting
- Already works in R365 every day
- Finds problems the next morning
- Books keep moving, always
- Running in a few weeks
- The knowledge stays with your books
How we start
Three steps, and the first one is free.
Free 30-minute consult
Tell us how many restaurants and entities you run and where the books hurt.
We review one month
With read-only access to your R365 and bank, we show you exactly what we'd fix.
We take over the close
A fixed monthly fee, and the daily checks start right away.
About us
Mike Ring has spent more than 15 years in public accounting. He started at CohnReznick in Baltimore, then spent over a decade at Ring & Ring, CPAs here in Edgewater, preparing financial statements and tax returns for small businesses.
He founded 1st Class Accounting to give restaurant groups the kind of accounting they'd get from a full in-house team, without building one. Today we keep the books for a group of 11 restaurants on Restaurant365, every day: reconciling the bank, checking sales against the register, tying labor to payroll, and closing each month by restaurant and for the group.
We're based at 4 Virginia Ave in Edgewater, Maryland, and work with restaurant groups anywhere in the US. When you call, you talk to Mike.
Questions restaurant groups ask us
If yours isn't here, call or book a free consult.
Do you only work with restaurants on Restaurant365?
Restaurant365 is where we're strongest, and most of our work happens inside it. If you're moving to R365, we can help set it up and clean it up.
Do you work with restaurant groups outside Maryland?
Yes. We're based in Edgewater, Maryland and work remotely with restaurant groups anywhere in the US.
How much does outsourced restaurant accounting cost?
A fixed monthly fee based on how many restaurants and entities you run. We quote it after a free consult.
Do we keep control of our books?
Yes. We work inside your own Restaurant365 and bank accounts. Everything stays yours.
Can you build reports Restaurant365 doesn't have?
Yes. That's a big part of what we do. We build custom reports and dashboards on top of your R365 data: daily sales and labor by restaurant, the bank against the books, P&L packages for owners and lenders, and whatever else you track. They refresh overnight, so they're current every morning.
How is this different from hiring a controller?
You get people who already run Restaurant365 every day, check your numbers daily instead of at month end, and don't stop when someone is on vacation.