The Ore House Restaurant Successfully Implements Four Week Accounting Cycle
The Ore House is one of Durango Colorado's oldest and finest restaurants. Under the leadership of General Manager/Chef Ryan Lowe and with RO.com's assistance they have implemented a four week accounting cycle and are reaping benefits from the change.
Ryan shared a little of the background of the restaurant, "The Ore House Restaurant, this Ore House, started off in 1972 with a group of guys who were following in lieu of the original steak and salad bar restaurant, kind of a west coast thing. They came to Vail, Santa Fe, all over southwestern Colorado and the New Mexico area. That's where we come from, that classic steak and salad restaurant, definitely a little bit of an upper scale K-Bobs."
After reading articles on RO.com and feedback from their CPA, the Ore House has moved from a monthly cycle to preparing their financial statements on a four week schedule. Said Ryan, "Yes, that's where you guys have been critical among many other things. We took the time and did our due diligence. We decided to go forward with it, with your guys' advice and also a lot of your articles, calendars, etc., to help get our bookkeeper set up."
Almost immediately, Ryan noticed benefits from the switch. "It's amazing to look at the consistency in the reporting. You can catch anomalies even if we make a mistake; it's easier to see that mistake there before we finalize financials because the same amount of days, the whole thing. Also, the fluidity of always taking inventory on a Monday, it's easier to schedule my other management and keep them on track. Now we're able to turn around our financials in two or three days after we turn in inventory. So, it's helped turn the financial into a tool that tells us what's happening much quicker."
Ryan also shared some additional thoughts on his membership in RO.com. "Besides the articles and information, you guys pass along a lot of webinars, teleseminars that you guys host
that have been really helpful through social media, webinars, trying to just get people through the quagmire on everything that's out there. It's hard for the small restaurant owner to keep up with everything. Just your templates and lists and considerations for things,and yes, the whole website is really nice."
Said Ryan, "I really love the restaurant business and I love the small family owned businesses. We're very corporate in our approach because we're fortunate with 40 years of backing. We're pretty systematized in what we do. We like the handshake idea, but we're definitely very structured for how we do things. It's just a good family run restaurant."
Thanks for sharing Ryan and RO.com is glad to be here for you!