MD Restaurant Group Automates Bank Reconciliation

MD Restaurant Group Consolidates 15 QuickBooks Instances, Automates Bank Reconciliation With NetSuite

Consistently earning a top five spot as one of America’s favorite quick serve restaurant chains, Culver’s is famed for its trademarked ButterBurgers, fresh frozen custard and hospitality. Charles Martin opened his first Culver’s in 2004 in northeastern Illinois, and its success eventually led him to partner with fellow franchisee Jim DiVerde to launch Schaumberg-based MD Restaurant Group.

Company

MD Restaurant Group

Location

Headquarters in Schaumberg, Illinois

Industry

Restaurants and Hospitality

EMPLOYEES

370

REVENUE

$25 million

SYSTEM REPLACED

QuickBooks

NETSUITE PRODUCTS IMPLEMENTED

ERP
NetSuite Financials and Accounting

IMPLEMENTATION PARTNER

NetSuite Professional Services

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“Before we had NetSuite, a lot of stuff we just didn’t do. If I could go back in time, I could tell myself, ‘Tim, you’re going to be doing things that you can’t even imagine that you would be doing.’ It’s incredible.” Tim Banks, VP of Business Operations, MD Restaurant Group

Automated Consolidation Provide Answers

More order in financials: In 15 years, this Culver’s restaurant management group has opened 10 Culver’s restaurants, hired 370 people and now boasts annual revenue of $25 million. After the operations vice president led a successful project to rationalise the company’s HR processes and systems, management felt it was time to do the same for financial processes.

Consolidating support for cloud: To run the business as one financial entity, the company consolidated loans held separately by each restaurant under a single loan and bank. But with 15 different QuickBooks instances, providing the consolidated financial reports the bank required was a hefty task. Then COVID-19 hit. A makeshift data center the operations vice president was forced to construct in his living room made a move to cloud-based software a must.

NetSuite over Intacct: MD Restaurant Group implemented NetSuite, choosing it over Sage Intacct thanks to a mature bank reconciliation feature and its more dynamic and customisable dashboards. With automated consolidation, the MD team can now easily compare financials from 19 different entities—10 restaurants, eight real estate entities and an overall management entity, with custom reports.

Quick-serve data, long-term benefits: The team aims to open two new restaurants every year. The ability to flexibly view and compare data—for instance, look at restaurants with similar volume that use a different amount of food or have different labor costs—enables it to establish best practices and benchmarks. This creates the framework and the tools for repeatable success.