Episode 586: Revolutionizing Restaurant Bookkeeping with Fixe: Ryan Handel, Founder

Summary

In this episode of the Restaurant Owners Uncorked podcast, Wil interviews Ryan Handel, founder of Fixe, a bookkeeping service tailored for the restaurant industry. Ryan shares his journey from working in restaurants to founding his own, and ultimately creating Fixe to streamline bookkeeping for restaurant owners. The conversation covers the challenges of bookkeeping, customer acquisition strategies, and the competitive landscape of restaurant accounting software. Ryan emphasizes the importance of technology in simplifying financial management for restaurants and discusses his vision for the future of Fixe. Wil and Ryan explore the challenges faced by the restaurant industry, particularly regarding labor costs and the need for reliable financial reporting. The discussion also highlights the significance of building strong relationships within the franchise space and the necessity of providing exceptional customer care and authenticity in service.

Takeaways

• Ryan founded Fixe in 2019 to address bookkeeping challenges in restaurants.
• He believes bookkeeping should be affordable and efficient.
• Ryan's first restaurant venture was a fast-casual concept called Simple Things.
• COVID-19 impacted his restaurant business, leading to the creation of Fixe.
• Fixe targets small to medium-sized restaurants for its services.
• The company offers month-to-month agreements to clients.
• Ryan emphasizes the importance of partnerships with CPAs and restaurant consultants.
• Fix integrates with QuickBooks Online to enhance its services.
• The company aims to keep clients on QuickBooks as long as possible before transitioning to larger systems.
• Ryan views QuickBooks as the iPhone of accounting, with Fixe as an app that enhances its functionality. From 2019 to 2023, we bootstrapped to 150 locations.
• Raised a seed round in 2023 with New York Angels.
• Now preparing for a series A round later this year.
• Hiring the right team is crucial for growth.
• Sales strategies include inbound demos and partnerships.
• The restaurant industry is struggling with rising labor costs.
• Building relationships with franchisees is essential.
• Customer care and authenticity set businesses apart.
• The importance of understanding restaurant owners' needs.
• Navigating challenges requires patience and industry knowledge.