Treasury Considerations for the Restaurant Industry

I recently sat down with several of BDO’s Restaurant clients to discuss key treasury considerations for areas including controls, vendor services and financing. In this post, I summarize the main takeaways and need-to-know information from the discussion.

Electronic ControlsPayment Card Industry Data Security Standards (PCI/DSS) relates to controls over electronic receipts via payment card and related customer information. PCI/DSS differs from broader cybersecurity considerations, insofar as cybersecurity focuses on all types of information that can be obtained via the Internet, as well as potential disbursements made in any manner. It’s easiest to think of PCI/DSS as control over receipts and customer information, and cybersecurity as control over disbursements and all information—customers, employees, vendors and your company.

PCI/DSS is mandated by card associations and issuers. You must comply with your required level (1 – 4) and encrypt transmitted card (customer) data…