Whilst owning a restaurant might be a lifelong dream for a number of people, the reality of running and managing its accounts is a whole different ball game. Maintaining accurate accounts is an important aspect of business management along with supervising day to day operations of the restaurant, handling customers and monitoring services. Expert accountants are required to effectively look after transactions and ensure complete transparency of accounts. However, with the stress of managing cash inflow and outflow, daily transactions and staff shifts, an accounting software tailor made for restaurants makes matters much easier.
Features of Restaurant Accounting Software
Certain software are constructed specifically for the purpose of simplifying and recording data for restaurants and eateries. It takes into consideration all the factors of restaurant management and provides systematic and simple software that helps you manage its accounts. A sound accounting system should have the following features :
- Record Daily Sales: Probably the main feature of any system, a restaurant accounting system will allow you to record daily sales. This will give the user an idea of exactly how much money he is making each day. Based on this information, the user can make important marketing decisions that will help him improve his business.
- Easy Accessibility: What good is any system if it cannot be accessed at all times? Thus, it is important to select those systems which offer online services that can be used as and when required. This will also allow the user to remain connected and make timely updates.
- Flexibility: Gone are the days of rigid programs and complicated interfaces. In today’s fast changing world, it is important to have a system that can be customized according to each business’ requirements.
- Pricing: No business can survive unless costing and pricing is successfully balanced. The accounting software should help the user make this task easier by letting him make weekly or monthly reports on costs, revenue and inventory.
- Back End Management: Restaurants must be able to seamlessly handle staff shifts, manage employee payroll and tips. A sound accounting system will create methods that will allow the owner to continue back end management whilst simultaneously keeping track of current operations.
Benefits of Accounting Software for Restaurant
The business of running a restaurant can be quite hectic as there a several minute details that need to be taken care of. In such a case, having automated software can go a long way in simplifying the process and ensuring
error free accounting. Here are a few benefits of accounting systems:
- Simplifying Data Entry: Restaurant accounting softwares allow you to break the monotony of data entry by creating designated fields for various sections. This allows you to gather all information in a single space under different headings. Certain softwares also allow you to take images of your receipts and accordingly categorizes the information.
- Tracking Expenses and Costs: Since it is hard to maintain a record of each and every rupee spent, the accounting software does the job for you in a clear and concise manner. The right accounting software allows you to review the financial health of your restaurant and allows you to make necessary changes and improvements.
- Decision Making: Since the system gives you an accurate picture of the restaurant, you can take important decisions that affect the growth of your restaurant. Some softwares give you a detailed analysis of which sections are generating highest profits, what are the areas of improvement, which items are the fastest selling items and so on. Based on this information, the owner can take necessary steps for expansion.
- Stress Free Management: There’s no doubt that with the help of computers, stress levels have decreased. Restaurant accounting softwares allows you to abolish the hassle of tedious book keeping and accounting. Since data is computerized, you can manage your restaurant with minimal stress and maximum efficiency.
- Online Review: Many softwares are online based, thus allowing you to access them at any given time. With the help of internet, you can review your records at your restaurant, home or even on the go. This helps you to make changes whenever required and helps you remain connected at all times.
Open Source Restaurant Accounting Software
While there are several accounting software's designed specifically for restaurants, it is of utmost importance to do your homework and select the best software suitable for your needs. A few options are listed below:
- Sage : Widely regarded as one of the best accounting softwares, Sage is suitable for all business models. Each version caters to a different business size and so it allows you to select the best possible version for your needs. With its easy to use software and user interface, Sage can be used to effectively collaborate with employees and clients using project management features. It lets you create and share invoices with clients and helps you keep track of all invoices sent. Customization of each invoice is possible with the help of Sage and you can also add your own logo, change fonts and so on.
- FreshBooks: As the name suggests, FreshBooks offers a simple interface coupled with mobile applications and option of add ons. It allows stress free creation and management of invoices. Do away with repetitions by using the option of autofill which automatically completes previously entered information. FreshBooks’ hands on support team is ready to provide guidance should you be stuck at any point while using the software. The only drawback to Freshbooks is that it seems to lag behind a little when it comes to complex business models.
- Xero: Ideal for clients paying with different currencies and tax structures, Xero works well for chain restaurants. Xero effortlessly performs a series of basic accounting tasks and boasts of superior inventory management tools. With a clean interface, you can easily find stored data without wasting any time. Mindful of growing businesses, Xero offers three different pricing strategies for its book keeping software which provides greater flexibility in your operations.
In order to ensure growth and profitability in any business, perfectly balanced accounts play a key role. It is only when you are aware of your financial position then can you concentrate on expansion and improvement of your business. With all the options available on the internet, it is prudent to review your requirements and scale of business so you can select the best accounting software for your restaurant.