Using the right restaurant accounting software and a restaurant-focused accountant allows you set your financial situation up for success while cutting down on unnecessary expenses. The software keeps track of what’s costing you extra money, where you can save, and where you’re doing well by investing in the tools you need. Fortunately, we created ZipBooks to be a no-hassle bookkeeping solution for small business owners just like you.
- Once you receive invoices, update them on the accounting software.
- TouchBistro is an iPad POS designed to help restaurant businesses increase sales, improve service, and make informed decisions.
- You can reduce labor costs by reducing the number of staff or expand operations by hiring more staff in other departments.
- Accounting software is designed to help restaurants manage their end-to-end accounting process.
- It involves everything from tracking revenue and expenses to payroll and managing operating costs.
A good POS system will handle these payments for you, and connect to your accounting software. If the whole accounting process is confusing to you, it’s a good idea to hire an accountant to walk you through the steps and terminologies. A good accountant will guide you through the process while interpreting the data. Be sure to hire an accountant who has worked in the restaurant industry. One way of doing this is asking for referrals from other local managers or owners. With accounting software in place, the process of setting competitive prices is made easier.
restaurant accounting software tips
Have both accounts payable and accounts receivable reporting features. Seems obvious, but there are a lot of questionable options out there. Options that don’t offer tracking and management for both sides of your cash flow. You’ll also want an easy-to-use restaurant chart of accounts.
Wave’s optional paid features include online payment processing, payroll software, and access to personalized bookkeeping services and coaching through Wave Advisors. If you’re interested in using payroll software, you can start a free 30-day trial when you sign up for Wave. The most heavily weighted restaurant feature is the number of good POS systems available for integration. The general features include accounting features that all industries require, but the weights placed on features are specifically tailored to restaurants.
Vendor Ordering and Inventory
This means auditing is not only simplified by the software but also expedited for faster results. It also gives you the ability to troubleshoot any potential problem. Automate everything with recurring auto-bills while ZipBooks seamlessly integrates your billing into your books. restaurant bookkeeping Running a restaurant means that you also run a catering company, an event venue, and a professional networking space. That requires a lot of extra scheduling and a lot of extra invoices. We then use the average of these scores to decide on our final list for our readers.