Running any form of small business is stressful and challenging, but the restaurant industry can be particularly tricky, because there are so many costs to take into account, and income can be so variable.
Restaurants have both fixed and variable overheads, and it is likely that they will be taking in a lot of cash on a day to day basis.
This means that good record-keeping is essential. Let’s take a look at some of the best accounting software for restaurant owners.
While cloud-based systems are incredibly popular these days, there is a lot to be said for traditional accounting software, and QuickBooks is one of the industry leaders.
QuickBooks Desktop is a fully-featured accounting system that integrates well with its own Point of Sale system, which reduces the work that you need to do totalling up entries.
It provides easy to use inventory management, budgeting, payroll and bank integration, and allows you to run off detailed reports too.
It’s ideal for small and medium-sized businesses, and since QuickBooks is so well known in the world of accounting you should have no difficulty finding bookkeepers or accountants that are perfectly comfortable working with it.
Restaurant 365 is unique in this list in that it is the only system that is expressly designed for restaurants.
It is more than just an accounting system, it is a fully-featured restaurant management system that covers all aspects of running a restaurant, from accounting to cost management, inventory, and predictive scheduling.
If you are serious about growing your business, then you should consider a system like this because it will take away a lot of the headaches that popular restaurants and chains experience when they try to grow their capacity.
Xero is an easy to use accounting platform that is cloud-based and supports most countries. It has a free trial, so you can try it without risk.
Xero is not specific to restaurants, but it is a very flexible accounting platform that is useful for people who are looking for a hassle-free way of logging transactions.
You don’t need to be well-versed in bookkeeping or accounting to use it, there is good documentation and the on-screen prompts will cover everything that you need to know to get started.
Sage 50 Cloud
Sage 50 is the basic, entry-level version of the Sage accounting software. There is a cloud version of this, and it is very affordable and easy to use.
Again, it is not specific to the restaurant industry, but it has enough options and default configurations to allow people to set things up in a way that makes sense for a restaurant.
The limitations of Sage 50 make it clear that it is aimed at smaller companies with a limited number of employees and with just one venue.
If you need software with more powerful features, then one of the more powerful versions might be a good option.
Sage 50 Cloud is more than capable of doing simple invoicing and cash flow management, and it comes with Office 365 included, so it’s great value for money too.
There are many other options for accounting, including open source desktop tools, and Wave accounting.
Whatever your budget, you should be able to find something that works for you and that is a step up from using a pen and paper.
When you have software on your side you will find that it’s easier than you ever thought it would be to keep track of your finances, and you’ll never be in the dark about your restaurant’s cash flow again.
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