Restauranteurs may have a greater passion for good food and fine wine than they do for crunching numbers and making savvy business decisions, but a restaurant manager cannot operate successfully without a keen awareness of the business s financial situation. Knowing the numbers and understanding where every penny goes is critical to making a restaurant financially successful. Fortunately, you don t have to be an accounting whiz if you have the best restaurant accounting software. The best accounting software for your restaurant will perform a few basic but essential tasks.
It Records Daily Sales
One of the most important tasks restaurant accounting software will manage for you is also one of the most obvious. The software will carefully record your daily sales for you so you can tell exactly how much revenue you generate each day. A program like QuickBooks can track sales by server while monitoring food sales, bar sales, and even gift certificate sales. Analyzing this information will yield such useful information as which employees are best at upselling gift cards and which know how to push the drink menu. It also helps you keep a close eye on your bottom line.
In addition to showing you your daily income, the right accounting software can generate reports that offer other valuable insights, such as which nights are most profitable and which promotions generate the best results.
It Streamlines Data Entry
Entering daily and weekly information about your restaurant business is a monotonous and time-consuming task. Well-designed accounting software for restaurants will take some of the effort out of the process by generating the right fields for your data entry tasks while keeping your information organized. FreshBooks is among the best software for restaurant accounting because it lets you snap pictures of receipts or import expenses from your bank, saving you precious hours of labor. These little extras help make your day-to-day tasks quicker and more efficient.
When it s too difficult to record accounting information, you run the risk of either making errors or putting the task off until you ve lost track of important data. An intuitive program like FreshBooks can help you manage and track your financial information more efficiently.
It Tracks Expenses
Well-designed restaurant accounting software makes itemizing and tracking your expenses easy to do. This is particularly important in the restaurant industry where you need to make sure you re ordering enough food to fill your customers orders without bringing so much into your kitchen that much of it goes to spoil. You can maintain this careful balance and come out ahead by using accounting software like FreshBooks or QuickBooks to monitor your purchases while staying compliant with income tax laws.
With the right accounting software, you can keep a close eye on your restaurant s financial health without wasting time and effort crunching numbers. The right program can help you save ample time for refining menus and tasting new dishes while still ensuring a steady profit.