Restaurant Accounting Software
Restaurant accounting software helps to simplify and expedite many common restaurant management functions, and these accounting programs can work seamlessly with point-of-sale systems or provide alternatives to them for budget-minded owners and managers. Some POS software offers only limited benefits, which critics might compare to souped-up cash registers, but some restaurants need only basic accounting services. Specialized restaurant accounting software provides intuitive features for busy managers, kitchen staff and payroll-keeping personnel by taking on such diverse tasks as costing analysis, managing inventory control, updating price lists of major wholesale-foods providers and helping to design menus, food packaging and promotional advertising.
Realizing Bigger Profits While Managing Staff
All restaurants function in two worlds: first as arbiters of good taste, culinary trends and social interaction. The second and most critical function of restaurants is to make money, survive and grow. Restaurant accounting systems help to reduce losses, cut waste, control the flow of cash and enable accurate reporting to government agencies.
- Sales and expenses perform a delicate balancing act, and high food costs, payroll expenses and business retrenchments could kill a company’s chances for success.
- Managers and owners need to recognize negative trends quickly and address the underlying problems to stay afloat.
- Estimating operating capital becomes a complex guessing game, but restaurant accounting software helps management recognize business patterns.
- Good accounting not only identifies problems but also helps to increase profits by finding the sources of waste, thefts and inefficient practices.
Filing Taxes and Accurate Reports
Restaurants managers bear heightened responsibility for handling cash transactions and reporting income honestly, accurately and responsibly. Identifying employees who might be pocketing extra cash presents genuine problems for many restaurants. Software helps to identify irregularities and keeps accurate records of all expenses, inventory additions, credit-card sales and cash transactions.
- Advanced systems handle time-keeping, payroll, report-generation tasks and tax-compliance issues.
- Restaurants with shareholders have fiduciary responsibilities to report all financial information in regular profit-and-loss statements.
- Various reports get filed with local, state and federal taxing authorities, insurance companies, city health departments and unemployment agencies. Any of these organizations could order audits of the books at any time, especially if reports contain calculation inaccuracies.
Major Brands of Restaurant Accounting Software
Many brands of software help to empower restaurant operations, work seamless with POS systems and help to manage dining-room flow and ordering tasks. Specialized ERP software handles many common restaurant functions. Popular brands of ERP software include Made2Manage, LogiXML, VAI Enterprise, SYSPRO ERP, Consona Corporation software, Epicor Software Corporation and others. Microsoft and Quickbooks offer restaurant accounting software that works for medium-size restaurants, but many people find Quickbooks POS systems difficult to learn.
- TRRAP restaurant software offers affordable but simplistic accounting with predesigned Excel spreadsheets.
- Creative managers can learn to design their own Excel record-keeping systems, but designers must test their formulas carefully to avoid errors of rounding-off figures and other glitches.
- EZ Chef Software offers great tools for managing restaurants.
- Compeat Restaurant Software offers comprehensive bundles of accounting and managing tools for the restaurant industry.
Managers and owners can choose from hundreds of software manufacturers and use almost any accounting program to improve restaurant operations, but custom restaurant accounting software offers more intuitive tools that manage common restaurant tasks efficiently without making adjustments. Regardless of choice, all restaurants should employ experienced accountants to handle filing taxes, take advantage of tax incentives, offer investment advice and identify unique business opportunities. Software and reports need human scrutiny and auditing to identify problems caused by inaccurate input or deliberate efforts to mislead. Accounting software can play a crucial role helping an owner manage a restaurant, making the business run more smoothly and efficiently.