Accounting and Inventory
Easy and effective tools for your restaurant accounting which is one of the most important aspects of making your business a success.
It’s important to protect your profit margins and manage bookkeeping on a regular basis.
Our accounting software is easy to use, you simply choose an accounting software to streamline your data entry tasks, create customized invoices, track your revenue, create regular profit and loss statements and review your cash flow. The ideal bookkeeping software for restaurants should offer robust reporting features, be easy to use and allow you to access data anytime, anywhere
What You Need to Track
Payroll
With irregular work hours, multi-positions and different types of pay, calculating restaurant payroll can be a hassle. The payroll at the restaurant industry can be challenging as the process of tracking employee hours is complex. Multiple wages and staff positions are the norms in the restaurant industry and the ability to accommodate different rates is key.
It is best to outsource the payroll function or use a payroll software to do the work for you.
Accounts Payable
The accounts payable represents the amount you owe the suppliers. Paying your bills on time and keeping your vendors and suppliers happy is essential for the efficient functioning of a restaurant.
Once you receive invoices, update them on the accounting software. This will help you keep track of the payment schedule.
Inventory
The inventory also helps you avoid items shortages and surpluses. Based on the size of your business, you can set up an inventory management system that optimizes food costs and reduces waste. Track your consumables and supplies to calculate the value of the food you have in stock and determine the average daily inventory costs.
Cash Management
Cashflow is the number one priority in business. Monitor your cash flow, which refers to the amount of cash coming in versus the amount of cash going out of your business on a daily, weekly and monthly basis.
Sales
Find out how much money in sales you make each day and ideally break them further into food and beverage categories. Keeping track of your revenue is essential to restaurant bookkeeping. Use the accounting information on hand to show how much you earn from merchandise sales, food sales, or catering jobs.
Reconciliation
Reconciling will ensure that you’ve accounted for everything in your business. You must reconcile all of your accounts, including loans, bank accounts, lines of credit, credit cards, and even your payroll liabilities.
