Running a restaurant is no walk in the park. The days are long and the nights even longer. You have to deal with staffing issues and remain compliant with different health codes and local laws. Nonetheless, there are many benefits for those who overcome these challenges. Usually, this is done with tools such as the right POS system and restaurant accounting software.
These two systems are perhaps the backbone of many well-run restaurants. A good restaurant accounting software ensures that you’re tracking expenses, recording profits, and identifying the reasons behind the rise and fall of monthly revenue. Since, restaurant accounting solutions are so crucial for the financial wellbeing if your business, we’ve we performed a full review of some of the top software in the market to detect the best options in 2020,
Hence, whether you are now starting your restaurant or currently seeing some success with an established business, you can pick any software from this list to give your restaurant a boost and fast track yourself to higher heights. Most importantly, you want to ensure that the restaurant accounting solutions that you choose to meet the needs of your restaurant and fall within your budget.
Luckily, five options are enough to over you the variety, feature, and affordability that you need to ensure you get what you’re looking for.
So let’s begin
Below are some of the best restaurant accounting software and solutions you can trust to work out your finances. We must state that, all these options can be easily integrated into your restaurant POS system for better results.
QuickBook is a brainchild of Intuit Inc. Its sole purpose is to streamline the accounting operations of businesses onto a more efficient pathway. QuickBooks is by far the fastest software for processing financial data for restaurants. The software offers an extensive array of financial tools such as employees, contractors, and vendors management. It also serves as a tool for tracking your invoices.
The design of the software allows it to combine several accounting principles into an intuitive and user-friendly interface. Also, it stands out from several other options due to its cloud computing technology, online baking features, free unlimited customer support, and account reports, to mention but a few.
The software market is also very competitive. As such, it can be difficult to distinguish between the various restaurant accounting software. However, where QuickBooks excels is its security and scalable approach to financial management for users. Therefore, if you chose to use QuickBooks, the software will enable you to share your financial records and data with your account.
Because you can give your accountant remote access to the app, thanks to cloud technology. You can visit the software vendor’s homepage to request a quote, check out demo videos, or take the free trial version for a quick run.
When compared with QuickBook, ZipBook is more simple software. However, this doesn’t mean it’s inferior in any way. This software also provides all the relevant tools necessary to display a full-fledged accounting solution for any restaurant business. You will get intelligent tools to take your business to the next height through sophisticated features such as customizable financial reports and requesting professional invoices.
Also, you can effortlessly collect payments from customers through the primary credit card processing methods. Apart from these, you can also track your business expenses in real-time, color-coded records. This feature of color-coding reports enables you to gain more in-depth insight into your business’s finances and note trends of significance very early.
ZipBook is also cloud-based and supports portable or mobile POS compatible devices to run smoothly either on or off your business premises. Though the solutions offered by ZipBooks, you can gain total control of your decision-making process. By so doing, you become a better manager, who leads your restaurant into a better financial position than you would be.
They say a tool is only as good as it’s users. This saying rings through for this restaurant accounting software because you might not fully exploit the potential of this software if you don’t know your way around it. Therefore be sure to check out the vendor’s website for resources on all topics and issues related to the system.
If you’re looking for an all-in-one restaurant accounting software, then Restaurant 365 is worth checking out. The company behind this software was founded in 2012. Since then, it has helped thousands of restaurants from different countries of the globe by giving them an alternative to the generic ERP software.
The software comes integrated with several creative and robust features for saving money, creating accurate reports, fluidly disseminating information, freeing up restauranteurs’ time. Like the software mentioned above, Restaurant365 is also a cloud-based platform. Hence, it supports such devices like mobile, tablet, PC, and Apple’s Mac.
Users can get different arrays of functionalities such as AP automation, budgeting, fixed assets, banking, recipe costing, payroll connections, financial reporting, POS system integration, food costing, and of course, accounting. The list goes on. But these features are among some of the chief functions this restaurant accounting software will perform for your business.
With this, you can smoothly drive back-office productivity, tighten cash control, improve inventory management, and obtain actionable insights from data. To find out if it’s the best option for your restaurant, you can request a quote from their website. And compare it to other restaurant accounting solutions in this list to see how best it performs price-wise.
FreshBooks is yet another excellent accounting software that serves different industries apart from the restaurant industry. Its design takes into account the diverse needs of various sectors. Therefore you can rest assured that your restaurant is in good hands once you subscribe to their service. However, that’s not the most noteworthy thing about this accounting software. The pricing of FreshBooks makes it an excellent choice for restaurants that are strapped for cash.
It is not as comprehensive as REstaurant365. However, it’s packed with useful features that ensure the restaurant runs more effectively. When using FreshBooks, you can easily track and categorize the revenue and expenses of your restaurant. The app is also capable of saving your receipts. All you need to do is take a picture.
Though Xero comes last in this list, it is by no mean the least. In many ways, it’s game-changing accounting software that serves restaurants. As a cloud-based accounting software, you can use it to get the right number anywhere, anytime, and on devices such as the iPad POS hardware from Apple. Founded in the year 2006, it is today one of the most recognizable names among all restaurant accounting software.
You can manage your quotes, process invoices, and reconcile financial statements quickly and professionally. It would be as though you got an accountant serving you. When you install a mobile app, you get access to 600+ tools. With these, you can handle the financials of your establishment quickly and more smartly. If you have any questions about this worldwide accounting software, visit their official website.
Depending on the needs of your restaurant, you may have to go for either an all-in-one solution like Restaurant365 or free solution like ZipBook. There isn’t anyone size fits all approach here. Therefore, you want to take the time to review each option here carefully. Hence, you can determine the best fit for your needs. Also, remember to check if the accounting software you intend to buy is compatible with your existing POS hardware before making a purchase. Then you have to take your time to set up the right by understanding how the software works.
Plus, you might have to hire an accounting expert. An expert can break down some technical aspects of your finances to your full understanding. If you know any other restaurant accounting software, don’t hesitate to tell us about them in the comments section below.