When you decided to open a restaurant, you might have been focused on what you planned to offer to the public: an innovative menu, a cozy space, or outstanding service. What you may not have realized is that there is a whole lot of other work that goes on behind the scenes – like tracking every penny that comes into and goes out of your restaurant.
Even if you have hired an accountant for your business, it still makes sense to purchase accounting software to help you manage the financial end of things. After all, an accountant probably can’t track inventory for you or help you set your prices. Purchasing software can simplify these processes – and make it much easier for your accountant to help you with other things (such as paying taxes).
Budget Branders knows how difficult it can be to run a small business, especially as during a pandemic that has lasted two years and counting. That’s why we make it our goal to offer the highest quality branded disposable products in quantities and at prices that work for small businesses. Ready to learn more? Read on to learn more about the best accounting software for your restaurant.
Why Do I Need Accounting Software?
As any restaurant owner knows, this industry is incredibly fast-paced. Many entrepreneurs work 6 or 7 days a week, for 10 or more hours per day. When you’re this busy, it makes sense to invest in tools that make your life easier – like accounting software.
As an initial matter, accounting software will save you both time and effort. Instead of manual bookkeeping, accounting software will automate or simplify many processes. For example, your accounting software can be integrated with your point of sale (PoS) system so that all of your sales are entered into your books – without you having to do anything extra.
Accounting software can also handle other important tasks, like payroll, sales tax, and even calculating depreciation for expensive assets like kitchen equipment or delivery vehicles. It also ensures that your financial data is more accurate, as it reduces the need for manual entry and can reconcile data with other systems. This type of software will also allow you to retrieve financial reports at any time, which is a good way of keeping an eye on the health of your business without waiting for your accountant.
Using accounting software may also help you to set more competitive prices on your menu. This software can analyze everything that goes into a particular menu item – such as labor cost percentage, food cost, and other overhead – and provide you with the information that you need to set a price that will boost profitability.
Ultimately, most restaurants will benefit from some form of accounting software. The key is choosing one that has the features that your business needs and that is priced appropriately for your budget.
Best Restaurant Accounting Software
The best restaurant accounting software should empower you to make data-driven decisions about your business. While each restaurant has different needs, features to consider include:
- Accounts receivable and accounts payable features
- The ability to produce reports, pay bills, and create invoices
- Smart reconciliation tools
- Fixed asset management
- Cloud-based service
- Integration with your bank account and other programs
If you have an accountant, you should also check with them to see if they have any recommendations. They will likely have more experience working with different types of accounting software, and can give you the inside scoop on what works – and what doesn’t – for their clients.
TouchBistro is an iPad-based PoS system that can also be used for basic accounting functions. It is a good choice for food truck owners, because it is mobile and can easily be operated via WiFi. It also can integrate with different systems and apps, such as QuickBooks.
TouchBistro offers payment processing, tableside ordering, restaurant inventory management, staff management and scheduling, profit margin calculations, and basic accounting data. Pricing starts at $50 per month, and goes up to $229 monthly.
Xero is a great low price option that doesn’t skimp on features. This cloud-based system comes with features like fixed asset management that allows restaurant owners to calculate depreciation, payroll processing, income and expense tracking, vendor bill payment, autopilot tasks, online accounting, real-time cash management, bank reconciliation, and invoicing. It also has a mobile app.
Xero starts at just $11 per month, which includes 20 invoices, five bill entries, bank reconciliation, and bill capture and receipts. The next step up is $32 per month, with the most comprehensive plan coming in at $62 per month. Xero easily integrates with hundreds of apps, which makes it a good option for anyone who is using other software to manage their restaurant.
Restaurant365 is a cloud-based accounting software that is designed specifically for restaurants. It can be used by restaurants of all sizes, from mom and pop diners to larger restaurants.
This software includes a number of can’t-miss features, like budgeting and sales forecasting, invoice capture, accounts receivable and automated accounts payable, inventory management, employee scheduling, POS, bank, vendor and payroll integration, recipe and catering management, and PoS, bank, vendor and payroll integration. It has multiple pricing tiers, starting at $249 per location per month, going up to $459 per month for each location. The essential plan costs $369/month, while the professional plan (the top level) is $459/month.
ZipBooks is basic accounting software that can be used for any industry – including restaurants. It’s a good choice for any restaurant owners who are looking for accounting software that fits within a limited budget. In fact, ZipBooks offers both a free option with limited features as well as paid plans ranging from$15 to $35 per month (with customized plans also available).
This accounting software has a range of great features, including customer and vendor management, complete accounting solutions, automated expense tracking, one-time and recurring billing, financial reports, digital payments, customer and vendor management, and organizing and customizing books. While it may take some more time to set up this software, it is a solid low cost choice.
QuickBooks is a familiar name in accounting software. QuickBooks Online remains a strong choice for businesses. However, it’s important to note that while QuickBooks has a lot of great features, it is not geared to restaurants, which means that it may take longer to set up and customize for your needs.
Although it isn’t specifically designed for restaurants, it does have a lot of features that can help you keep your restaurant running smoothly. Key elements include: enhanced reports, invoice creation, maximum tax deductions, sales tax tracking, online training, receipt organization, managing bills and employees, and inventory tracking. The cost for QuickBooks Online starts at $25 per month and goes up to $180 per month, making it one of the more affordable software options.
Davo is designed to help restaurant owners handle sales taxes. While it is not a complete accounting software, it can be integrated with your PoS and other accounting software for a more comprehensive set of tools.
Davo takes data from your PoS and automates your sales tax. It can also automatically transfer sales tax to a secured holding account, automatically file and pay sales taxes, and provide daily reporting. It’s a cloud-based system that offers rapid data recovery. The cost is $39.99 per month for each location.
Plate IQ is a software system that is designed for restaurants, grocery stores, and hotels. It offers automated processes like capturing invoice data, coding by line item, problem alters, reconciling vendor statements, accounts payable and receivable, spending insights, and syncing with current accounting and inventory software. It can be used as a standalone product or integrated with other software for a more complete experience.
Kitchen Sync offers online bookkeeping and payroll services for independent restaurants, hospitality groups and franchises. After you connect your bank account and PoS and scan invoices as they come in, it will provide daily financial reports. It also offers insights into ingredient price changes, audited profit and loss statements, and payroll management.
Want to Boost Your Restaurant’s Sales? Start with Budget Branders.
Running a restaurant is hard work. Products like accounting software can help make things easier for business owners. They are also critical in helping you keep an eye on your bottom line.
If you’re looking to increase your profits, consider using custom branded disposable products. Adding your name and logo to cups, coffee sleeves, bags, and more keeps you at the top of your customers’ minds – and is an easy way to level up your marketing. At Budget Branders, we offer a variety of branded disposable products to small and medium-sized businesses, all priced fairly and available in smaller quantities than most companies offer.
Want to learn more? Fill out our online contact form, or simply press the live chat button to speak with one of our branding experts about getting started.
The disclosed above does not constitute financial advice. Use this information at your own discretion and consult a financial professional for further guidance.