When you’re running a restaurant, you constantly have to track inventory, invoices, sales tax, price recipes, and menu. If you try to do this without accounting software, you’ll end up confused. The best accounting software for restaurants will help you track inventory and profits and calculate sales tax to avoid fines.
There are several software programs, but we picked out the best to use that you can easily integrate into your business.
Below are some of the best accounting software for restaurants.
Whether this is your first time using accounting software or not, Restaurant365 is not complicated to use. It’s ideal since it’s a cloud-based software solution that restaurants of any size can use, and it’s user-friendly. It’s designed specifically for restaurant owners.
What can you do with this software? If you need tools for invoicing, ordering or staff scheduling, then this is what you need. Your budget for this software shouldn’t be any less than $249 per month. This package focuses on accounting aspects of the business. The package worth $459 has many more features, including scheduling, inventory, accounting features, labour, analytics, and custom financial reports. Whatever you choose is entirely up to you, and what you need to track in your business, you can always choose to start with the cheaper package and upgrade once you get the hang of it.
Square for Restaurants
People generally think of Square as a payment processing program. But Square for Restaurants is so much more. With this software, you can create menus, set up team members and floor plans, take online orders, and get a thorough end of day report. The Square team built this platform from scratch specifically for restaurant owners. Pricing starts as low as $60 a month and they offer a free 30 day trial to make sure it is right for you.
QuickBooks wasn’t designed for restaurants, but it’s one of our favourites because it has various features that are easy to use for owners with no experience in bookkeeping or accounting. The only challenge would be setting it up since it’s not specific to the restaurant industry. If you’re interested in managing bills and employees, tracking inventory, expense tracking, and other related features, you can get this software for $15-150. The beauty of QuickBooks is the fact that it offers plans for all types of operations, including sole proprietors, LLCs, partnerships, corporations, and nonprofits.
As the name suggests, this software is tailor-made for the hospitality industry. It’s pretty similar to Restaurant365 as they are both cloud-based systems. Both independent restaurant owners and franchisees can use this system. You don’t need to be an expert since it’s easy to use. Some of the services include payroll services, and you can easily integrate them with your financial providers. If you have a hard time using it, they offer training programs. Additionally, the software includes sales tax payments that keep you in compliance. To get a quote, you can contact RSI directly via phone or online.
Like QuickBooks, this software is not specific to restaurants but to small businesses; however, it’s easy to set up and is also a cloud-based system. It is highly recommended for those who don’t have any background in accounting or bookkeeping. You can integrate it with a banking or POS system that will enable you to process payrolls. The best part is that it has a mobile app, so that you can operate your restaurant from your phone. The features on it are easy to use and include real-time reporting, inventory management, bank reconciliation, and invoicing. Price ranges from $11 to $62 per month.
Plate IQ has a range of services that would be of use to a beginner or an advanced accountant or bookkeeper from large establishments to smaller businesses. It wasn’t specifically designed for restaurants, but if you’re looking for an automated system for invoice processing and account payable systems, this would be the best software to invest in. You can also integrate it with more than 100 other programs, including accounting systems, vendors and inventory companies, as well as payroll companies.
Would you add anything to this list of best accounting software for restaurants? We’d love to know about it!
Once you have chosen the best accounting software to use for your restaurant, you are ready to hire an accounting team to help you improve your income. At Accounovation, we can help you achieve your financial goals while making accurate predictions. We also provide companies with a complete fractional accounting team for the price of a full-time bookkeeper. Get in touch with us at Accounovation.com for a free consultation on how we can assist you with accounting services.