Every business must practice some form of accounting to keep track of its money. The restaurant business is no exception, and it’s essential to know which accounting software for restaurants is the best fit for your establishment.
If you’re a restaurant owner, it’s important to have a solid financial system in place before you start working with any new customers or partners. Having reliable restaurant accounting software will help you manage orders, inventory, payroll, HR, and more. In this article, you can find the best accounting software for restaurants on the market with their pros and cons.
Our Top 5 Best Accounting Software For Restaurants
1. Best Accounting Software For Restaurants Reviews
Best Overall: Restaurant365
Restaurant 365 is the first cloud-based accounting software designed specifically with restaurants and foodservice providers in mind. It allows users to create reports, customize dashboards, and more efficiently manage their business from the comfort of their phones, laptops, or tablets. Restaurant 365 is designed with restaurant owners and managers in mind.
Restaurant365 comes with an easy-to-use cloud-based dashboard, custom reports, a mobile-friendly website, and online order management software.
One of the main features that Restaurant365 offers is the ability to schedule tasks. This helps restaurants in maximizing their revenue by accurately taking customer orders without any hassle or mistakes. The system also allows you to make changes at any time without any hiccups through its easy-to-use interface.
2. Best Budget Option: FreshBooks
When you’re trying to keep track of all the receipts, invoices, and payments of a restaurant, it can be pretty overwhelming. How do you know how much money is coming in and how much money is going out? It seems like there is just way too much work to make sure everything lines up correctly. That’s where FreshBooks Software comes in.
This restaurant accountant software makes it easy to keep on top of your restaurant’s finances. There is a slight learning curve for beginners, but with the help of their helpful staff, you will be looking at your accounting software from a whole different perspective in no time.
FreshBooks is software for small businesses and maybe a great fit for restaurant owners. FreshBooks also offers services such as online accounting, invoicing, expense management, and recurring billing. They provide personal accounts for small business clients but are more geared towards shared customer-supplier situations.
3. Best Point of Sale System With Accounting Functions: TouchBistro
TouchBistro is one of the best accounting software for restaurants, which has to submit their expenses and income often. The software provides features like invoices, checklists, budgets, and reports to keep you smooth when it comes to your finances.
The platform also offers discounts so you can get a greater understanding of your expenses. With a click of your mouse, you can have a complete idea of your business model, generate reports and get information about why you have done well or not.
TouchBistro is also one of the best accounting software for restaurants, with advanced management options and features that are easy to use. You can track expenses as well as income with ease using the software.
TouchBistro gives you easy access to your expenses and income, and you can get an idea of how to improve your business through extensive reports.
4. Best Price: ZipBooks
ZipBooks is an online accounting application for small businesses and sole proprietorships. ZipBooks can automatically set up shop with everything you need to run your business by providing your business location. Simply spend 10 minutes entering your business information, and you are ready to begin.
The interface is simple and easy to use, with a step-by-step instruction tutorial when you first start. The program will automatically set up all of the business tax forms for you by providing your social security number.
ZipBooks includes over 60 reports to help you analyze your business finances, including bank statements, profit and loss statements, and cash flow statements. In addition, you can easily send financial reports via email or print them out as PDF files.
5. Best User-Friendly: QuickBooks Online
Quickbooks Online is the best accounting software for restaurants. It allows you to manage your finances and keep track of daily transactions with ease. Unlike other accounting programs, Quickbooks Online gives you options specifically to make restaurants running more efficient and customized.
This program helps handle the restaurant’s books, invoices, order and inventory management, sales and payroll tracking. QuickBooks for restaurants is a proven system that is highly effective and efficient in performing the daily tasks of a restaurant.
QuickBooks Online is an ideal solution for restaurants who wish to open a new location, expand their existing ones or upgrade their current ones by installing the right accounting software. Following are the features of QuickBooks that work best for any type of restaurant:
- Financial Management: QuickBooks Online gives you the freedom to manage your finances from wherever you are. It enables you to look at your data from multiple screens and can be accessed on any device without hassle.
- Easily Customized: QuickBooks Online offers advantages that deliver customized information at all times, whether it is an employee or a customer. You can use design templates that are meant for restaurants to fit your personal preferences.
- Resource Management: QuickBooks Online helps restaurant owners to manage their resources by bringing order and efficiency into their business operations. This allows the restaurant owners to make timely payments and saves time they would otherwise have wasted in transaction processing.
- Customer Management: If you have employees or customers, QuickBooks Online lets you manage them. It gives you a complete overview of your customers and their interactions with your business. For example, the system keeps track of how much they spend in your restaurant, how often they visit, and what kind of feedback they give about your service.
There are many restaurant accounting software on the market today, so it can be rather hard to choose the best one. However, as with any type of software you’re considering purchasing for your restaurant business, we recommend trying it out before spending hard-earned cash. Ask the software vendor to send you a demo of the program to try and test the software in action.
What Is Accounting Software For Restaurants?
Restaurant accounting software is used in restaurant and hospitality operations to track your income and expenses. It also helps you give timely reports to the different departments within your business, such as management, marketing, inventory, and payroll. With restaurant accounting software, you can have a clear idea of how much money you made in a given period or how much money you spent to generate revenue.
Accounting software for restaurants is designed to meet the needs of the restaurateur in a multitude of ways. First, you’ll run your business more effectively with accounting software for restaurants because it will help you enhance efficiency and cut down on a lot of unnecessary paperwork.
How Do Restaurants Do Accounting?
Many of us don’t think about how restaurants handle their accounting, but it is mostly in submission and collection processes. First, salaries and tips go into a bank account, and then fees for services such as delivery or food preparation are put on an invoice for customers who have paid their bill to be included in their order when they check out. The restaurant will then submit this to a payment processor who takes out the cost of the service from the restaurant’s bank account.
What Is The Best POS For Restaurant?
The best POS for restaurant operations is the one that will allow staff and customers to work more efficiently. There are a number of different options available, each one offering a unique set of features and benefits. However, what you need to keep in mind is that the final decision will likely depend on your restaurant’s size and level of complexity.
Ideally, you should have a POS that offers mobile capabilities so you can update inventory items with customer orders at any point in time.
How Much Does An Accountant Cost For A Restaurant?
The cost of hiring a restaurant accountant depends on the size of your business, the number of employees, and other factors. If you’re just starting and don’t have any employees, you should expect to pay around $75 an hour. But if your business is operating 24 hours a day, 7 days a week, then expect to pay about $400 an hour.
An accountant will typically provide payroll processing, tax preparation, and filing your paperwork with the appropriate agencies.