Showing 1-20 of 88 products
NetSuite is a business management software suite offered as a service that performs enterprise resource planning (ERP) and customer relationship management (CRM) functions. It is a horizontal package designed for an extensive range... Read more
Recent recommendations: 69 recommendations
Sage Intacct is a provider of cloud-based accounting software. Sage Intacct’s applications are suitable for small and midsize companies and can provide real-time financial and operational insights as well as the ability to automate... Read more
Recent recommendations: 62 recommendations
For organizations seeking a solution that conforms to their existing operations, Multiview offers a suite of financial solutions. With Multiview, companies gain visibility over corporate data. The solution includes 14 modules that... Read more
Recent recommendations: 53 recommendations
Deskera ERP is a cloud-based enterprise business management suite that automates sales, billing, fulfillment, distribution (including pick, pack and ship process), sales commission calculations, purchasing, payment processing, product... Read more
Recent recommendations: 44 recommendations
Sage Fixed Assets is a hybrid asset management solution that helps businesses track and manage the fixed assets through different steps of asset lifecycle. The solution offers integrated accounting features and multiple methods to... Read more
Recent recommendations: 24 recommendations
ScaleFactor is a cloud-based business accounting solution suitable for small and midsize companies. It helps businesses to automate complex accounting workflows and translate financial information into actionable insights. Key features... Read more
Recent recommendations: 14 recommendations
FinancialForce Financial Management (FM) is a cloud-based system built to provide a complete financial management solution for sales and services-orientated companies of all sizes. FinancialForce FM has several inherent applications,... Read more
Recent recommendations: 6 recommendations
Workday is a cloud-based enterprise resource management (ERP) suite suitable for global businesses of all sizes in a variety of industry verticals. Workday delivers user and administrative tools across financials, HR, planning, talent,... Read more
Recent recommendations: 5 recommendations
Sage Business Cloud Enterprise Management, formerly known as Sage X3, is an ERP software suite that includes integrated functionality for financial management, sales, customer service, distribution, inventory, and manufacturing, and... Read more
Recent recommendations: 3 recommendations
Oracle JD Edwards EnterpriseOne is a cloud-based Enterprise Resource Planning (ERP) and supply chain management solution that provides ERP applications and tools for finance, consumer goods, human resources, distribution and manufacturing... Read more
Recent recommendations: 2 recommendations
Bench is the online bookkeeping platform for small business owners. Each month, Bench automatically gathers transaction data from all connected business accounts. Then, a dedicated team of bookkeepers ensures books are tax-ready. With... Read more
Recent recommendations: 2 recommendations
Infor CloudSuite Financials is a solution suite that provides financial functionality coupled with a source-to-settle supply management offering. The solution is role-based, mobile responsive and delivered in the cloud. It delivers... Read more
Recent recommendations: 2 recommendations
EBizCharge offers a suite of payment processing, billing and invoicing solutions. It includes payment integrations to accounting, enterprise resource planning, customer relationship management, e-commerce platforms, mobile solutions... Read more
Recent recommendations: 1 recommendations
Acumatica is a cloud-based enterprise resource planning (ERP) solution that offers a platform designed for midsize customers with a complete, real-time view across the business. The Acumatica suite of integrated business management... Read more
Recent recommendations: 15 recommendations
SAP S/4HANA is an integrated enterprise resource planning (ERP) software suite designed to serve businesses of size and kinds. SAP ERP is used to address the needs of many industry verticals including manufacturing, retail, service... Read more
Recent recommendations: 2 recommendations
QuickBooks Enterprise is an accounting solution suitable for small to midsize businesses across several industry verticals including construction, distribution, manufacturing, and retail. The solution offers functionality to manage... Read more
QuickBooks Online is a web-based accounting solution that caters to individual accountants and small businesses. The solution helps with bank reconciliation, tracking expenses, drafting invoices and monitoring financial reports, among... Read more
Freshbooks is a web-based accounting solution that caters to small businesses. Freshbooks serves various industries, such as marketing, legal services and business consulting, trades and home services and information technology (IT). Key... Read more
Established in 2006, Xero is a web-based accounting system designed for small and growing businesses. Xero connects small businesses with their trusted advisors and provides business owners with instant visibility of their financial... Read more
Wave is a web-based integrated accounting solution exclusively designed for small organizations. Collectively, the solution features accounting, invoicing, billing, payment tracking, payroll management, finance management and receipts. With... Read more
While recent studies have shown that the restaurant industry has grown in the past few years, the fact remains that about 17 percent close within their first year of business. There are, of course, any number of reasons why a new restaurant may be forced to shut its doors, but certainly one of the most vital elements of running a successful company is keeping the books. Choosing the right accounting software to help you do that can be overwhelming, to say the least.
There are a ton of accounting systems out there, each with myriad features and applications available for customization. That's why it's important to know the basics about restaurant accounting software before you begin your search for the system that best fits your needs, whether you're tracking payments, payroll or produce.
Here's what we'll cover:
Running a restaurant means keeping up with a lot of things, not the least of which is expenses. Fortunately, a good accounting system specifically geared toward your industry can alleviate much of this work by managing every aspect of your business's finances. Most restaurant-specific accounting systems offer the following modules:
Essentially, restaurant accounting software will offer the same modules as general accounting systems, but the functionality will be more directly tailored to restaurant management. Most restaurant bookkeeping software offers integration with other systems, such as point of sale (POS) and tax management or expense tracking and payroll.
Payroll overview in Xero
|Expense tracking||Tracks every dollar spent—from the purchase of ingredients for recipes to the cost of keeping the lights on. This function ensures business owners or managers won't miss anything, so that the books will always be balanced at the end of the quarter and there won't be any surprises when tax season arrives.|
|Inventory tracking||Ensures businesses comply with the U.S. Generally Accepted Accounting Practices (GAAP) and tracks what a business spends on ingredients or supplies in order to provide a comprehensive report of where money goes. Inventory tracking software is especially important for restaurants because it can save money by preventing over-ordering and help chefs plan menus according to the availability of ingredients.|
|POS integration||When integrated with restaurant-specific software, POS systems help servers calculate bills with state tax, incorporate tips, adjust inventory and print receipts. Some systems work with tax reporting modules to automatically produce filled-out government documents.|
|Payroll processing||Some systems offer their own payroll tracking capabilities, while others are designed to work with stand-alone payroll software. Either way, having a reliable system in place allows restaurant managers to keep track of employee hours, automatically calculate payments and cut checks, cut down on human error and generate employee tax documents such as 1099s or W-4s.|
|Reporting tools||Prevents managers or restaurant owners from having to manually code data in order to see where money is going. Reporting tools can provide specific sets of information to provide as narrow or broad a view of a business's finances as is necessary.|
|Banking integration||Some systems allow businesses to link their bank accounts directly to the software to enable one-click payments and faster deposit times. This can save a great deal of time by taking over the menial task of manually recording every purchase or sale.|
|Profit/loss statement||Keeps a running tab on the real balance of funds throughout a fiscal quarter, and produces reports whenever managers need them.|
The first step in determining which restaurant accounting system to invest in for your business is to figure out what kind of buyer you are. The majority of companies fall under one of the following three categories:
Small businesses looking to grow. Think of this as the local restaurant that recently made the decision to expand—be it through extending hours and bringing on more servers to cover those shifts or opening a second location. You may already have an accounting system in place, but you're quickly finding that growing means keeping more plates in the air (pun intended), and investing in a more capable software system is the best way to manage that.
Best-of-breed buyers. Restaurants that fall into this category are likely looking for software that offers a specific feature, such as payroll or inventory. Functionality will definitely be the most important consideration for this buyer, but integration—for example, an accounting system that can be linked to a tax management system in order to fully automate paperwork and IRS reporting, should not be overlooked as it can mean the difference between hours of manual data input and automatic data sharing. Beyond that, software that can integrate with other solutions can make things easier down the road when these buyers get ready to grow.
Enterprise or multilocation buyers. This bucket holds those eateries that are already very well-established; think multiple locations and availability in many different regions. These businesses are already operating on a relatively large scale, but may be prepared to upgrade accounting software to a more robust enterprise resource planning suites (ERP) that will offer fully integrated functionality. ERP systems afford large entities the ability to consolidate multiple companies and operate at an international level.
When it comes to cost, businesses typically spend more upfront on perpetual licenses. This price tag can vary depending on things such as service tier, level of customer support and any update or maintenance fees. Cloud-based software, however, is usually priced per month according to the number of users or employees and the number of applications required.
Over time, the costs for each type of deployment will converge, but this should still be a consideration for restaurants that might not have as much room in their software budget at first.
Software-as-a-Service (SaaS). SaaS is a subscription-based software deployment and housing model. With this type of system, users log into a web browser in order to access the software. SaaS offers much lower upfront costs and faster implementation, and it is quickly becoming commonplace in markets such as retail and human resources.
Mobile accounting. As we come to rely more and more heavily on our cell phones and mobile devices to get stuff done, accounting vendors (and other market-specific software, for that matter) are now offering mobile integrations. This allows you to access cloud-based software on your iPhone and do things such as snapping a photo of a receipt and uploading it, then watching the software automatically incorporate that transaction information into your accounts.