Top 5 Features to Look for in Restaurant Accounting Software

As part of the fast-paced food and beverage industry, restaurant owners must deal with a large variety of equally exciting and overwhelming tasks. Restaurant accounting is one such challenging task, especially if you’re not taking advantage of the latest technology.

Here’s how restaurant accounting software can make your life easier and save you time and effort.

How to Do Accounting for a Restaurant in 2023

If you’d like to spend less time crunching numbers and more time with your customers, you need an accounting solution that does most of the work for you.

The future of restaurant accounting lies in cloud software that keeps track of your transactions, allows greater control over your finances, and provides real-time access to your financial data.

Below, we will look at the benefits of restaurant accounting software and the five main features it should incorporate.

5 Main Benefits of Bookkeeping Software for Restaurants

1. Increases accuracy and efficiency

Bookkeeping doesn’t have to be tedious and time-consuming. Accounting software for restaurants allows you to store and organize everything in one place: the cloud.

With data available at your fingertips, you can quickly and efficiently address any issue that may arise.

2. Reduces errors

Traditional bookkeeping is prone to human error and a mistake in your finances can cost your restaurant greatly.

Decrease the chances of someone on your team making a mistake and make their job easier by providing access to top-of-the-line accounting software.

3. Saves time and effort

Restaurant accounting software exists to make your life easier. Automating bookkeeping will take the pressure off your front-of-the-house and back-of-the-house staff alike.

4. Provides detailed reports

You can’t identify problems or areas of improvement without real-time access to financial reports and metrics.

Using cloud accounting software, the information is available to you day and night, so you can act quickly and increase your restaurant’s bottom line.

5. Helps streamline the financial close

The financial close can be a daunting process that consumes a lot of time and resources. With the right software, you can accelerate the process.

Ensure tasks are accomplished on time and that everything is ‘by the book’ when you’re ‘closing the books.’

5 Restaurant Accounting Software Features Every Restaurateur Needs

1. Cash management

Every restaurant owner needs a 360-degree view of the restaurant’s money flows and current cash position, as well as on-the-fly access to bank and credit card data.

Banking integration gives owners a clear view of cash availability and the ability to automatically submit payments to save precious time.

2. Accounts receivable

Get the ability to generate and send invoices, manage collections, and define credit terms quickly and easily. Check on the status of receivables anytime, down to each individual customer.

This feature allows you to increase liquidity, fund restaurant growth, enhance the quality of your service, and shorten the credit-to-cash cycle.

3. Accounts payable

Say goodbye to late fees and wasted time. Automate your accounts payable processes to ensure you comply with policies and avoid payment fraud.

Automatically match invoices to vendors and purchase orders to improve data accuracy. From reviewing to approving and paying supplier invoices, you get full control over the procure-to-pay process.

4. Tax management

No restaurant accounting software would be complete without a tax management feature. This allows you to manage both domestic and global taxes in one simple, easy-to-use dashboard.

Look for software that accommodates multiple taxes, from VAT to GST, general sales tax, and consumption tax.

5. Close management

Finally, the best accounting software for a small restaurant should also help busy owners with their financial close by automating processes and eliminating inefficiencies.

The goal of financial close management is to reduce the restaurants’ reliance on spreadsheets and ensure statements are both timely and accurate.

Get the Best Restaurant Accounting Software for Your Business

Now that you know what to look for in restaurant accounting software, you could go scouring the internet for the right solution for your business.

Or you could save yourself some time and take a look at NetSuite’s complete restaurant management system and hospitality software, which includes cloud accounting software boasting all the features above and more.

Give your restaurant the advantages of a cloud accounting solution that supports your business as it grows. From real-time visibility into your financials, to a simplified process of recording transactions, managing payables and receivables, and closing the books.

If you’d like to learn more about NetSuite’s financial management solutions for restaurants and hospitality, take a look at the video below:

Wrap-up

It’s time to take restaurant accounting to the next level with a comprehensive cloud accounting solution that will improve your day-to-day and long-term operations.

The right restaurant accounting software won’t make bookkeeping more exciting, but it will make it easier. That way, you can focus on the more exciting aspects of running a restaurant, such as making food that customers will love.