Restaurant accounting software programs vary widely. Any accounting program is capable of executing basic bookkeeping, but you must choose wisely to ensure you’re receiving the data you need to run your business. Your accounting program selection must have a great deal of thought and planning.
Let us look at what data the restaurant owner might need:
- Same-store sales growth over the previous year for more than twelve months.
- Daypart sales in dollars and units. Typically, breakfast (Open-11 am, lunch 12-2pm, afternoon snack 3-5pm, dinner 6-8pm, late night 9pm-close). The sales per day part allow the owner to staff the store adequately.
- Food cost based on spec recipes. If actual food cost is over the spec recipe cost, there is likely to be wastage, theft, or short supply from the vendor.
- Labor cost as a percentage of sales. The recent increases in the minimum wage have made life difficult for restaurant owners, and there is no relief in sight. It is critical labor matches the sales for each daypart.
For restaurants that do not cook on the premises, QuickBooks is adequate. The Point of Sale System will give them the data needed for management control.
For restaurants that prepare meals on the premises, Restaurant 365 is an excellent accounting software choice. It’s simply the best program for restaurant accounting, operations, and reporting. It provides all the data reporting listed above in addition to the daily sales, cost of goods sold, labor cost, and daily bank reconciliation. This crucial data helps the restaurant owner apply corrections in real-time.
Restaurant365 also gives the owner the ability to slice and dice the data any way they want. It allows up to twenty-four dimensions to each store including geographic location, supervising manager, type of restaurant (stand-alone, mall-based, with drive-thru or not, kiosk, etc.), and much more.
There are many other good accounting programs, such as NetSuite, Intaact, etc. However, unlike Restaurant 365, they are not built specifically for restaurants. Fortunately, Indevia Accounting™ is a premier partner with Restaurant365. Since we specialize in restaurants too, our partnership ensures a smooth transition for restaurant owners. Contact us to get a free demo and start making the best decisions for your restaurant.