The restaurant industry has been no stranger to the constant shifts in technology presented in the digital era, and automation has come to be a crucial aspect affecting most of a restaurants’ activities. Today, patrons can order using digital kiosks or machines located at their tables, chefs are able to monitor the freshness of their produce from their phones and full systems have been integrated for front and back office operations management.
In addition to all these systems and apps, restaurant accounting software has reached high popularity with more restaurants investing in software programs to alleviate the pressures of owning a restaurant as well as being responsible for its accounting. Accounting software for restaurants helps save time and cut costs while providing all the information you need to gain accurate insights and make better informed decisions about your business.
Accounting Automation Software
Accounting automation software helps unlock many accounting abilities like computing operational costs and payroll in addition to organizing financial documents and invoices, all in one place, making the data easier to access and understand. Most accounting automation software have adopted the cloud approach, and restaurants are following suit, understanding the unparalleled benefits of having their important information accessible from anywhere with internet, allowing them to constantly monitor and track changes.
Restaurant Accounting Software
It is in the best interest of any restaurant owner to invest in accounting automation software that is restaurant-oriented as, unlike any other accounting automation solutions, it reduces the need for timely integration and offers features that are more geared towards a restaurant’s activity, providing you with the ability to tailor your software directly to your restaurant’s needs.
A restaurant accounting automation program aggregates data from, and orchestrates the communication between your POS and your back office system, ultimately providing you with a holistic “big picture” of your restaurant operations. Many restaurant owners have admitted to using between 3-5 different apps to manage their back office needs and not to mention the amount of spreadsheets used to complete one task. A successful restaurant accounting automation solution helps reduce the amount of other solutions needed, while ensuring the existing systems are integrated and constantly communicating.
The Restaurant Accounting Remedy
As accounting relates to so many areas of your business: inventory, invoicing, accounts payable, salaries etc., it is clear why managing your accounting is daunting, time consuming and exhaustive, leading to many manual errors and causing important information to fall through the cracks.
Without automation, your accounting activities are likely to cause stress and headaches:
- Time consuming and arduous
- Understanding your business
- Complex processes and spreadsheets
- Properly controlling costs
- Staff conducting manual processes
Automation will help reduce your accounting stresses, ensure nothing gets lost and put your back in control of your business, leaving you with more time to focus on improving your restaurant’s customer experience.
Save Time
With restaurant accounting automation, you can conduct all your accounting activities and calculations on one simple dashboard that displays everything in an easy to understand format, significantly cutting decision making time. Your accounting automation software takes sales data from your POS system to easily calculate your cost-to-sales ratio, and further, tracks changes and anomalies in your cash flow, operating expenses and budgeting.
Perhaps one of the most effective time-saving features of automated accounting for restaurants is the accounts payable reconciliation which takes most restaurant owners or accounting professionals a few days each quarter. Accounts payable automation provides you with accurate and streamlined financial statements while comparing ledgers, bank statements, and other data, investigating and identifying anomalies and even attaching supporting documentation.
Gain Insights
With all your accounting details conveniently located on one, simple to understand dashboard, enriched by real-time, dynamic reports customized to suit your needs, accessing a fully comprehensive “big picture” of your business’ operations is effortless. Through automatically uploading invoices, data about vendors and employees, inventory information and more, your restaurant’s accounting automation software can detect where exactly every penny of your money is going and find ways to save it, something that gets lost when needing to consolidate this data manually.
Simplify Processes
Accounting automation software designed specifically for restaurants offers seamless and simple integration to your pre-existing systems while leveraging the strength and security of cloud-based technology. Automating your accounting is a sure way to reduce the anxiety of complex spreadsheets and processes, especially when working with different systems for various needs. If your restaurant is a chain, for example, you will need to maintain all your restaurants’ accounting information in one place, and automation does just that.
In addition, a strong restaurant accounting solution has an Optical Character Recognition (OCR) component capable of scanning paper documents, such as invoices, and inputting the data directly to the relevant reports, saving you the frustration of figuring it out on your own.
Control Your Costs
Using accounting automation software optimizes the calculations that go into your costs and budgets. By aggregating all the necessary information about your food costs, salaries, utilities and operations, complemented by the insights you’ve gained pertaining to your sales, you are able to make better decisions about the cost of your menu items, ingredients, vendors and employee schedules.
Automate Processes
By automating most of the manual input you or your staff members have to do in order to maintain proper accounting processes, you are not only saving time on things like inputting inventory on a daily basis, but also undoubtedly increasing the accuracy of your reports, your insights and your accounting capabilities. Further, your ability to manage and monitor your inventory automatically reduces the chances of important information getting lost and improves your ability to accurately calculate your food costs.
Automation will also help improve your relationships with your vendors and employees as payments will be made automatically and on-time, while ensuring you stay on budget and accounting for any credits owed to or from your business.
Where Can You Find It All?
MarketMan offers a wide variety of software solutions pertinent to managing a successful restaurant, including an end-to-end, fully comprehensive restaurant accounting solution with all the capabilities mentioned above to help ease your accounting anxieties. Using MarketMan’s Restaurant Accounting software, you can free up your employees’ time to focus on improving your business and increasing your sales while saving money on manual errors and in-house accounting services.
In Conclusion
Instead of spending precious time conducting detailed research and analysis to propel your restaurant business, automation software helps the discussion shift to reviewing productivity and implementing strategies based on accurate data and real time reports to help your restaurant exceed its full potential.
