9 Best Accounting Software for Restaurant Business in 2024

Summary: With accounting software for restaurant business, you can automatically record all the receipts into an expense ledger to categorize expenses. Thus, making it easier to file sales tax return. What else can you do with accounting software for your restaurant business? Find out below!

Managing the cash flow or recording sales transactions is essential to increase profitability and improve the guest experience. However, most restaurant owners face issues like higher operating and food costs. With accounting software for restaurants, businesses can easily manage their cash flow to analyze expenses and identify ways to optimize daily operations.

You can use software for restaurant accounting to easily generate invoices for customers, track inventory levels, calculate sales tax, manage their menu, etc. This software can also be integrated with a POS system to directly import the data for tracking sales and profitability.

Get more insights on what you can do with accounting software and what software you can consider for your restaurant.

What is Accounting Software for Restaurant?

Accounting software for restaurants assists in tracking and analyzing their financial statements, including the account payable, receivables, invoices, payroll, and a lot more.

Generally, the software is designed exclusively to serve accounting requirements of a restaurant such as inventory tracking, staff scheduling, sales tax management, banking integration, and more. Some of the best options that you can consider are listed below.

9 Best Accounting Software for Restaurant Business in 2024

1. Best Overall: MarginEdge
2. Best for Food Trucks: TouchBistro
3. Best Features: Xero
4. Best Price: ZipBooks
5. Best for Paying Sales Tax: DAVO
6. Best for Automation: Plate IQ
7. Best for Account Payable and Receivable: HostBooks
8. Best for Invoice Generation: Wave
9. Best for Fixed Asset Management: Restaurant365

1. Wave

Wave can be used to send invoices to customers, generate financial statements, track expenses, manage recurring bills, and generate multiple reports. It can also be used to categorize all the expenses for easier tax filing.

Wave Features

• Automatic invoice generation
• Multiple payment gateways to accept payments
• Support for bank reconciliation
• Multiple reports to track the business health
• Automatic payroll processing

Pricing: Free plan available | Paid plan starts from INR 3,303.60/ month

2. MarginEdge

MarginEdge is a restaurant management software to manage food and labor in real-time. With it, users can monitor products price, manage their restaurant budget, record restaurant inventory, etc.

It also offers integration with multiple POS and accounting solutions to pull the sales and labor data, track real-time profitability, automatic invoice generation, and a lot more.

MarginEdge Features

• Invoice processing
• Food costs control and management
• Recipe cost management
• Order management
• Food usage report
• Customizable product counting sheet

Pricing: No free plan available | Paid plan starts from INR 24,801.0/location/month if paid annually

3. Restaurant365

Restaurant365 is designed to track and manage accounting, back-end operations, and workforce from a single solution to increase the profit and expand the business. It is one of the best accounting systems for restaurants to help users with payroll processing, managing accounts payable, handling vendor payments, tracking the lifecycle of all the fixed assets.

Restaurant365 is also a top choice for reconciling bank statements and analyzing sales and employee data in real-time.

Restaurant365 Accounting Software for Restaurant Features

• Inventory management
• POS integration
• Budgeting and sales forecasting
• Recipe management
• Staff scheduling

Pricing: No free plan available | Paid plan starts from INR 35,979.07 per month

4. HostBooks

HostBooks accounting software assists restaurants with automating and managing key accounting processes like expense tracking, billing and invoicing, and fixed asset management. With this software, cafes or restaurants can easily manage purchase orders, manage vendor’s data, record inventory, and calculate discounts for customers.

HostBooks Features

• Support for inventory valuation
• Fixed asset management
• Automatic term discount calculation
• AI-based bank reconciliation
• Invoice generation and management

Pricing: No free plan available | Paid plan starts from INR 5,499 excluding GST

5. TouchBistro

TouchBistro is a comprehensive POS and restaurant management software to boost sales and enhance the guest experience. With this software, you get features like bill splitting between customers, creating custom floor plans, managing inventory, generating and analyzing sales reports.

TouchBistro also simplifies accounting data management through integration with solutions like Restaurant365, MarginEdge, Xero, Sage, QuickBooks, etc.

TouchBistro Features

• Restaurant inventory management
• Integrated payment processing
• Staff schedule management
• Support for table-side ordering
• Menu management

Pricing: No free plan available | Paid plan starts from INR 5,706.89 per month

Suggested Read: Top 10 Advantages of Accounting Software for SMBs and Startups

6. Xero

Xero is an accounting software solution designed to help small enterprises in managing key accounting tasks. It can also be used by any small cafe, restaurant, or club to track and manage its finances. With Xero, restaurants can track their inventory status, manage expenses, convert customers; orders into bills, send bills as PDFs, customize purchase orders, etc.

This software can also be used to calculate and prepare sales tax returns for your restaurant with pre-configured templates.

Xero Features

• Bank statements reconciliation
• Create and send invoices
• Bulk payment to vendors
• Bills and receipts data capturing
• Support for multi-currency payments

Pricing: No free plan available | Paid plan starts from INR 2,065.55 per month

7. ZipBooks

ZipBooks is a comprehensive accounting software that can be used by any industry to track and manage key accounting tasks. It can be used to automate recurring billing, split expenses between customers, generate and save bills, create a general ledger for restaurant expenses, send invoices to customers as PDF, and a lot more.

ZipBooks can also be used to accept payments from customers via PayPal or Square and maintain bookkeeping with the charts of accounts.

ZipBooks Features

• Support for multi-currency transactions
• Business health score to gain insights
• Money & expenses management
• Bank reconciliation
• Vendor and customer management

Pricing: Free plan available | Paid plan starts from INR 1,240.64 per month

8. DAVO

DAVO helps small restaurants and cafes to automatically calculate and pay the sales tax through integration with the POS system. It can extract all the sales data from POS solution, add tax details to the DAVO sales tax account, provide emails for payment confirmation, etc. You can also use it to generate and save unlimited sales reports and gain valuable insights.

DAVO Features

• Automatic filing of sales tax
• State sales tax discount calculation
• Support for everyday sales report
• Document management
• Cash flow management

Pricing: No free plan available | Paid plan starts from INR 4,130.30/ month

9. Plate IQ

Plate IQ helps users in automating account payable and receivable payments data. With this software, you can digitize their invoices, route invoices to the right person, gain insights on the spending, etc. This restaurant accounting and payroll software can also be used to pay directly to vendors via ACH, checks, and PlateIQ vCard and perform audit trail of all the invoices.

Plate IQ Features

• Invoice automation
• Auto-capturing of invoices data
• Account receivables and payables management
• Expense management
• Invoice routing to concerned persons

Pricing: Price is available on request on its official website

Suggested Read: List of Best Accounting Software for Small Business with Features and Ratings

Conclusion

By incorporating the best accounting software for small restaurants, you can easily document your cash flow to find out how much you are spending on daily operations. Cash flow analysis through this software will also make it easier to allocate resources properly and avoid wastage.