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.
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.
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
Pricing: Free plan available | Paid plan starts from INR 3,303.60/ month
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
Pricing: No free plan available | Paid plan starts from INR 24,801.0/location/month if paid annually
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
Pricing: No free plan available | Paid plan starts from INR 35,979.07 per month
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
Pricing: No free plan available | Paid plan starts from INR 5,499 excluding GST
TouchBistro is 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
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
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
Pricing: No free plan available | Paid plan starts from INR 2,065.55 per month
ZipBooks is 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
Pricing: Free plan available | Paid plan starts from INR 1,240.64 per month
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
Pricing: No free plan available | Paid plan starts from INR 4,130.30/ month
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
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.
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