All businesses, including restaurants, no matter how big or small, need to maintain accounts and make sure their bank statements are always balanced at the end of the day, month, and year. Large companies meet this need by enlisting the services of a CPA to ensure proper bookkeeping, but for small and medium-sized businesses, like most restaurants, this can be a costly undertaking. Therefore, accounting software such as QuickBooks can help ensure that a restaurant’s accounting is maintained and within its budget.
This accounting software is highly versatile and can be configured to meet the specific needs of different business sectors such as manufacturing, hospitality such as restaurants and hotels, the education sector, and sales and marketing companies.
QuickBooks for Restaurants
Running a restaurant is not an easy business. There are factors, each of which requires separate attention. Running a restaurant requires multiple functions at the same time, making it difficult to fully manage all aspects.
Therefore, implementing accounting software has many benefits and can help simplify the daily operations of restaurants.
Facilitate inventory tracking
Food and beverages make up the majority of a restaurant’s expenses, so tracking inventory is critical. Restaurant inventory is perishable, so orders need to be monitored closely to reduce excesses that can go to waste.
A single-period inventory management system that maintains inventory accuracy by counting inventory frequently, first in, first out, touching new stock only when old stock is used, etc. All these inventory management methods require careful record-keeping. This is made easy with the QuickBooks accounting system.
By considering historical trends in past sales, inventory purchased and used, and revenue generated, you can better manage inventory and reduce losses due to wasted perishables. Downloading QuickBooks will help you generate these reports, giving restaurant owners a better understanding of their business. What if the restaurant has many chains in different cities? QuickBooks has the solution for it! QuickBooks Hosting on the cloud server with the help of a reliable QuickBooks Hosting Service provider can help you to easily access the software and maintain the record from anywhere and at any time.
Beverage and food sales management
This accounting software can be used to generate sales reports after sales have stopped for the day. QuickBooks POS systems can also help generate reports that can be matched against daily sales reports to eliminate errors. These reports help you identify the food and beverage inventory used for sales on a given day and reconcile it with your daily revenue and accounting requirements.
Creating a balance sheet is another requirement met by accounting software like QuickBooks. It also ensures that both accounts are balanced by generating reports on accounts receivable and the costs and overheads necessary to successfully run the restaurant. The generated receivables and payables report, therefore, helps the owner understand his collectibles, especially if they are older than 30 or 45 days. The best thing about hosted QuickBooks is that you can access your balance sheets or any of the reports with the help of an Azure Virtual Desktop provided by your service provider flexibly from any device whether it is your personal laptop or your mobile phone.
Watch this video to get a glimpse into what it looks like:
With the help of Apps4rent, an Intuit-authorized provider, QuickBooks users can enjoy many advantages like flexibility and security. They are a perfect choice when it comes to finding hosting services as they have options to cater to different kinds of needs. Be it scalability or cost, they have something in store for everyone. They are also well-equipped with migration services and can help you host accounting software, which grants several advantages to its users.
Jennifer Bell is a freelance writer, blogger, dog-enthusiast, and avid beachgoer operating out of Southern New Jersey.