The chart of accounts records high-level transactions such as assets, expenses, liabilities, revenue, equity, and cost of goods sold. The next step is to set up your chart of accounts, which is used to organize the money flowing in and out of your restaurant. Accounting software also takes away the cumbersome burden of manual accounting while eliminating the effort, time, and errors that come with it. Along with your POS, it will help you keep a close watch on your financial performance in real-time. The ideal accounting software for restaurants should provide advanced reporting features, be easy to use, and allow you to track and access your data from anywhere at any time.Ĭonnecting your accounting software to your POS will automate the collection and organization of transactions and financial data. The right software can streamline your data entry tasks, log payroll, capture tax information, track your revenue, create profit and loss statements, review your cash flow, create customized invoices, and more. Implementing accounting software can help you and your accountant stay on the same page. They can analyze your financials and identify operational flaws, unnecessary spending, and trends to pay attention to long-term. Restaurant accountants are trained to compile data precisely and purposefully. A seasoned restaurant accountant will be aware of what balanced financials look like within the context of the restaurant industry, as well as what KPIs you should be concentrating on based on your business model. It’s essential to find a bookkeeper who understands the nuances of the food and beverage industry, including both front-of-house operations and back-of-house management. An expert accountant frees you of the burden of complex financial analysis and monotonous daily tasks that would distract your focus from managing restaurant operations. Not a great move!Īs a restaurant owner, you spend your days dealing with inventory management, staffing, and controlling the cost of goods sold. Managing the books by yourself is like hiring an accountant to be your chef. You’ve heard the old business adage - outsource your weaknesses so you can focus on your strengths.
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