Gone are the days of spreadsheet or desktop-based accounting. Everyone should now focus on choosing a cloud-based accounting software which can connect and share data seamlessly with other apps like OCR, bill payments, CRM, data analytics and so many more. Such a software reduces or helps to get rid of redundant manual data entry. Ultimately, the right accounting software is fundamental to streamline all accounting works for your restaurant. But not all accounting systems are the same. Some have advanced features and robust reporting, while others offer only the basics.

Restaurant Accounting Software Checklist

• What Are My Needs?

Narrow down the software choices by making a list of accounting features you need to run your business. Consult with your team first to ensure you are covering everything your business needs. And once you choose and implement the software, it can be laborious to onboard your team on another software after discovering out that the previous solution did not have the mandatory tools.

Ensure that you have the following features available in your accounting software:

1. Sales Tracking
2. Invoice creation
3. Budgeting
4. Payroll
5. Inventory management
6. Tax reporting
7. P&L and balance sheet reporting

Do not forget to ask your peers for opinions on their accounting software to help guide your selection.

• Determine if It Fits Your Business
• Does the software have additional features if required at a later point of time?

Find out if the software has features you can add later if needed. An example of a common feature you may add later is integrating your inventory with accounting software. If additional features cannot be added then, does the software upgrade easily to a more capable version of the same accounting software? Or does the software export to a data format such as CSV so you can upload it should you switch to another accounting software title later?

• Is it an online and cloud-based software?

Online accounting software is web/cloud-based software that runs through an Internet browser. Online accounting software is especially convenient for accessing accounting data and records from multiple computers.

• Does the Accounting Software Come with a Free Trial?

It is always best if you can try the software before you buy it. To see how useful the software documentation is, download the free trial and try it out for a few days to see if it is a fit.

• Does the Software Support Restaurant-Specific Integrations?

You want software that integrates with other restaurant management software to improve your workflow, eliminate flipping between programs, simplify data sharing, and ultimately save you time. Find accounting software that integrates with certain systems and software that may be important to you.

• What Is My Budget?

Remember to figure out the total cost of your accounting software. Some accounting software provides fee-based support by email or phone from the moment you start using the software. However, it is common for the cost of small business accounting software to provide support at no cost for a set period so you can ask questions when you first start using the software without incurring additional expenses.

• Is the Restaurant Accounting Software Easy to Use?

Software that is difficult to use will be harder for everyone to adopt—and low utilization rates will likely be the norm. Low utilization rates are common with feature-rich accounting packages. They end up being bloated with clunky interfaces and unnecessary features you do not use. The reality is that you, your bookkeeper, general manager, and chef (s) should feel comfortable using the software. It should be intuitive. It should operate smoothly without any hassle. It should have only the features you need. So, read reviews online, ask for recommendations, request a free demo, and sign up for a free trial to test it out.

• Consult With Your Accountant

Accounting software does not replace an accountant for ensuring that your business complies to legal and accepted rules of accounting and taxation. But when you use accounting software, your accountant will not have to spend time doing certain tasks, which saves money for a small business. Any good accounting software will have the reports you need to give to the auditor on a monthly, quarterly, and annual basis. Ask your accountant what reports are required and make sure you can do it with the accounting software that you are considering.

Fruxient Accounting is conversant with Quickbooks Online, Xero, Zoho Books, Wave accounting, Sage and connected applications like Xtrachef, Hubdoc, Receipt Bank, Auto entry, Bill.com, Amazon Seller central, PayPal, Infusionsoft and many more. However, we recommend Quickbooks Online Advanced as it is the most versatile software we have come across. The time has come to migrate from manual and desktop-based software’s to cloud based ones and Fruxient accounting will be delighted to guide you along the way.  Connect with us.