Setting up a business can be easy but tracking its profits, losses, tax cuts, transactions are considerations one businessman should understand. For every transaction, there’s a value behind it and the only way to determine the exact value of it is through accounting software. If you are a restaurant owner, the harder it is to keep track of every single transaction that has monetary value because of the hectic environment of taking numerous orders, delivering a great product and managing staff. Good thing, there are a few options available online to help your business succeed and save time managing the books.
Xero operates a software company that offers an efficient cloud-based accounting software platform for small and medium-sized businesses. Its aim is to maximize the capacity of businesses to determine the financial positioning of the business. By cloud it means, you can access the software through the internet which means an added benefit for businessmen in using it is its accessible, as long as you have the internet you’re good to go!
Now let’s ground further why this is best for bookkeeping in restaurants. Restaurants by nature are extremely hectic. They take orders, serve, clean, all at a single time so just by that, imagine the volume of accounting records you need. Understanding this situation, accounting was created to keep track of every single transaction, to consider every single money that goes in and out of the restaurant business. Taking such a load of work, manually computing for it will take a lot of time and in the worst case, incurs unnecessary delays. To conquer such problems head one, Xero accounting software provides some of its key features;
One major problem restaurants face is inventory management. What Xero does is it carefully creates inventory managements ensuring profits aren’t lost. It keeps track of the stock level and the value of goods you have on hand using the average cost method. It also shows which products have the largest sales at a point in time and with that information, one is able to make decisions that would further develop the business.
To know more about Xero’s inventory, read here.
Some say restaurants are small but in reality, it isn’t. Most often restaurants have a lot of staff assigned in various functions which means there many time records to analyze before actually processing payroll. In a restaurant, you might see that a lot of customers give tips, this is what makes restaurants unique because employees are entitled to tip credit in their minimum wage.
Simple accounting software is important because it keeps track of the success of your business. It allows users to see through business financial health. It is given that accounting has a lot of corporate benefits but given that there are a lot of tools available, the real question is, which software gives you maximum accounting benefits?
This is where Xero’s integrations with Deputy and Kounta. While there are mentioned functions above, how do they work really?
For inventory management, Deputy pulls real-time sales data from Kounta. This function gives the capacity to schedule employees in line with services, especially in peak ones. This means it’s simple to track peak services and provide them with enough manpower, which also paves way for easy dragging and dropping of employees to create shifts responsive to peak times. A lot of key functions also prove why it’s a strategic integration.
Employee Scheduling. This is important because if a businessman invests in a machine for scheduling, it takes a lot of resources and time. With Deputy and Kounta, your employees are able easily and accurately log in time by clocking into Kounta or Deputy apps which saves up the cost for biometric time ins which adds massively to set up costs.
Reminders. Sometimes it’s inevitable to forget sending reminders to your employees, Kounta has your back! It has a feature of sending shift information and reminders via e-mail, text, or through the installed Deputy app.
Lists. It’s now easy to assign tasks to others and to yourself. More than that, it has the real-time feed to keep everyone posted about events through the Deputy News feed.
Evaluating Employees. Employees sometimes can get away from executing the given workload to them and just put on a paper that they have done a particular job. This problem is now negligible as this Integration lets you see a quick overview of staff performance real time. It compares the time scheduled vs. the actual work done.
Point of Sale. Kounta has experts to provide you ongoing support. They’re available 24/7 to assure that your Point of Sale is always prepared and ready to sell.
You can read a more detailed review of Kounta here.
In conclusion, Xero Bookkeeping is the primary accounting software for your restaurant business because it takes into account the complexity of its working environment. The last thing you should worry about is how you’re able to keep track of your transactions, to keep your sales up to date, and to make your employees more accountable and dedicated to their work. This is made possible with Xero’s Integration with Deputy and Kounta,