Setting up a business can be easy but tracking its profits, losses, tax cuts, and transactions are considerations restaurant owners 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 maximise 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 restaurant owners in using it is it is accessible, as long as you have the internet you’re good to go!
Let’s explore why Xero accounting software is best for restaurant bookkeeping and accounting. Restaurants by nature are extremely hectic. They take orders, serve, and 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, and 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 on, Xero accounting software provides some key features.
Need a hand with your restaurant accounting? Our team of bookkeepers are Xero bookkeeping experts. We can provide assistance with setting up Xero accounting software for your restaurant. Contact us on 1300 728 875 or send us a message.
You can read a case study on how we helped a Caloundra (Sunshine Coast) restaurant increase sales and profits.
One major problem restaurants face is inventory management. What Xero does is it carefully creates inventory management 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.
Find out more about Xero inventory management.
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Some say restaurants are small but in reality, they aren’t. Most often restaurants have a lot of staff assigned to various functions which means there are many time records to analyse 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. 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 (now called Lightspeed POS). While there are mentioned functions above, how do they work really? Find out more about integrating Xero with Deputy and Lightspeed POS.
For inventory management, Deputy pulls real-time sales data from Lightspeed. This function gives the capacity to schedule employees in line with services, especially during 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 restaurant owner spends time manually rostering employee shifts, it takes a lot of brainpower and time. With Deputy and Lightspeed, your employees are able easily and accurately log in time by clocking into Lightspeed 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 to send reminders to your employees, Lightspeed 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 a real-time feed to keep everyone posted about events through the Deputy Newsfeed.
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 (POS): Lightspeed has experts to provide you with ongoing support. They’re available 24/7 to assure that your Point of Sale is always prepared and ready to sell.
In conclusion, Xero should be the primary accounting software for your restaurant business because it takes into account the complexity of a restaurant’s working environment. The last thing you should worry about is how you’re able to keep track of your transactions, keep your sales up to date, and make your employees more accountable and dedicated to their work. This is made possible with Xero’s Integration with Deputy and Lightspeed.