Hospitality is an exciting, ever-changing, rapidly evolving sector that attracts thousands of aspiring professional employees from all over the globe. However, the glamour-factor only exists for guests and patrons, and employees quickly realise the level of hard, fast-paced work that is required.
Considering the many demands of running a restaurant, it is important to ensure that your software is simple to use and as efficient as possible. A long day means that you could be cashing up in the early hours of the morning, highlighting the importance of a system that is reliable, user-friendly, and accurate. If you’re feeling a little ambiguous towards your existing system, take a look at the following tips on how to find the right accounting software for your operation:
1. Find something that is flexible
When you’re searching for the right restaurant accounting software, it is important to look for something that is flexible and can accommodate the vastly different working hours of the hospitality industry. The odd and irregular shifts and operating hours will have an effect on regular accounting software. It is important to find a solution that can accommodate:
- A fast-paced staff roster: restaurants are successful because of the speed at which they can replace a resource in the event of sick leave or emergency. Choose a system that can update at the touch of a button, and can keep an accurate record of staff shifts and leave.
- Tips: if you distribute tips to your entire staff component, it’s important to record how much your staff are bringing in.
- Staff turnover: whether you’re employing part-time university students who need the extra cash or professional chefs and waiting staff, you’re going to need a system that is able to deal with high staff turnover.
Consider the latest VAT increase and high living expenses before you increase your pricing. The restaurant industry is extremely competitive, with new establishments opening their doors every day. One way in which to stay relevant and keep feet moving through the door is through competitive pricing. On your search for the perfect software, look for something that is able to assist you with your pricing through weekly reporting. Once you have your data, you can make pricing decisions based on accurate information.
3. Integrative POS system
There are three main factors to consider when looking for a POS (Point of Sale) system. It needs to be easy to use, be able to handle cash and card payments, and it needs to integrate into your selected accounting software. Once you have found a system that ticks all of these boxes, you can establish ways on how to best use the integration for your service offering.
4. Efficient stock management
Stock management can sometimes be tricky, especially during festive or celebratory periods of the year. You cannot hold onto too many perishable items, otherwise you risk wasting money on uneaten and unused food and, conversely, you cannot carry too little stock as you risk overspending. Choosing the right accounting software can assist you in efficient stock management and help you identify areas that need improvement.
5. Keep a record of all purchases
Whether your staff had to make a quick trip to buy an ingredient that was not ordered, or your vegetable delivery was thorough, it is imperative that you keep a record of all receipts. Not only will this ensure that you have an accurate understanding of where your money is going, but it will also ensure that you have not overspent when you balance your expenses against tax. Accounting software can help you keep a detailed, up-to-date record of your expenses, even when they are out of budget.
Choosing the right restaurant accounting software can result in increased sales, lower staff turnover, and better management practices. Partnering with the right software service provider means that you’ll have more time to focus on growing your business.
Click HERE to contact IQ Retail today and find out more on how our restaurant solution can help establish your business.
