Top 5 Restaurant Accounting Software

Elise Williams

2023-03-24 17:08:10 • Filed to: Accounting • Proven solutions

A restaurant business is very rewarding. In just a few years, the industry has grown exponentially. According to a recent article published by Forbes, only about 17% of the restaurants are not doing well and end up collapsing. There are many reasons a restaurant, which was once successful, is forced to close; poor book keeping is an example. This article will walk you through the top 5 restaurant accounting software, which should be part and parcel of your restaurant business.

Top 5 Restaurant Accounting Software

There are plethora of accounting applications having myriad features tailored to meet users’ needs. That rings a bell of familiarizing with the basics before picking any software available. An excellent software should make it easy to track payrolls or payments, and managing business’ finances, that’s all.

The restaurant accounting software provide a range of modules, which includes billings or expenses, purchase orders, ledger and inventory management. Additionally, the software provide integration with different systems like:

Payroll
Tax planning/management
Expense tracking
POSs or point of sales

Below are some of the top accounting software for hotels and restaurants:

No 1: FreshBooks

According to many restaurant accounting software reviews, the FreshBooks is entirely designed to rectify the accounting hiccups the small businesses are experiencing during their day-to-day operations. It is wrong to think that this software is only suitable restaurant businesses. It serves a range of industries, for example, IT, marketing, home services just to name a few.

This software has pool of features, which makes it ideal for expense tracking, payment planning or management, time tracking etc. Likewise, it’s unmatched tool for invoicing and financial reporting. That are a lot stuff users can accomplish when using FreshBooks like accepting online payments, branding invoices, taking pictures of receipts, developing recurring bills and attaching receipts.

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Pros

Ability to attach receipts
Simplifies tax collection and tracking
Setting up recurring invoices is frictionless
Various options for expense tracking/invoice tracking

Cons

Regular alerts to upgrade to paid versions
Using ‘expense upload options’ is a bit tedious

No 2: Xero

Xero has been around since 2006, and is considered one of the best accounting software for restaurants. It functions uniquely in that it builds a link between businesses and trusted providers. As a result, business owners can access their financial status instantly and in real-time.

Xero is purely web-based, meaning the users can quickly access it provided they have stable internet connection and working devices. Its robust features make it suitable for restaurant businesses. It makes it simple to view cash transactions, money flows as well as account information anywhere. Importantly, bank transactions are electronically done.

Pros

Can keep track of all transactions or financials.
Offers a user-friendly platform
Loaded with useful features
Exceptional user help
Offers free trial for up to 30 days
Integrates well with many systems, for instance, Vend, ADP etc.

Cons

Tracking down some features need effort and time

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No 3: NetSuite

NetSuite basically offers customer relationship management including business resource planning. One noticeable thing about this software is the ability to integrate with business’ service processes, back-office including sales. It’s designed for:

Payments management
Billing/order management
Inventory planning/management
Financial recordings/reporting
Supply chain management
Financial forecasting/accounting
Analytics

The software’s web-based. Also, it can load on various devices. It has many customization options immediately after automatic upgrade. It runs well on many internet browsers.

Pros

Good for restaurant and ecommerce businesses
It is simple access customers’ details
Has a great user-interface
Access to real-time leads.
Preparing and editing invoices is simple
Can export data or information into CSV files
The data center assures users security. The software also has security controls.

Cons

There’s high chances of experiencing offline problems

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No.4 Sage

Sage’s a reputable name in the cloud-base accounting. It’s popular for providing applications that have been proven to effective. The reason it’s the best accounting software for hotels and restaurants is that it offers operational forecasting as well as real-time financial for the most critical operations.

Some of its core accounting solutions are:

Accounts receivable
Order/cash management
Accounts payable
Ledger
Project accounting
Financial recordings/ reporting
Entry consolidations
Income management
Expense/time management

In addition, the software integrates perfectly with payroll, CRM including other many POS systems.

Pros

Using the software is easy
Has many impressive features
Suitable for storing various inventories

Cons

There are no noticeable drawbacks
The customer service should add extra feature for a more enjoyable experience.

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No.5 ZipBooks

Developing strong and reliable payment processing solutions is not a bed of roses. A good restaurant account software like ZipBooks is something that business owners should have. It provides the following: