QuickBooks for Restaurants
If you are a restaurant business owner, you need appropriate accounting software. One of the most advanced software for this purpose is QuickBooks, which offers multiple useful features and is compatible with most applications for restaurants. It should be noted that there is no specific version of QuickBooks for restaurants, but you can customize the program for your needs. Thus, during the installation, you can choose the restaurant industry option, and the software will offer to install a set of functions suitable for restaurants. In this article, we will provide some tips on how you can configure and use QuickBooks with maximum convenience and efficiency for your restaurant business.
Setting Up QuickBooks
Firstly, let’s figure out how to install this software. If you want to provide access to the system to multiple users, it is better to install QuickBooks on a terminal server. You will need to set up the server and file system in the dedicated office. If your restaurant business consists of several locations, you need to centralize important documents, for example, invoices and bills.
Thanks to QuickBooks Online you can get remote access to most of the program’s functions. This is very convenient taking into consideration the specifics of the restaurant business, which operates late hours and on weekends. Now, to get the accounting information, you do not need to leave the house. All you need to deal with employees, suppliers, customers, and other stakeholders are now at your fingertips.
Daily Sales Records
In a restaurant business, you need to record sales on a daily basis. All transactions with clients’ credit cards must be shown in the sales journal. This is important to monitor the state of your bank account deposit. With QuickBooks, you can set up a daily sales journal entry at your discretion to provide a summary with a level of detail that meets your particular needs.
QuickBooks also allows you to keep a record of daily sales with cash. Cash accumulated in the restaurant that has not yet been deposited into your bank account should be attributed to undeposited funds. After depositing this money into the bank account, the amount of undeposited funds is reflected in the corresponding bank account. This approach will allow you to keep the restaurant management under your control and monitor the situations when not all the cash has been sent to the bank account. QuickBooks provides an opportunity to manage cash deposits for certain periods and send reports to an accountant or business owner.
QuickBooks payroll features will be useful for both businesses that handle payrolls on their own and for those who use external payroll services. If your restaurant manages payrolls in-house, you can pay employees remotely using direct deposit function. If you prefer to outsource your restaurant payroll, then apply to companies that offer QuickBooks integration. It is critical that payroll data can be imported into your QuickBooks. Also, if you run multiple restaurant locations make sure your payroll service provider can include QuickBooks class tracking in the payroll report.
QuickBooks can be used to manage a restaurant inventory. However, this task is quite time-consuming, and it would require having a highly skilled bookkeeper to do it correctly. You can opt for another approach by purchasing inventory management control software and synchronizing it with QuickBooks. Then, approximately every month you will need to adjust inventory values in QuickBooks via a journal entry. Your accountant must monitor the values to determine their accuracy and compliance with financial reports.
QuickBooks for Multi-Location
If your restaurant business owns several establishments, you can use QuickBooks class tracking to mirror income and expense for different locations. This will allow your accountant and you, as a restaurant owner, to analyze financial statements and identify issues and opportunities to improve financial performance for each of the restaurants.
Compatibility with Restaurant Apps
As we have already mentioned, QuickBooks allows you to integrate and interact with many applications necessary to run a restaurant. One of the most important apps for restaurants is a point-of-sale (POS) system. For example, Reveal POS system allows not only entering orders but also offers many other useful functions. Among such handy features, you can find table layouts, custom menu building tools, and catering management add-ons. This POS system runs on iPads. You can use multiple tablets to handle table-side orders. Also, Revel offers POS solutions designed for bars. By synchronizing your QuickBooks software with POS system, you can keep accurate records of the relevant sales information and manage taxes easily.
Restaurants have different categories of staff (waiters, bartenders, cooks, administrators, etc.). Therefore you need to develop schedules ensuring the optimal number of employees of each category in every shift. To do this, you can use a scheduling app. QuickBooks is compatible with NimbleSchedule, which allows you to create schedules with remote access for your employees. Also, with the help of this app, you can track when employees check in or out from their shifts and monitor overtimes. Thanks to the synchronization with your accounting software, all the data from NimbleSchedule has transferred automatically to QuickBooks Online. Additionally, if your staff is often involved in off-site catering events, you will need a scheduling app with remote access via mobile devices.
From the accounting perspective, the restaurant business is one of the most challenging to manage. Therefore, you need to make sure that QuickBooks has been installed and configured correctly in accordance with your needs and specifics of running a business in your establishment or your restaurant chain. Also, you should remember that accounting requires not only using appropriate software but also a professional accountant familiar with the specifics of the restaurant business.