Best Online Accounting Software for Restaurants

Such software really is your virtual assistant: it handles everything from expense management, invoices, bills, keeps track of your incomes and expenses, prepares reports for tax purposes, updates your inventory, logs the work time of your employees and can even handle data imported from other software you have been using before.

Features

Accounting software is full of useful features, like the following:

Dashboard – all data at a glance

The main page of every online accounting solution contains a dashboard, which displays all kinds of key numbers and figures of your business. Just take a glance at this dashboard and you will see your cashflow (your incomes and expenses), your banking, which vendors you owe money, and even the current state of your inventory.

Inventory

The inventory is a crucial part of your software because you can keep track of the items you are selling, or in your case dishes and beverages. Moreover, some accounting solutions can display the profitability of the items, so you can see which one is your top selling product.

Expenses

Banking

Upload a bank statement or connect your bank account with your accounting software and all your transaction will appear therein in real time completely organized.

Reports

Creating reports is not a chore anymore: just keep recording your expenses, issue invoices, update your inventory and the software will automatically create all the necessary reports you need when tax time comes. Furthermore, if you give limited access to your accountant he/she can work on those reports while you are managing your business.

Payroll

This feature allows your employees to record their own work time and the software will calculate their salaries which you can pay them by check, or by direct deposit. Moreover, this feature also prepares your 1099s which you can print and send to the tax agency.

Integrating other software and services

If you have a perfectly functional solution with all of your company’s data in one place, why not make further use of this? Online accounting companies know this, thus they usually offer and support an API, meaning that hundreds of third-party applications can be integrated into their accounting solution. CRMs, inventory management software, expense reporting tools, invoicing solutions, POS, time tracking, payroll and even e-commerce; it doesn’t matter which one you pick, your new accounting solution will auto-import your data from these other tools so you can combine the strengths of both.

There are tons of services to be integrated into an accounting solution, so we are going to name just a few: like Square with which you can collect payments with ease and deposit them fast. Or Vend which tracks your sales and inventory history, plus shows the status of your shipments. ClickPOS is equipped with multi-chain store retail store functionality, CRM and even supplier catalogues. And the list could go on with CRMs like Capsule CRM, Insightly, expense reporting tools like Receipt Bank, Expensify, and Abacus, payroll software like Gusto and SurePayroll, and such well known solutions like PayPal and Google Apps.

Online accounting solutions recommended for you

The online accounting market is full of good solutions, so picking the winner is up to you. But before you make your decision, let us recommend you two choices for restaurant businesses: FreshBooks and Xero.