Where the typical restaurateur�s financial expertise lacks, restaurant accounting software can pick up the slack. Most restaurateurs find their way into the industry because of a knack for hospitality, not accounting. But if accounting software is figured into a restaurant�s equation, it will add up to success.
Integrated Restaurant Accounting Software
With
the exception of large, multi-unit chains with their own in-house staff
of accountants, most restaurateurs use a computer program to do their
number-crunching. Some of the most popular financial packages on the
market include Microsoft Dynamics GP (formerly Microsoft Great Plains),
QuickBooks and Peachtree.
A fully-integrated restaurant
accounting software system is composed of a point-of-sale (POS) system,
a middleware system and a financial software package. The easiest way
to import numbers into accounting programs is through the middleware
system.
Middleware systems play the middleman between restaurant POS
systems and financial management software by pulling sales and
inventory data from your POS system, processing the figures and
importing the appropriate information into your financial software.
Middleware systems are capable of managing inventory control,
theoretical costing and store-level financial reporting.
Benefits of Restaurant Accounting Software
There
are many hidden costs associated with running a restaurant that basic
profit and loss statements can�t detect. Restaurant accounting software
can help bring these to light.
Restaurant middleware systems
can identify all of the data from your POS system that is required to
produce a detailed financial report.
The middleware system will
separate sales data by categories and labor data by department. It
should also provide food and beverage inventories and daily fixed
expenses to produce a weekly estimate of the restaurant�s net profit.
Purchasing Restaurant Accounting Software
While
simple financial packages such as QuickBooks only cost a few hundred
dollars, middleware and POS systems run several thousand dollars per
module. Though some can be less expensive, they may have limitations.
It
is critical for restaurants to invest in restaurant-specific middleware
and POS systems that are equipped with software support and training.
A restaurant consulting firm
can provide guidance regarding which POS and middleware systems will
best suit a restaurant�s individual needs based on volume and concept.
If the firm has a finance expert on staff, they can also help interpret
restaurant accounting software reports.
Types of Restaurant Accounting Software
Three
of the most popular restaurant-specific middleware systems include
MenuLink, Eatec and Restaurant Magic. All three systems are capable of
integrating with most brands of POS systems and restaurant accounting
software programs. Each brand offers customizable components and
upgrades, but standard capabilities include inventory statements,
profit and loss statements, sales analysis and sales forecasting.
Certain
models allow for on-demand, Internet-based reports. Most interface
directly with supply chains such as Sysco to enable supply chain
management in areas such as ordering, invoicing and costing. Other
upgrades include modules for catering and retail merchandising.
A
brand called Compeat is evolving restaurant accounting systems by
eliminating middleware systems. Their system, which includes middleware
and accounting capabilities, can be integrated directly with POS
systems.
Restaurant Accounting Software: Hiring a Professional
Even
with a fully-integrated accounting system in place, a restaurant should
always consult a restaurant financial consultant to help analyze its
numbers. Data is useless if it can not be interpreted.
Your
consultant must be familiar with the particular financial software,
middleware system and POS system that your restaurant uses in order to
provide basic training and support should any bookkeeping or software
problems arise.
A financial consultant can also offer advice
about which records a restaurant should keep and how to maintain them,
assist with income statements and cost segregation analysis and provide
tax advice and finance management tips. A financial consultant that
specializes within the restaurant industry can tailor their services to
a restaurant�s needs according to segment and size.
Let your
restaurant accounting system quantify the results of your labor while
you stick to what you know best � providing quality food and service.
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