Tips to Make the Most of Restaurant Accounting

Restaurant accounting is considered to be very important to ensure the success of your business but most people overlook it as it is not easy to track all the numbers. But you don’t have to be scared of restaurant accounting. There are different ways to make the process smooth and easier. Even a simple premise has a lot of responsibilities that you may not know. 

Choosing an ideal POS system 

It is one of the most overlooked but important steps. A lot of restaurant managers don’t consider the front-end POS system as important for back-end accounting operations. You can track the cost of workforce, inventory, modes of payment, and lots of aspects by connecting the POS system with restaurant accounting. These systems can work together to make your life easier. 

Pay attention to sales 

A lot of restaurant sales rely on credit card transactions. You need to close the transactions all day with credit card terminals. Credit card provider starts transferring funds to your account whenever any transaction occurs. Your bookkeeping should record this activity of daily deposits and cash outs. Some restaurants end up waiting for the end of the week to record all the transactions in lump sum. But you cannot ensure accuracy with this process. Recording daily sales is very vital as it can change other aspects like payroll and inventory. You need to record all the sales regularly so reporting can be easier. 

Get a hold on the expenses 

Different restaurants have different costs of running a business. It is always wise to keep a hold on those expenses to ensure profitability. According to the arrangements you make and the amount of money you pay to the vendors, you may get bills every week or months. You should record and pay bills weekly and gain some experience. You may learn that you need to record expenses every 2 weeks but sales every day. It is completely up to your bills. No matter what, your bills shouldn’t go up. 

Hire accountant 

It is also a nice idea to hire an accountant who is experienced enough to help your business with finances. If you can’t control things in bookkeeping, it is always better to have an accountant by your side. Even though you know bookkeeping well, there is nothing wrong in hiring a professional accountant to help you in the process. 

Whether you have been into restaurant business for years or starting out, it is always recommended to hire an accountant to keep everything on track. It helps you to ensure that you comply with all state, federal, payroll and local tax laws and you are running a profitable business. You can find someone who knows local laws very well and has years of experience in accounting for restaurant business. 

What are the Latest Restaurant POS Technology trends in 2020?

Restaurant POS technology has been evolving in different domains of the restaurant industry, such as innovative tech on food and turning customer experience and making the flow of operations smoother. Here are some of the next technology trends in restaurant industry – 

Using handheld devices for ordering 

Tablet POS has literally made its presence in the restaurant industry for a long time. Every restaurant doesn’t understand the change completely while serving lots of customers and taking orders. Some of the technology trends come up as the end of traditional ordering. You can record the customer behavior by taking orders online. In addition, you can take orders from the POS system quickly. For each order, you can ensure faster delivery. In addition, a lot of errors are common with traditional methods. 

Self-ordering kiosks 

There are many leading restaurant chains making their way with this technology. Self-ordering kiosks are not that popular. But their digital systems and small size help customers to place orders without any involvement of staff.  The time for taking orders in these restaurants has been reduced. You need a system which is versatile enough for customer retention. It goes without saying that long queues are the major turn-offs for customers. Due to enhanced service and lower wait time, you can make more sales.  

Chatbots 

Sometimes, using the official digital platforms of restaurants to order food may not have the satisfaction and quality of connecting with real servers. So, there is a need for a more personalized and efficient way in the restaurant industry for customers. You had to implement this system in various platforms that served as online portals. But the fame of innovative chatbots can be increasing this year. 

Voice Assistant

Restaurant industry should now adopt more advanced and developed technologies which are beyond virtual assistants. A lot of leading chains have voice-activated options for ordering in a quick and seamless way. In-app assistants and virtual voice assistants like Alexa and Google Assistant are helpful to navigate through various menus. This technology has seen great growth trends in restaurants. 

Tabletop Ordering 

Your customers can easily scroll through the whole menu and choose items to order with few clicks. There is no need to place physical orders to the servers and go to the restaurant. You can place orders digitally to the restaurant before actually going there. This feature is really very cost effective and it can easily be integrated to your POS system.  

Bottom Line

Food industry is really going to modern technologies. From enabling digital processes in the kitchen to getting access to daily operations in the restaurant, there are endless possibilities. You might have a traditional cash register or cash drawer which can affect your ability. So, it’s the right time to adopt the latest technology to improve profitability. 

Importance of Table Management System for POS System

Delayed orders, annoyed customers, messed up kitchens and confused staff are some of the consequences of not having a modern and well-organized POS system. A restaurant POS system adds a lot of benefits with its modules like reporting, inventory management and table management system. In this guide, we will focus on the table management system. 

What is a table management system?

It is one of the modules of the POS system but it can also be bought separately from vendors. The software presents the layout design. Customization features are also available in which floor plan is much similar to the design of a restaurant. But others may come with a generic plan and provide an easy service. Users can take orders, check tables, and monitor seating time with it. Users can easily check table sizes on display. In addition, this system also sorts tables by categories like available tables, online reservations and the ones which should be cleaned. 

How does the table management system work?

Table management system is very easy to use. Staff members need a bit of training to use this system fully. The usage guidelines vary as per the vendor but they usually come with the same structure. It requires restaurant managers to add the design of the restaurant to work with it. A detailed floor plan should be created with all the walls, seats and tables, stores and sections.  This system is helpful for the restaurants to figure out the most attractive tables for the customers and which tables are turning slowly.

In addition, the software improves table-turning to improve revenue and place people where they should be. For example, it doesn’t seat a couple on a 4-seater table. It keeps big tables reserved for groups.  Users can check floor plans in portrait and landscape modes. You can also add a 3D floor plan if you have one. You can assign staff members properly or lock waitstaff to a specific floor, table or section. You can also lead guests from table to table or reduce/increase seat numbers. 

Do you really need Table Management Software?

It has been designed with great attention to detail. The developers have added all the great features to deliver a lot of benefits of table management – 

Customers no longer need to wait for a seat as they can get orders quickly. Customers may want to leave and go to another restaurant, especially if they are hungry and they don’t have time to wait. So, it could be costly for you to make them wait to hear their names. When staff members rush and yell names among an annoyed and hungry crowd, it seems unprofessional. Luckily, technology has evolved and restaurants can now use texts or other devices to inform them regarding the status of their orders. Users can easily see the waiting tables with table management.