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. 

Which POS System is Best – iPad POS vs. Android POS

The debate of Android vs. iOS has always been on the rise but there is still no undisputed winner. Each POS system has its plus points and minus points and there are chances you may always have your own choice. If you are here, you may want to ensure that you are going to make the right choice for your business. Without going any further, let’s compare both of these platforms – 

iPad POS 

There are some benefits for merchants with using iOS for POS system – 

  • Greater support – Apple is the most preferred software/hardware option for some top cloud POS systems, such as Shopify, ShopKeep, Revel, and Lightspeed. They all support only iOS devices like iPad. You should have an iOS device to run these widely used POS systems. 
  • Better security – Security is very important for running a business. A huge amount of sensitive information is transferred to the cloud. Of course Cloud POS is secure because it encrypts important data.  Google has its own security measures but there is a matter of trust when it comes to Apple. Since Apple has its own ecosystem, you can rest assured with timely security updates. Apple rolls out security patches automatically and constantly in all Apple devices. 

But in the case of Android, things are also up to service carriers and device manufacturers to issue updates. Hence, major updates may take several months to roll out on all devices. In addition, you may want to buy a new Android device once it gets 1 to 2 years old, so you can keep getting major security updates. In addition, privacy controls and device permissions are more secure in Apple as compared to Android. 

Android POS 

  • Android also offers quality POS systems – Of course Apple devices lead in terms of popularity. Android also offers a great POS. Some of the best brands offering Android POS are Vend, Square, ERPLY and Toast POS.  
  • Cost effective – Android tablet is known to be very affordable as compared to iPad. So, the initial cost is very low to get started with POS, especially if you have plenty of registers. If you are engaged in the food service industry, where wait staff use tablets to receive orders, you will have to fix or replace some of the broken devices. In this case, using Android POS could save hundreds of dollars for each device. There is also lower risk of theft as Android devices are less desirable and have lower resale value. 
  • Android offers more options – Generally, Android has more options than Apple. You can have more hardware varieties and form factors to choose. Along with different device options, Android’s architecture also offers more customization. 

Key Features of Convenience Store POS Software to Look For

The POS software for convenience stores allows you to manage your operations with different features like inventory management, payment and reporting. A POS system should have features for age verification, when it comes to sell products like tobacco, alcohol and lottery tickets. If you are running a gas station with a convenience store, you should have solutions with features like pay-at-pump and pump control. 

You may need a POS solution with pump control operations, fuel management, and auto pricing adjustment with fluctuation of gas prices. Customers can pay at the pump with credit or debit cards using a card reader or they can also pay in your convenience store. Customers can get receipts directly at the pump with a POS system having a receipt printer. 

You can control the whole operations of your fuel pump from your convenience store. The pump turns off automatically at its predefined limit if customers opt to pay in advance for a specific amount of gas. The pump can be turned off on the go in an emergency. 

Payment Processing 

Customers can choose any method like EBT, credit card or gift cards to make payments thanks to the POS system for convenience stores. It can be integrated to EMV card readers to control the risk of fraud. EMV transactions are enabled for newer POS systems. Consider the hardware requirements before picking any specific solution. 

Inventory Management 

POS software updates inventory counts automatically whenever any sales happen. The system will send you the updates when inventory goes down. The system can create purchase orders automatically when levels of inventory go down to a specific threshold. Some vendors also offer label printers and barcode scanners to help businesses in tracking price information and inventory.

Employee Management 

The POS system is also helpful for staff management. With its time tracking feature, staff can easily clock in and clock out. It ensures they don’t skip shifts and get to work on time. The system also allows businesses to keep track of the performance of staff and compare sales reports with actual amounts of money in the cash register to avoid theft. You can set user permissions so no one can void items, including store managers. 

Customer Management 

This feature helps your store to ensure the right age of customers before offering any product which is restricted like lottery tickets, tobacco or alcohol. The software requires a date of birth and ID to keep minors from purchasing those products. POS software can ensure that the store is complying with state laws for selling restricted items. It automatically cancels the sale of restricted products by date or time of the week as per the regulations. It is also integrated with loyalty programs to keep customers coming again and again. You can customize these programs to provide discounts or free items on products with a given number of purchases.