Accounting Software for Restaurants: Which One to Choose?

As a restaurant owner, every penny matters. Keeping a close eye on your finances is key to success.

The right accounting software can make all the difference. It gives you a clear view of your restaurant’s performance. It helps you make smart choices and follow the rules. The problem is, how do you pick among so many options¹.

This guide will be looking at the best accounting software for restaurants. We’ll cover everything from detailed platforms to easy-to-use options. Whether you have a small country bistro or a franchise, we’ll give you the info to choose wisely. This will help take your restaurant’s finances to the next level¹.

Key Takeaways

• Accounting software can provide valuable data-driven insights to help you make informed decisions for your restaurant business.
• A team of experts with many years of experience made review and rating for over 250+ small-business products.
• Prepared by the team of experts list of top restaurant accounting software products cover over 75 categories of the best business software selections¹.
• These solutions have prices that range from $30/month to $635/month with depending on features vary greatly and scales with your restaurant¹².
• The accounting software is good for restaurant businesses to manage their expenses effectively, have a clear view of their financials, and make decisions based on insights that drive growth.

What is Restaurant Accounting Software?

Restaurant accounting software is a digital tool created in order to ease the managing of your restaurant’s finances³. It tracks income, expenses, purchases, and inventory in the cloud. This software keeps a tab on the income, expenses, purchases, and inventory in the cloud—making it easy to be updated with your bookkeeping and financial reports⁴.

It’s definitely not the paper methods of the old school. This all-in-one solution has special food-industry-driven features built in. You are able to integrate your POS system, send invoices out automatically, track expenses, and get granular financial insight.

With this software, bookkeeping and finance management can be easier. This software allows more time to be spent dealing with the other essential parts of your business. The right software can make understanding your money easier if you operate one place or many. It can help lead to more intelligent decisions and bigger profits.

Good restaurant accounting software will offer better insight into finances and make matters run smoother. With a good tool, one can be sure to manage the money appropriately for the restaurant. This leads a business up to success.

Best Accounting Software for Restaurants

Managing restaurant finances is the most challenging thing to execute; proper hospitality accounting software will help in numerous ways. Xero, QuickBooks, Sage, Freshbooks are the top choices for restaurant managers as they offer features that best fit the unique needs of the restaurant business.

Xero

It is known to have tons of features and also integrates very easily. This pricing ranges from £14.00 per month for smaller-sized restaurants to £49.00 per month for large ones5. It, again, is very flexible, working with over 1,000 apps and software.

QuickBooks

QuickBooks is excellent for bigger restaurants, where prices run between £10.00 – £70.00 a month, the most common plan being an ‘Essentials’ at £24.00 a month5. Premium customers, in this regard, have 24/7 support.

Sage

What is great about Sage is that it best fits the complex need of restaurant operations. Prices from £14.00 to £36.00 per month include the cheap “Start” plan at only £14.00 per month for the basic. Sage Plus includes multi-currency banking that will do great for restaurants having operations worldwide⁵.

Freshbooks

It has a friendly system that won’t kill your wallet—ranging from £6.00 to £17.50 monthly. Though there is no live chat support, it still has email and telephone support lines.

There are various different strengths and weaknesses of every software. Restaurants need only to consider their needs and budget. Choosing the correct software can work wonders with the ability to manage the finances comfortably, make the system more efficient, and provide valuable insights that spell success.

Xero: Best for Extensive Features and Integrations

Xero is online software for accounting. It’s acknowledged for having multiple features and integrations. It has over 1,000 apps and software connected to your restaurant’s operations. It has a user-friendly interface and automatically updates. It’s perfect for restaurants.

Xero offers tools for invoicing, tracking expenses, reconciling bank accounts, processing payroll, and much more. Manage employee spend with control to tweak budgets. Xero becomes a complete restaurant solution with a system like Growyze for inventory.

Xero integrates easily with any other system, earning top marks in the restaurant accounting field⁸. It scored 5-star ratings in managing bills, accountant tools, invoicing, reporting, and point-of-sale. Truly, it puts Xero to the topmost list of software restaurants would want to adapt to optimize their financial management systems and have keener knowledge on the operations8

Xero is one of the most favored tools for restaurants that require a detailed, user-friendly accounting solution. Cloud-based and easily updated, it ensures that restaurants are always able to apply new tools toward the way they manage their finances.

“Xero has been a game-changer for our restaurant. The seamless integration with our POS system for restaurants and other hospitality software has made managing our finances a breeze. We now have real-time visibility into our cash flow and can make informed decisions to drive growth.” – owner of a dining restaurant in New Orlean.

QuickBooks: Robust Solution for Larger Restaurants

QuickBooks continues to be the choice for restaurant accounting, along with most of the bigger restaurants and establishments. It is a relatively known platform with huge features that the restaurant industry recognizes as relevant. With those purposes in mind, it is also a very reasonable choice for managing the variety things in a restaurant.

Because it is able to automatically sync with most of the popular POS systems, QuickBooks makes it easy to track cash flow, finance reports, and even make invoices. It helps in keeping your records correct because the software will save the time it takes to check and counter-check, therefore, reducing errors.

QuickBooks becomes a very useful tool for expanding restaurants, for it easily grows with your restaurant. It has advanced features for big operations and ease of integration, with features that owners can customize to their specific needs, such as tips and tracking sales tax.

Although QuickBooks can be a little pricier than other similar software on the market, it surely pays off for larger restaurants. QuickBooks does most of the accounting work for a business by automating it, thereby reducing mistakes, and provides real-time financial data. Such information can be quite useful for owners and managers so that it helps them make better decisions and work more efficiently.

QuickBooks is a very good option for large restaurants, and there are many features in it meant for the industry. Capability of growing and integration with other systems are smart features that customize to the use by the industry. It enables streamlining of finances and supports data-driven decisions.

Sage: Comprehensive Platform for Complex Operations

Sage’s accounting software for businesses, like restaurants, is one of the competitors’ choice. It includes most of the features like Managing money, Tracking order, and Handling cash. Therefore, it is excellent for large, complex restaurants. However more challenging to learn for those who are beginners to accounting.

The first big plus with Sage is that it is cloud-based. This means that you are able to access your information from anywhere, something which is quite appealing to mobile managers. In addition, it is a perfect fit for medium-sized businesses, more than Xero by far.

There have been some users who said that the inventory management system in Sage was cumbersome. The solution to this is to be able to install growyze for the restaurant. Growyze supports stock, order, and ordering supplies in a manner that eases the process.

Sage Intacct—part of Sage—is a company that makes customers very happy. According to users, they are working 25% to 50% faster and up to 50% more efficiently. They can now close their books in half the time.

Sage is great for big restaurants as it’s feature-rich. However, it could be complex for those new to accounting. Integrating growyze with Sage will enhance inventory management for restaurants and thus operations will be much smoother.

“Sage Intacct has the highest customer satisfaction score for multiple accounting categories on G2.”¹³

Freshbooks: Affordable and User-Friendly Option

FreshBooks is rated as restaurant accounting software that is user-friendly and not expensive in terms of the budget. Recommended in small and medium-sized restaurants, it has a rating of 4,400 by GetApp reviews, thus being reliable. Also, 16 hours a month can be saved with it.

FreshBooks excels in many restaurant POS integrations. It means that your sales will successfully match up with your accounting. Get paid for big events and orders more quickly. Plus, try it free without a credit card for 30 days.

While it may not be as feature-rich as some of the other software on this list, the straightforward interface and transparent pricing will make this software a winning option in the simplistic but highly-effective accounting software category for most restaurant owners. Users also commented that they liked the customer support and it also connects to a large number of apps to help manage other parts of the business.

Freshbooks also has other elaborate accounting tools, such as Cost of Goods Sold and General Ledger. These features ensure your data is precise and reliable. It’s a solid choice for restaurants of any size¹⁵.

In summary, Freshbooks is a budget-priced, user-friendly accounting software tailor-made for use in restaurants. It is cloud-based, works well with POS systems, and has excellent support, making it a nice pick for restaurant owners to handle the books better.

Factors to Consider When Choosing accounting software for restaurants

While choosing the accounting software to use for your restaurant, consider exactly what you need to make your business run smooth. The point is to secure software solutions that easily harmonize with the point-of-sale and all other tools, so one can ensure that data is flowing soundly through the system, making it easier to manage one’s restaurant. It should also ensure proper tracking of finances with robust reporting and analytics to gain meaningful insights for smarter decision-making.

For restaurant accounting software, having good inventory and recipe costing tools is a must. They help you keep an eye on your stock and costs¹⁷. Features for payroll for restaurants and HR can also be a big help, making tasks like managing your team easier¹⁷.

Consider as well how easy it is to use and learn for your team, when you look at the software. An interface that is simple has better adoption rates and is hence more effective. In addition, make sure that the price fits comfortably within your budget and is a good investment for the restaurant.

Other things to consider are the security of the data with two-factor authentication and compliance. Support services, for instance. And, make sure your team can handle the complexity of the software.

Other things to consider are the security of the data with two-factor authentication and compliance. Support services, for instance. And, make sure your team can handle the complexity of the software¹⁷¹⁶¹⁸.

“Choosing the right accounting software is crucial for the success of any restaurant. It’s not just about the features, but also the integration, security, and user-friendliness that can make or break your financial management.” – Victory G., Restaurant Owner

Conclusion

One of the prime aspects in running a restaurant is the proper selection of accounting software. It helps one to keep a tag on your finances and helps one in making wise decisions towards running a more profitable business¹⁹.

Accounting software like Xero, QuickBooks, Sage, or Freshbooks offer varying functionality designed to help you run your finance operations more effectively19. The proper one depends on which one integrates well with your systems, which has great reporting, which is really fit for inventory management, and which is the easiest to use.

The right accounting system, therefore, will play a major role in arming you for what you will need to handle the challenges that the restaurant industry throws up in clarity of the view of your finances coupled with support for long-term success.

Perfect accounting software is what you need if it’s a small eatery to a big chain of restaurants to manage the financials and to let your business grow. The best software for you will help you manage your finances better, take wiser decisions, enhance your profitability, and cope with the competitive world of restaurants.

Source Links

1. Best Accounting Software for Restaurants – https://www.nerdwallet.com/best/small-business/accounting-software-restaurants
2. Best Accounting Software for Restaurants of 2024 – https://www.investopedia.com/best-accounting-software-for-restaurants-5072023
3. Accounting Software for Restaurants | QuickBooks – https://quickbooks.intuit.com/industry/restaurants/
4. 7 Benefits of Restaurant-Specific Accounting Software – R365 – https://www.restaurant365.com/blog/7-benefits-of-restaurant-specific-accounting-software/
5. Guide to the best accounting software for restaurants – https://www.growyze.com/guides/a-guide-to-the-best-accounting-software-for-restaurants
6. Top 5 Restaurant Accounting Software in 2024 (Tried & Tested) | UpMenu – https://www.upmenu.com/blog/restaurant-accounting-software/
7. How to Use Xero for Restaurants: Here’s Everything You Need to Know – https://www.growyze.com/guides/how-to-use-xero-for-restaurants-heres-everything-you-need-to-know
8. Hospitality Apps – Restaurant Management Software that Integrates with Xero – https://apps.xero.com/us/industry/hospitality
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11. How Miami Restaurant can Use QuickBooks to Automate Accounting – https://www.nsktglobal.com/usa/blog/how-miami-restaurant-can-use-quickbooks-to-automate-accounting
12. How to Use Sage for Restaurants: Everything You Need to Know – https://www.growyze.com/guides/how-to-use-sage-for-restaurants-everything-you-need-to-know
13. PDF – https://www.derosamangold.com/wp-content/uploads/sage-intacct-cloud-financial-accounting-software-restaurants-datasheet.pdf
14. The Best Restaurant Accounting Software | FreshBooks – https://www.freshbooks.com/accounting-software/for-restaurant
15. The Best Retail Accounting Software | FreshBooks – https://www.freshbooks.com/accounting-software/for-retail
16. How to Choose the Best Software for Restaurant Accounting – https://decisionlogic.co/software-for-restaurant-accounting/
17. Factors to Consider When Choosing a Restaurant Accounting System – Lavu – https://lavu.com/factors-to-consider-when-choosing-a-restaurant-accounting-system/
18. Best Accounting Software for Restaurants: Expert Insights – https://www.linkedin.com/pulse/best-accounting-software-restaurants-expert-insights-m-a-mamun-xugmc
19. Restaurant Accounting: A Step by Step Guide – https://www.freshbooks.com/hub/accounting/accounting-restaurants
20. The Benefits of Utilizing Accounting Software in Restaurants – https://hubworks.com/blog/the-benefits-of-utilizing-accounting-software-in-restaurants.html