Accounting Software For Restaurant & Fast Food Business – See Why QuickBooks Is The Best Software For Managing Small Bar, Big Restaurant & Fast Food Business!
I recently had a conversation with a client who was expanding his business and wanted to know if QuickBooks can accommodate his new restaurant business without a hitch. As we began to chat on phone in the early hours of today, he pointed out key areas of the business he wouldn’t want to be left out. He said,
- I want to be able to send invoice from QuickBooks to my corporate customers.
- I’d like to track all inventory purchases such as food items – down to the unit of measures For instance, if I buy a bag of rice, I don’t want to write it off as a one-off expense but monitor the usage in Kgs and know what my inventory balances are on a real time.
- I also want to see how much I have spent on the business and compare that with the prior month or prior year’s expenses.
- I want to incorporate my bank transactions too, so that the system can help me reconcile the differences.
- I have over 50 + customers whom I supply food in packs every day – I really want to know how much I make in sales, those who paid me and those customers that are owning me so I can track and recover my money. This is because I sometimes forgot that some customers are yet to pay which is a bad one for my business.
- I don’t even know what my actual profit or loss level is right now as all daily transactions are documented in a paper and I think my food business has outgrown that level.
Then, he concluded by asking, “Can QuickBooks do all these?”
If I want to quickly respond without explaining the process, I would probably say “YES”, but I will still leave him in the dark because he wants to know more. I had to take my time to address each of the challenges he expressed, and then explain the different features of Quickbooks that make all the requests possible and seamless. Lest I forget, the version I recommended for this line of business was QuickBooks Premier because of its’ numerous unit of measures; as my client was interested in tracking all foods stuff, actual quantity purchases, usages and balances on hand to monitor questionable activities among his staff.
QuickBooks is very flexible and can adapt to any kind of business if you understand all the features as a consultant. The “invoice and sales” window lets you record credit and cash sales while “purchases order, receive inventory, and pay bill” are workflows that track the processes involved in refilling your store with food supplies up till the final payment on actual goods received.
I am sure that how I customised the software, to track food sold in packs to individuals or corporate customers, is of great concern and interest to you! With QuickBooks assembly under the “inventory section”, I showed my client how to add new stock whenever they have fresh food in the store.
You need to track expenses incurred such as payment of service providers’ bills and other relevant payables, before you can accurately view all cumulative business expenses, QuickBooks has a “write a cheque and enter bill” feature designed to help you enter details of transactions, including amount, date and descriptions.
The ‘banking window’ mimics your actual bank transactions as it also monitors cheque issued, deposit, transfers, charges with a ‘reconcile window’ available for end of the month reconciliations.
For management report, you can explore the company’s snapshot – a very interactive reporting feature that tells you how your business is doing in less than ten (10) minutes. It shows all account heads and their balances, customers who owe you, top selling products, income & expense trend and expenses breakdown for quick decision making.
While these are some of the features available for food and restaurant business owners, I also understand that there might be peculiar challenges in your food business that you might be interested in addressing. Why not send a mail to firstname.lastname@example.org or call 08105090001 so that we can help improve your accounting system.