From managing multi-currency premises to consolidating group reports, the right restaurant accounting software can make all the difference. Especially if you choose a system that takes advantage of the latest technology.
In this article, we will discuss some of the features to look out for in restaurant accounting software, helping financial controllers keep the numbers on track and the business growing.
Feature 1: User-friendly Interface
Up front and centre is a user-friendly interface which ensures ease of use for staff in the hospitality industry. The accounting software dashboard can make a significant difference when it comes to onboarding too, reducing training times and empowering staff to work quicker.
A friendly interface is also a bonus for finance leaders, as it offers centralised management and innovative automation.
Feature 2: Integration and APIs
The software should offer advanced integration capabilities with point of sale (POS) and stock management apps, so you can collect accurate and timely data.
Our software integrates with providers like MarketMan, an inventory management system that makes it easier for hospitality businesses to manage purchase orders, menu pricing and profitability. Integrations such as these make life easier for both financial controllers and restaurant managers, reducing the need for multiple systems.
Feature 3: Scalability Support
Scalability should be a key concern when looking for new accounting software. When looking for restaurant accounting software, take care to find a provider with an open API and the scope to create bespoke integrations in the future, so the system can grow as your restaurant franchise or chain continues to scale.
For multi-premises businesses, the software needs to be versatile enough to meet the needs of both start-ups and rapidly growing enterprises, supporting new outlets from the moment they're signed up.
To ensure the software is prepped for scalability, look for features such as:
- Versatility to suit single outlets, chains or groups from within one accounting system.
- Quick onboarding, so new premises can be quickly integrated into the system.
- Advanced financial reporting, so CFOs can access shared data to drive mutual revenue growth.
Feature 4: One-click Consolidation
For franchises or restaurants with multiple premises, restaurant accounting software should be able to consolidate at speed and as often as needed.
AccountsIQ's cloud-based software offers a solution to group accountants frustrated by archaic and manual processes. It's just one click to consolidate all key data, for better visibility.
There's no need for Group Finance Directors to wait until multiple consolidation spreadsheets are reconciled, instead, accounting and business intelligence can be combined into regular consolidation.
This gives CFOs or Financial Controllers access to accurate and up-to-date information about the financial impact of the activity occurring at each restaurant in the chain, informing better (and faster) decision-making and forecasting.
Feature 5: Multi-currency Capabilities
To ensure the software gives your business real room to grow, look for a system that offers multi-currency transactions and supports global entities.
Subsidiaries should be able to operate in their base currency and results should be translated into the base currency of the consolidation entity, based on stored exchange rates for each reporting period. P&L accounts should be correctly translated using average period rates and balance sheet accounts at period-end rates.
At month end, losses should be automatically posted and the base currency value of assets and liabilities should be adjusted before consolidation.
Power Your Hospitality Business With Restaurant Accounting Software
The right accounting solution can drive efficiency and profitability, scaling with your business as it grows and protecting your bottom line. User-friendly interface, integrations, advanced consolidation and multi-currency capabilities will support everyone from restaurant floor staff to financial controllers and C-suites.
To find out how our cloud-based accounting solution has supported the growth of clients in the restaurant industry, read our case study about Irish Franchise of the Year 2022, Camille Thai.
