Top QuickBooks Tips for Restaurants
The service side of running a restaurant, from food prep to customer service, is often more easily acknowledged. However, back office processes deserve just as much attention. While dining experiences are being delivered to customers, business owners are behind the scenes busy purchasing, paying the bills and managing payroll. Its these types of back office operations that are essential aspects of growing and running a successful business.
When it comes to managing a food and restaurant business, many restaurateurs rely on QuickBooks. QuickBooks offers easy to use software that performs a number of accounting services including scanning receipts, paying employees and syncing data across devices to name a few. Here are some helpful tips that demonstrate how customizing this popular accounting software can work to your advantage:
Closely Monitor Inventory
QuickBooks makes the tedious process of tracking restaurant inventory less daunting. Not using the entirety of one item, such as a bottle of wine, in one sale? No problem. If you are selling that wine by the glass, you can enable tracking by “Unit of Measure” under that particular inventory item.
Track Daily Sales
The restaurant accounting process involves tracking total sales for each server, each day. Make this process faster using the “Memorized Sales Receipts” function for frequent transactions. With it, you can skip entering the same basic information for each server; all you need to do is fill in the changing dollar amounts each day.
Manage Distribution of Tips
Want to apply your employee tips manually when payroll time arrives? QuickBooks makes this possible too. When you select “Allocated Tips” under the “Tips” category in your “Compensation” menu, you can use the expense account on file to manually enter tip payments for each employee, or select a default rate.
Make Sound Financial Decisions
QuickBooks can help you evaluate which areas of your business are most profitable, as well as determine when to expect peaks and lulls in cash flow. To help make your financial decisions more apparent, use QuickBooks to separate your revenue by category. For example, organize revenue categories by catering, food, and beverage, and even create separate expense accounts under each revenue stream.
Combine software capabilities to operate your business more efficiently. Used together, Revel’s point of sale system and QuickBooks complement the overall intelligent reporting suite. With Revel’s QuickBooks integration, users can automatically pull data from their POS and export it into QuickBooks, saving their business countless hours and money each month.