8 Best Accounting Software for Restaurants

It takes careful money management to run a successful restaurant, and using the appropriate accounting software may make all the difference. Restaurant owners and managers can handle invoices, track income and costs, evaluate financial data, and promote company growth with the correct software. 

We’ve compiled 8 of the most well-liked software solutions on the market right now to help you select the finest accounting software for the requirements of your restaurant. 

These software alternatives provide a wide range of capabilities to help your restaurant function efficiently, from cloud-based solutions to tools built specifically for the restaurant industry. With the greatest accounting software for restaurants, be ready to advance your accounting procedures.

Advantages of Restaurant Accounting Software

Accounting software is vital for restaurants for a variety of reasons. Here are a few advantages.

Observe your finances

Accurate financial records are the most important benefit of using accounting software. Accounting software can make it simpler to provide accurate financial reports. Making better judgments on how to distribute resources and how to increase profitability may then be done using this knowledge.

Control Inventory

Inventory management is another factor in using accounting software for restaurants. Not only can this information be used to keep track of what needs to be bought, but it can also be utilized to spot trends in client ordering habits, which can help with forecasting and stock management. It’s essential to have current knowledge of inventory levels in a fast-paced business like food service in order to avoid expensive shortages or surpluses.

Track Performance

Accounting software that can give you customized data on your company’s success is essential because every firm is unique. This enables you to closely monitor the performance of your business and see any areas where enhancements could be possible. Having access to this knowledge may speed up your decision-making and help you maintain the smooth operation of your company.

Uphold Compliance

Using accounting software for restaurants has the advantage of preserving compliance with regional laws. Restaurant operators may use this kind of software to keep tabs on their money and make sure they are abiding by local rules and regulations as well. 

Restaurants can avoid exorbitant fines and penalties by monitoring financial data and adhering to rules. This is a crucial factor to take into account for any business, but restaurants that must adhere to several rules should pay particular attention. In the long term, maintaining compliance may save you time, money, and headaches.

Enhance Cash Flow

Restaurants may also significantly benefit from accounting software by improving their cash flow. You may make better judgments about how to manage money to maximize your cash flow by closely monitoring your expenditures and revenues. A better bottom line for your restaurant business may result from this greater financial management.

Produce Reports

Report generation for restaurants that employ accounting software is frequently significantly simpler. This is possible because the program can easily and rapidly generate thorough reports and maintain track of all financial activities. 

For restaurant owners, this may be quite advantageous since it allows them to see their finances clearly and make better business decisions.

Operationalize Financial Activities

Accounting software may assist in streamlining procedures like payroll administration and invoicing by automating menial activities. Accountants may have more time to devote to things that call for their expertise and are more strategic as a result.

Options for Best Restaurant Accounting Software

Here is a list of the top 8 restaurant accounting programs.

1. QuickBooks Online

Source: QuickBooks

QuickBooks Online is an ideal accounting software solution for restaurant owners. This cloud-based software helps owners track income and expenses, create invoices, manage cash flow, and more with ease. 

One of the advantages of using QuickBooks is that it supports multiple currencies, a very handy feature for restaurant owners dealing with international customers. Furthermore, users enjoy a thirty-day free trial of all available features to ensure they are comfortable managing their accounts before committing. 

The data you enter into the system is securely backed up on the cloud and can be easily exported to your favorite spreadsheet app like Excel. 

With custom invoices, payment reminders, bank-level security protections in place, and simple data matching, QuickBooks Online makes accounting for restaurants easier than ever before.

Pricing: Start at $8.50 per month.

Notable Features

  • Invoice and expense monitoring
  • Bank feeds
  • Cloud accounting
  • Project profitability
  • GST and VAT tracking
  • Mobile accounting App
  • Data migration
  • Customizable Templates
  • Electronic Payments

Summary

QuickBooks Online accounting software saves vital time and effort with a variety of features, including automated tax filing and receipt management. With this user-friendly software, processing payroll is made simpler. 

While Intuit’s SSL security provides the highest levels of security for all transactions, credit card management gives you more control over your payments. 

It has a vendor management feature that helps track your vendors, and you can also take advantage of configurable APIs for deeper system integration.

Watch out for: It was not specifically built for restaurant settings, so it may need some getting used to or integration with other restaurant-specific tools.

2. Xero

Source: Xero

Xero accounting software for restaurants provides a range of features that can be advantageous for restaurant owners. These features offer simple bank reconciliation to automatically track payments and receipts, manage invoices, bills, and expenses, as well as track inventory. 

What’s more, Xero integrates with over 1,000 third-party apps, such as Stripe, PayPal, Capsule, and HubSpot. This integration makes it easier to manage online payment processing and financial flow tracking. Xero also provides quick access to useful financial reports while providing profiled users with secure online file storage. 

With these robust features in one package, Xero is worth consideration for restaurant owners looking to simplify their business’s accounting process.

Pricing: Starts at $25 per month with a 30-day free trial.

Notable Features

  • ACH Payment Processing
  • Financial Analysis
  • Fraud Detection
  • Cost Tracking
  • Third-Party Integrations
  • Purchase Order Management
  • Activity Dashboard
  • Tax Calculation
  • Mobile Access

Summary

Xero accounting software automates data capture with Hubdoc to eliminate manual entry and streamline processes to save time and effort. The advantages of using Xero for your restaurant bookkeeping include: creating and sending purchase orders online, access to instant currency conversions, 24/7 online support, and safe and secure record keeping. 

Additionally, Xero’s expense management tools help you keep track of costs and profitability with projects, you can also keep your employee pay records online, allowing you to process pay runs easily and reconcile salary and wage payments quickly. 

With all these solutions available, using Xero for your restaurant bookkeeping needs may be one of the smartest decisions you can make!

Watch out for: Several users complained about the inventory management feature being too basic and about delays in customer service.

3. Restaurants 365

Source: Restaurants365

Restaurants 365 (R365) is a comprehensive accounting software solution specifically designed for restaurant owners and small businesses. It offers an array of features that not only streamline bookkeeping but also help owners make insights-driven decisions on how to better manage their business operations, including multi-unit restaurants. 

With Restaurants365, restaurants can easily track all fixed asset categories, from seats to kitchen gadgets, to calculate depreciation while integrating with Paycom to eliminate manual data entry. Additionally, vendors can submit invoices through R365, and this software can assess the invoices for errors. 

It also allows the building of custom recipes based on the menu specifying the amount of each ingredient to be used per dish. This allows users to track actual usage versus theoretical usage in order to spot waste or errors in real-time making the process more efficient with lesser hassle.

Pricing: $435 per month

Notable Features

  • Inventory Management
  • Reporting & Statistics
  • Activity Dashboard
  • Multi-Location
  • Order Management
  • Alerts/Notifications
  • Reporting/Analytics
  • Third-Party Integrations
  • Fixed Asset Management
  • Order Management

Summary

Restaurant 365 is the perfect tool for restaurant owners searching for a comprehensive accounting solution tailored to the restaurant industry. The software is loaded with features like audit trail, shopping lists, customized P & L statements, and data export/import capabilities. 

It can accurately track inventory levels, provide detailed financial reports, and generate alerts for specific activities. Through the intuitive design of R365, managing job postings, interviewing candidates, and tracking reviews become incredibly simple.

Watch out for: There are several complaints about customer service from users.

4. Marginedge

Source: Marginedge

MarginEdge accounting software for restaurants offers a range of features that can make the lives of restaurant owners easier. This all-in-one solution incorporates invoice processing, inventory management, recipe and menu cost analysis, sales reports, vendor setup auto-populate data, and an online ordering feature from any vendor. 

As part of its features, it enables installment payments and the tracking of these payments. Marginedge continuously sends sales, invoice, bill pay, and inventory data to keep your financial information up-to-date and accurate within your accounting system on a daily basis – so you can rest assured that your financials are reliable. 

The comprehensive suite of features combined with the automated processes make MarginEdge the ideal choice for restaurant owners who want to gain control over their accounts with ease.

Pricing: $300 flat rate per month

Notable Feature

  • Inventory Management
  • Reporting & Statistics
  • Multi-Location
  • Order Management
  • Point of Sale (POS)
  • Reporting/Analytics
  • Third-Party Integrations
  • Built-in Accounting
  • Kitchen/Menu Management

Summary

Marginedge accounting software for restaurants provides a world of features that make life easier for restaurant owners. With automatic and seamless order tracking between ordering and commissary kitchens, tracking and keeping tabs on orders are a breeze. 

Marginedge also offers journal entries for each transaction once the orders have been completed, which helps with accurate and effective bookkeeping. Furthermore, Marginedge also provides free bill payment services and enables restaurant owners to eliminate all manual data entry. 

Last but not least, Marginedge comes integrated with other accounting software being used by clients and vendors, such as Xero, Restaurant365, AccountEdge, and more.

Watch out for: It does not have reservation management, which is one of the features of restaurant management software, but this may not be of concern if you only need accounting software.

5. TouchBistro

Source: TouchBistro

TouchBistro is an integrated accounting software specially designed to equip restaurant owners and managers with the tools they need to succeed and make informed business decisions. Some of its advantageous features can help determine menu item profit margins, monitor daily revenue in real-time, and see how staff are performing. 

In addition, a floor plan and table management feature is included which helps arrange your seating plans, track table turnover, and manage tables between sections with ease. It’s also capable of learning your average table turnover time and facilitates tip pooling for legal compliance as well. 

Whether it be a full-service or quick-service restaurant, TouchBistro offers countless features that can help you reach new heights in increasing customer satisfaction, boosting efficiency, and improving operational costs.

Pricing: Starts at $69 per month

Notable Features

  • Payment Processing
  • Tableside Ordering
  • Gift Card Management
  • Menu Management
  • Staff Management
  • Sales Tax Management
  • Inventory Management
  • Reporting & Analytics
  • Third-party Integrations

Summary

TouchBistro accounting software for restaurants is an exceptionally helpful tool for restaurant owners. Having one centralized platform to track bookkeeping, inventory, sales, and delivery reporting gives restaurant owners alike the ability to gain insight into the overall performance of their business. 

It not only assists in accurately tracking finances and handling employee payments but also allows users to run reports on patrons’ purchasing habits to understand customers better. Additionally, TouchBistro has upgraded its payment processing feature with a new integration that allows customers to make payments using Apple or Google Pay. 

This will allow the administration to stay compliant without wasting time since it synchronizes taxes automatically. The comprehensive solution provided by this software helps restaurant owners efficiently grow their businesses in the present-day digital landscape.

Watch out for: The experience of users with customer service is not great and it usually takes close to an hour before customers can receive answers to their queries.

6. Plate IQ

Source: Plate IQ

Plate IQ is cutting-edge accounting software designed to make it easier for restaurants to pay their bills. Plate IQ was founded in 2014 and launched in 2016. It provides restaurant owners with invoices approved automatically, this significantly reduces the costs businesses incur with manual processing. 

The mobile platform integrates seamlessly into existing accounting software, making invoice management simple and easy. Real-time reporting helps to make informed decisions fast to save emergencies, while duplicate payment alerts keep you informed if the same money is mistakenly paid twice. 

Plate IQ assists restaurant owners to save time, money, and effort by helping them maintain efficient accounting and razor-sharp budget control.

Pricing: Available on request.

Notable Features

  • Check Writing
  • Vendor Management
  • Third-Party Integrations
  • Recurring Payments
  • ACH Payment Processing
  • Data Extraction
  • Inventory Management
  • Invoice Processing
  • Mobile Access
  • Multi-Location
  • Real-Time Analytics

Summary

Plate IQ is an ideal accounting software for restaurant owners looking to streamline their operations. With Plate IQ, restaurant owners gain access to real-time data and invoicing management, customizable alerts and notifications, and comprehensive approval process control. 

The AI-powered GL coding offered by Plate IQ simplifies data entry while providing detailed mapping with a straightforward chart of accounts. This automation allows restaurant owners to focus on their customers while taking the pressure off complex financial tasks like bookkeeping and invoicing – making Plate IQ the perfect fit for any busy restaurateur!

Watch out for: No POS integration.

7. Wave

Source: Wave

Wave accounting software for restaurants comes with a set of features that are meant to save time and give restaurant owners peace of mind. Wave has automatic bank connections, which means that all of a customer’s financial information will be in one central, safe place. 

It’s easy to keep track of all payments and communications, and the user receives a notification of transactions. Customers can also click a “Pay Now” button on their invoices to pay right away with a credit card, a secure bank transfer (ACH/EFT), or Apple Pay. 

Wave also follows the highest standards of bank-grade security to make sure that customers’ private financial information stays safe. Also, their dashboard is a central place where all of your income, expenses, payments, and invoices are kept, so everything is easy to find and easy to use.

Pricing: It has a free account, but add-ons can cost as little as $20 per month.

Notable Features

  • Reminders
  • Third-Party Integrations
  • Purchase Order Management
  • Reporting & Statistics
  • Sales Tax Management
  • Customizable Templates
  • Accounting Integration
  • Invoice Creation
  • Time & Expense Tracking

Summary

Wave Accounting Software for restaurants is a reliable and secure solution for restaurant owners seeking to take control of their payroll process. The software simplifies payroll responsibilities quickly, easily, and accurately. 

With Wave, you can pay employees and contractors automatically, with direct deposit options that facilitate a seamless transaction. Additionally, Wave provides FDIC-insured money accounts up to $250,000, meaning your own funds are safeguarded from any unexpected incidents. 

And best of all, Wave automates the work of making payroll journal entries, allowing you to save time and focus on other business tasks such as marketing or cost reduction strategies. Restaurant owners can get the peace of mind that comes with accurate records and payments by using Wave’s accounting software.

Watch out for: It has limited features compared to other software, but it’s mostly free, which makes up for its limited features.

8.ZipBooks

Source: ZipBooks

ZipBooks accounting software can make a world of difference to restaurant owners who are looking to streamline and optimize their financial operations. 

By allowing a user to reconcile bank accounts with ease, classify sales revenue and service revenue separately, as well as easily sort all expenses into both specific and generalized categories, ZipBooks is intuitive and efficient. 

This cloud-based system helps users save time without sacrificing features, making it an optimal accounting solution for restaurants. Furthermore, ZipBooks also has smart insights and suggestions that help prevent errors, so users never have to worry about overlooking something important when using the program. 

All in all, ZipBooks provides restaurant owners with an easy-to-use program filled with feature-rich benefits that will help grow their businesses.

Pricing: Starts at $15 per month, although a free trial is available.

Notable Features

  • Accountant Access
  • Accounts Receivable
  • Bank Connect
  • Bank Reconciliation
  • Auto-Categorization
  • Chart of Accounts
  • Project Accounting
  • Monitoring
  • Billable & Non-Billable Hours
  • Automatic Time Capture
  • Online Time Tracking

Summary

ZipBook’s accounting software was built with restaurants in mind, providing features that specifically help restaurant owners get a better understanding of how their business is performing so they can make better decisions to improve it. 

From a business health score that reveals where you stand compared to similar businesses in your industry to split categories and vendor management that offers better control over costs, ZipBooks makes day-to-day accounting simple. 

Furthermore, the Invoice Quality Score feature offers personalized advice based on analyzing millions of invoices using Machine Learning, helping you stay compliant with financial regulations and best practices for issuing invoices. This makes it easy to sort bills by their type and make sure taxes are paid on time and correctly.

Pre-Purchase Evaluation Checklist for Selecting the Right Account Software

Small businesses, including restaurants, require careful pre-purchase evaluation of accounting software in order to select the most suitable option to ensure the software is capable of meeting their specific needs. Thus, an essential checklist for comparing accounting software should include several core elements:

Cost

Evaluate the total cost of both buying and implementing the software; determine if any additional fees or costs will be applicable.

Functionality

Evaluate how efficient and far-reaching the data input capabilities are in comparison with available features; consider whether any customized solutions are necessary or recommended.

Support & Maintenance

Assess if tech support is required post-installation and what maintenance plans are offered by the vendor; additionally, evaluate long-term partnerships that may be required for continued performance.

Security & Compliance

Assess what security measures have been taken by both you and your provider to make sure sensitive data is kept safe from malicious actors, as well as being compliant with industry regulations and standards; consider encryption protocols that have been implemented into each solution.

Overall, inspecting these components will help small businesses select an appropriate account software solution that satisfies their specific requirements while securing their investments over time.

Final Conclusion

The eight accounting software solutions listed in this blog post provide users with a range of features that enable them to accurately track their finances and streamline other areas. 

Together, the above accounting software solutions provide restaurant owners with a range of options that can help them maximize their business operations and succeed in today’s digital landscape.

To make sure you choose the best accounting software for your restaurant, there are several important factors to consider. Knowing what type of system works best for your needs and understanding the essential features of a good restaurant accounting solution can help ensure that you pick the ideal accounting software. Ensure success by taking these steps before making any purchases.

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