Streamlining your accounting processes can provide game-changing efficiency to your hospitality business.
Accounting is a headache for many businesses, and as a busy restaurant or bar owner, you don’t have time to waste on manual, convoluted accounting processes.
There are so many things to consider from purchasing and tracking inventory, processing payroll, managing cash flow, to bookkeeping.
Financial management can become a time-consuming, arduous drain on your time.
But technology can help - the hospitality industry has seen an influx of software, apps, and automated solutions purpose-built to streamline accounting needs for restaurants and bars.
These digital methods can provide efficient financial management to streamline your business processes:
1. Cloud-based accounting software
Platforms like Xero enable remote access to your books from anywhere, easy multi-user collaboration, automated backups and updates, integration with other systems and apps, and robust reporting. The cloud structure also eliminates IT headaches.
2. Inventory management
Advanced inventory platforms like Leanpath can boost efficiency by integrating with POS systems, recipe costs, and vendor orders to provide real-time tracking of stock levels and costs and prevent food waste.
3. Mobile point-of-sale (POS)
Tablet-based POS systems like Toast, Square, and Lavu allow staff to take and transmit orders wirelessly while centralising customer, sales, and inventory data. It means faster service and access to analytics.
4. Online ordering & delivery management
Platforms like Uber Eats integrate directly with POS and accounting systems to quickly process and account for online orders while diversifying your revenue streams.
5. Payroll software
Cloud-based payroll systems accurately process tipped wages, schedule staff, integrate with POS data, and automate tax payments and filings.
Integrating data solutions eliminates manual data entry which not only boosts efficiency but improves accuracy and provides holistic business insights.
We work with restaurants and bars across London to help them streamline their financial management and reporting.
Contact us today to discuss how we can streamline your hospitality business.