Is your accounting process the bottleneck of your food and beverage business? An effective software that paces with your business is vital to keep your revenue up, cost low and profit up. It’s a day-to-day affair. No one wants any rude surprises on landing in red at the end of the month.
Here are four things to look out for good accounting software, and start your New Year right. Get the right one, and you will be freed of worries!
Access Data 24/7
Accessing real-time data anytime is important to make quick and informed decisions, such as scheduling suppliers for perishable items and dividing labour to meet the continuous demands of customers. All this can only be done through careful planning with raw data especially when the restaurant accounts closed for the day.
Is your restaurant making money for the day? If no, we can respond immediately by adjusting the variable expenditures to cut cost and increase revenue.
The easiest way to cut cost is to reduce your prime cost, which is the total cost of goods sold (COGS) or ingredients, plus your labour. Choose software that has a POS or point-of-sales system.
This POS can offer you raw data of the day, time of your peak sales, favourite and least favourite menu items. All of these are necessary for you to advance your business through marketing initiatives, menu design, and staff planning during peak seasons.
You also get better to manage your inventory, track your accounts receivables and forecast your sales, which ultimately helps your sales budgeting and minimises food wastage.
Translates Data into Meaningful Information
Look out for software with reporting features of significant F&B industry markers that can help you save time in extrapolating and analysing those data.
For example, choose software that can report your COGS ratio, breakeven point, sales per head and net profit margin – reports unique to the food and beverage business. This allows you to manoeuvre and make the necessary adjustment to achieve your short-term and long-term goals.
Offers Complementing Software
Choose an accounting software that can seamlessly integrate with other complementing software. Better yet, select a supplier that can offer all of them, such as payroll, banking and vendor management under one roof. It would be easier for you to deal with one supplier than a few.
Finally, F&B has such unique needs that you want to choose software with strong records of adoption in the industry. Hence, with these tips, we trust a good accounting software would boost your F&B business. All you need is the right one for your business!