Three Ways Restaurant Accounting Software is Changing Business Practices
Sponsored by Restaurant365
Technology is all around us and it should be no surprise that it has tremendous influence in the restaurant industry. Technology provides guests with the ability to order food directly from their mobile device, at a full-functioning self-service kiosk, or even through tablets that also entertain them during dinner. The technological integration opportunities within restaurants are endless and, as innovative restaurants constantly strive to go above and beyond for customer loyalty, the need to find a solution for productive back-office activities and accounting systems is at an all-time high.
Since its breakthrough in the past 10 years, restaurant technology has continued to impact the standard business practices of restaurant owners. Single system software aimed towards back-office productivity and accounting needs has converted accounting departments from cost centers into “operational support centers,” allowing the accounting team to provide information needed to run a profitable restaurant with little-to-no delay.
This evolution in restaurant management seems like a “no brainer” from a business perspective given that any company runs more efficiently when operators and accounting staff synchronize as a team. So what’s stopping the transition from accounting to operations?
Using inefficient tools is one of the most common mistakes restaurants make when it comes to accounting including utilizing multiple technology solutions or several spreadsheets to complete one task. From the chef to the cleaning staff, having the necessary tools is essential to completing any task. This truism is no different when it comes to the financials of a restaurant.
Accountants spend more time on value-added tasks
In a fast-paced environment such as the restaurant industry, the last thing you want to worry about is how analyzing numbers is standing in the way of desired growth. In essence, accounting departments increase sales, control costs and optimize labor expenses, so how exactly does the transition from accounting to operations impact the business? Switching to a restaurant accounting software allows business owners to repurpose their accounting staff. In addition to cutting down the work of the accounting department by 30 percent, accountants can focus on things that help the restaurant become more profitable, such as negotiating with vendors, ensuring compliance and searching for payroll solutions.
Productivity changes conversations in manager meetings
Once familiarized with single-system accounting software, less time is spent reconciling data from one place to another. Simplified accounting and operations allow businesses to start and end every day with profit in mind. Equal access to the same set of numbers from a central location amongst all members of team shrink research and analysis efforts dramatically. This process ultimately improves data integrity and allows the user adoption to be fairly easy at the field level. When the team understands the data and how it impacts them, they not only become more empowered, but they understand how the implications of their trade affect the entire team.
Communication geared toward direct growth improves businesses
Software that is designed to make lives easier and actively works to achieve greater productivity allows restaurant owners to get back to what they do best: hosting a fantastic dining experience. Two questions remain:
- At what point should a restaurant explore their options when it comes to accounting?
- Does this solution make sense for my business?
Instead of taking time to complete repetitive tasks towards research and analysis efforts, more time can be allotted for the assessment and review of productivity regarding growth. Any growth minded company should make efforts to consolidate their staff’s efforts and apply their skills to the bigger picture.
Although companies are shifting their attention to improving their bottom line and customer loyalty, technology has revolutionized the restaurant industry by providing access to data with the press of a button, setting competitive companies apart. As restaurants continue to function in a digital landscape, teamwork is essential for service and operations. By combining efforts of the accounting department and operations team, more time is allotted to access business intelligence and reports, ultimately providing managers with the knowledge to run a profitable restaurant and make steps towards growth in real-time. Therefore the question is no longer, “Should we make the transition?” but, “When do we start?”