Managing your restaurant’s finances correctly is essential to make your business survive and thrive. Only by understanding where you are at, can you plan for the future and make decisions. These are some of the best tools for hospitality accounting.
Hospitality accounting software
At Steele Financial, we use Xero accounting software for our clients. Xero is fantastic for businesses in all sectors, and hospitality is not an exception. It is some of the best accounting software for pubs, restaurants, and cafes. Xero improves your restaurant or cafe by allowing you to streamline a lot of tasks in a very smart way. For instance, it can create customised recurring online bills for all your regular suppliers, so that you don’t need to worry about creating a new one every month.
From Xero, you can also easily track inventory and stock. And when it comes to paying your staff, Xero’s payroll software allows you to do it quickly and very easily.
Other integrations
But the real magic of Xero comes from its multiple integrations. Xero connects to POS, CRM and other retail and hospitality apps. All these integrations help you manage your business easier.
We know that managing your inventory is one of the most important things to do accurately in your restaurant or cafe, and Xero also has a solution for this. Vend has efficient inventory management software that integrates seamlessly with Xero to automate all those painful admin tasks.
Inventory management is also perfect for eliminating human error. You’ll never have to deal with finding someone input the wrong daily sales and payment totals. And the cash movements and stock orders flow easily between the two systems, so everything works perfectly together.
Another aspect of admin work that can be quite time-consuming is data capture. With Dext and Xero, you don’t need to worry about that. Dext captures bills and receipts using your smartphone or tablet. And once uploaded, it automatically extracts the information and shares it with Xero.
Epos systems for hospitality accounting
As well as using the best accounting software, if you own a pub, restaurant, food truck, hostel, or any other type of hospitality business, having an efficient Electronic Point of Sale (EPOS) is a must. A good Epos can help you a lot with your accounting.
It will give you accurate information about your expenses and profits and help you understand where the money is coming from and where it is going. Based on this information, you can make changes (for instance in what you sell) to perform better.
EPOS also allows you to limit contact by allowing contactless payments with contactless cards, but also with Apple Pay, Android Pay, Google Pay, etc. so that you can make more sales. They are also perfect for restaurants and cafes, improving efficiency with tableside ordering by reducing touchpoints.
And although you can do this with accounting software integrations, many EPOS also allow you to do multiple things like tracking inventory and reorder. EPOS also integrates with leading accounting software and can help calculate costs and profit and help create accurate sales reports.
Square Point of Sale is one of the easiest and more complete EPOS that you can use. You can connect Square with Xero to sync your daily sales transactions automatically and use Square as a payment service.
Hospitality accountants in Bristol
We are experts in hospitality accounting. If you are running your own hospitality business in Bristol, get in touch with us. We work with many Bristol businesses and use the best accounting software for pubs, hotels, cafes, and restaurants to help them grow.
If you are located somewhere else in the UK, we can help you too. We are online accountants, so we can work together remotely, exactly as we would with our local clients. Get in touch with us for a free consultation.
