Streamlining your restaurant’s accounting process will help save you time and money and generate reports that will help your restaurant grow. We have listed four ways to help streamline your restaurant accounting process.
Automate the Accounts Payable Process
In today’s day and age, you can automate your accounts payable process. Most restaurants use a spreadsheet to track invoices received from their suppliers or file them in a cabinet.
It leaves a lot of space for human error, which could cause damage to the restaurant and supplier’s relationship. In today’s day and age, you can automate your accounts payable process.
This will help increase productivity and improve the transparency of funds and cash flow while reducing associated costs.
Switch to Impounded Payroll
Restaurant staff can sometimes be slow at cashing their checks, and over time the uncashed checks can cause a problem when reconciling the payroll account with the bank account. The uncashed checks sit in the bank account, and doing all of this payroll can waste valuable time.
Today’s modern technology offers you high-tech solutions to process and impound a business’s payroll. Many companies provide this service, and they make sure all the individual checks are handled by them, helping restaurants streamline their accounting process.
Download Your Daily Sales Automatically
Instead of tediously entering your sales numbers manually, buy a software system that allows integration between your restaurant’s point of sale and accounting software. This kind of software will help save you a tremendous amount of time every month and ensure your financial statements are well detailed and accurate.
Redesign Your Chart of Accounts
As a new restaurant, it is common to make a long chart of your accounts, but this could end up being a huge time waster. Restaurateurs think the bigger their accounts chart, the more detailed reporting, but this theory doesn’t hold up when they practice it.
Even when you have software making financial reports for you and doing your payroll, your chart of accounts is still the most crucial component of your accounting system.
An excellent way to streamline your accounting process is by redesigning your chart of accounts, making sure the integration of all the accounting processes is simple and easy to read and understand.