Restaurant Accounting Software: 5 Best Apps For Your Restaurant

Restaurant accounting is one of the most crucial components of a successful business, and if not managed properly, it can cause a considerable headache and disruption later down the line. As a result, there are several restaurant accounting software apps on the market to help make managing your business finances easier.

While there are numerous options out there, we’ve rounded up five of the best restaurant accounting software apps that are built to streamline accounting and ensure your numbers are always accurate and up to date.

Table of contents:

1. What is restaurant accounting software?
2. How can restaurant accounting software help your business?
3. Top 5 restaurant accounting software apps
4. Should your venue use restaurant accounting software?

What is restaurant accounting software?

Before we dive into the best restaurant accounting software for your venue, let’s first explore what it is and how it plays an essential role in the overall financial health of your business.

Restaurant accounting software is specifically designed to help restaurants manage their financial transactions. Apps typically include features such as sales tracking, expense tracking, and financial reporting, making it easy for restaurants to stay on top of their accounting. 

Some restaurant accounting apps also offer features such as labour management, food cost analysis, and budgeting tools. These platforms can help restaurant owners and managers save precious hours on number crunching and empower them to better understand the financial health of their business to make more informed decisions.

How can restaurant accounting software help your business?

Restaurant accounting software can be a valuable tool for restaurants looking to improve their financial management processes. From time-saving benefits to increasing efficiency, employing restaurant accounting software is a great way to help your business grow and succeed.

Some benefits of restaurant accounting software include: 

• Save time and increase efficiency by automating many of the manual tasks involved in accounting and financial management, such as invoicing, payments, and payroll.
• Improve cash flow management by gaining real-time visibility into your restaurant’s financial performance, allowing you to make more informed decisions.
• Inventory management tools can track inventory levels, set reorder points, and generate purchase orders, which can help restaurants keep a better handle on food and supply costs.
• Sales tracking allows you to see which menu items are selling well and which aren’t, so you can adjust your menu and pricing strategy accordingly, helping to increase revenue and profitability.
• Payroll management helps keep track of employee hours, payrolls, and taxes, ensuring your restaurant remains compliant with labour laws.
• Multi-location management allows you to manage all of your venues from one central platform, providing a clear overview of the business.
• Integration with other systems, such as point of sale (POS) systems, to provide a seamless workflow to save time and increase efficiency.
• Financial reporting, such as income statements and balance sheets, can provide a clear picture of your restaurant’s financial health, allowing you to make more informed decisions.

Top 5 restaurant accounting software apps

1. Xero

Xero is a cloud-based accounting software used by thousands of businesses in Australia and across the globe. Xero is an excellent option for restaurants looking to improve their financial management and gain better visibility into their business.

Some of the key benefits of Xero for restaurants include:

• Streamline your finances: send invoices, pay bills, manage bank reconciliations, claim expenses and accept payments through Xero’s easy-to-use platform. 
• In-depth analytics: access real-time financial data to gain a snapshot of your current financials.
• Manage payroll: pay your staff, report payroll details to the ATO, automate tax and pay superannuation.
• Access from anywhere: Xero’s cloud-based software allows you access to your restaurant’s financial data from anywhere, as long as you have access to a device with an internet connection.
• Integration with other apps: integrate with other apps, such as your POS system, to provide a seamless workflow.
• Inventory management: track inventory levels, set reorder points, and generate purchase orders to keep a better handle on your food and supply costs.
• Detailed reports: track cash flow, metrics and the financial health of your restaurant with detailed reports that empower you to make more informed decisions.

2. Myob

MYOB is a well-established accounting software for small businesses and is widely used in Australia and New Zealand.

Some of the key benefits of MYOB for restaurants include

• Payroll management: calculate taxes, leave and superannuation, report Single Touch Payroll and complete your pay run.
• Business Insights: gain access to real-time financial data to report on your tax, cash flow and payroll to make data-driven decisions.
• Integrate with other apps: integrate with your POS and other apps to boost accuracy and efficiency. 
• Inventory management: keep track of stock on hand, manage your suppliers, know when stock levels are low and streamline reordering.
• Manage expenses: save time by scanning your receipts or emailing bills directly to MYOB.
• Automated invoicing and payments: create and send invoices and accept payments online to streamline your billing and collections process.
• Access from anywhere: access to your restaurant’s financial data from anywhere, as long as you have access to a device with an internet connection.

3. Quickbooks

Quickbooks is one of Intuit’s cornerstone products and offers cloud-accounting solutions for small businesses.

There are several benefits for restaurants looking to use Quickbooks.

• Easily track your payments: Quickbooks integrates with several POS systems, like Lightspeed, making it easy to track revenue. It’s also quick and easy to create and send invoices from the system.
• Minimise data entry and double handling: connect to your bank account and save time managing your restaurant’s finances. Simply upload receipts and bills that will be automatically organised and matched to transactions.
• Streamline your finances: lodge your business activity statement (BAS) directly with the ATO and get custom cash flow tips, real-time balances and financial forecasts from your connected bank and credit card accounts.
• Manage payroll: calculate wages and superannuation payments, import timesheets and publish payslips.
• Track GST: track incoming and outgoing GST and easily generate reports to lodge at tax time.
• Insights and reports: access a 90-day cash flow planner, run and export reports, including profit & loss and balance sheets.
• Access from anywhere: access to your restaurant’s financial data from anywhere, as long as you have access to a device with an internet connection.

4. FreshBooks

FreshBooks is an easy-to-use accounting software that provides the tools and information to efficiently manage your restaurant’s finances. 

Some of the key benefits of FreshBooks for restaurants include:

• Organise your expenses: easily log and organise your expenses and track every dollar spent so you’re always ready for tax time.
• Easy invoicing: create and send professional invoices to ensure you get paid quicker.
• Access from anywhere: access to your restaurant’s financial data from anywhere through the FreshBooks app.
• Easy to read reports: insightful dashboards and reports show you exactly what you need to know at a glance.
• Financial management: ensure accuracy, stay compliant and prepare detailed financial reports to make informed business decisions.

5. Saasu by erly

Saasu by erly is an all-in-one accounting and business management platform that allows businesses to manage their accounting, payroll, HR, timesheets and staff management all from the same system. 

Some of the key benefits of Saasu by erly include:

• Manage payroll: Single Touch Payroll makes it easier to pay your employees.
• Access from anywhere: access to your restaurant’s financial data from anywhere through the erly app.
• Easy financial management: send invoices and quotes, manage expenses and compile cashflow forecasts and budgets.
• Analytics and reports: run easy-to-read reports on all of your restaurant’s finances.

Should your venue use restaurant accounting software?

No matter if you’re running a small restaurant or multi-site operation, accounting software is there to make your life easier. From managing payroll to tracking sales and providing insights into the financial health of your business, restaurant accounting software is designed to save business owners time and boost efficiency.

While the exact restaurant accounting software you’ll need will depend on your business goals and overall operation, it’s important to conduct thorough research into which app will best benefit your restaurant. It’s also important to ensure that your chosen software integrates seamlessly with your POS system to maximise accuracy and efficiency.