Having the right program to effectively monitor and track your restaurant’s finances can help protect your bottom line, while also streamlining your administrative tasks and giving you back more time in your day. So, how do you know which of the many programs is the best restaurant accounting software for you?
Here’s a look at some popular accounting software products, including some basic features and our take on the pros and cons of each offering.
Restaurant365 is accounting software geared specifically to the needs of restaurants. The brand’s suite of products promises to “power your passion, profit, and growth” by combining accounting functions, store operations, and workforce management into a single software.
Some of Restaurant365’s key accounting features include:
This cloud-based platform can easily handle multiple restaurant locations and can help you save time thanks to various automation options and report functions. However, Restaurant365 cannot track income and expense according to project (a potential problem if you want to separate catering from in-house revenue, for instance). Additionally, it may take some time to get your staff comfortable with the complexities of such comprehensive software.
Pricing is broken into three tiers, ranging from $289-$489 per location for Essential and Professional, and custom pricing options for enterprise-level accounts.
QuickBooks Online is software optimized specifically for business accounting and reporting. Though this platform is simple enough for entry-level users to onboard and implement, it also contains a large range of features suitable for more complex operations, such as:
QuickBooks can even help you take care of your team, establishing and managing benefits such as 401(k) plans and health insurance. The downside is that the platform lacks restaurant-specific management software, and you may need extra help integrating with certain popular POS systems.
Pricing is offered in four tiers ranging from $30-$200 per month, with an optional payroll add-on and a 30-day free trial for those who want to test the waters before purchasing.*
Just as its name suggests, DAVO Sales Tax focuses on helping users account for sales tax. It integrates with most restaurant POS systems, so tax is automatically collected and set aside as sales are logged.
Other DAVO features and functionalities include:
One of the biggest pros associated with DAVO is that it doesn’t require you to do any extra work related to determining or filing state taxes. You enter your sales as usual, and the software does the rest.
DAVO is free for the first month and then priced at $49.99/month per location.
Looking for free income and expense-reporting software?** Meet Wave.
One potential con associated with the Wave platform is that its limited features may mean the software isn’t sufficient for all restaurants. For instance, the app lacks advanced employee time-tracking functionalities and inventory management options. Another drawback is limited support, with customer service only available via live chat and only for paid users. See more on Wave’s support.
Xero is software that is optimized for business accounting. The software is targeted toward small business owners, bookkeepers, and accountants, as reflected in a broad list of features and functions:
The platform wasn’t created specifically for food and beverage enterprises. However, it can still be considered a restaurant accounting software option. Xero offers three pricing plans ranging from $12-$65 per organization.
Ultimately, choose the restaurant accounting software that’s best suited to your needs. Review the features list, take advantage of free trials to see platforms in action, and double-check which products integrate with Clover’s restaurant POS solutions for even easier setup and integration.
If you need additional help understanding how to integrate third-party software with your Clover account, contact a Clover Business Consultant today.CONTACT SALES
*Not including discount offers. Review pricing page for terms and conditions.
**Payroll and Advisor services not free. Review pricing page.