Restaurant Accounting Software for Business Growth
A restaurant accounting software handles restaurant accounting in an automated manner, streamlining various administrative and accounting tasks to help restaurateurs maintain accurate financial records, know the financial health of their business and improve efficiency.
How Restaurant Accounting Software Works
Restaurant accounting software is a complex system that communicates with other systems across a restaurant’s operations, capturing data from across all these systems, to analyze the financial health of the business.
Polaris ERP's restaurant accounting software is an all-in-one food and beverage accounting system designed to simplify operations and enhance financial accuracy. This advanced restaurant accounting technology includes financial management, inventory management, payroll management, sales and revenue tracking, financial reporting, and compliance and tax management. Additionally, Polaris ERP offers integration capabilities and agility, making it an essential tool for modern F&B establishments.
What Does Restaurant Accounting Software Cover?
- Bookkeeping (tracks everything from income, to expenses, to financial transactions, in an automated manner)
- General ledger (provides centralized accounting data for financial oversight)
- Accounts payable and receivable (handles invoices, payments and billing).
- Stock level monitoring (tracks inventory levels in real-time, avoiding wastage and ensuring product availability, while managing costs)
- Ingredient costing (essential for better managing the cost of food and profitability, the system calculates the costs of all ingredients, also indicating the best costs, matching them with the corresponding suppliers, leading to saving costs)
- Waste management (by analyzing the existing ingredients and items, the system applies the first-in-first-out (FIFO) method to avoid wastage)
- Multi-branch inventory (advanced restaurant ERP systems like Polaris ERP offer this option, centralizing inventory, ingredient costing, and movements of items across multiple locations)
- Employee scheduling (to manage staff’s shifts and labor costs)
- Payroll processing (calculates wages, including taxes and direct deposits)
- Time tracking (logs staff’s worked hours)
- Point of Sale (POS) integration – reconciles daily receipts
- Sales Report (shows sales performances, including peak hours and best selling items; More than regular restaurant software, Polaris ERPs also show the best performing tables, employees, day of week, etc.).
- Only advanced restaurant ERP software are able to provide this data.
- Profit & Loss Statement (looks into everything from revenue, expenses, and profits)
- Balance Sheets (provides a summary of the assets, liability and equity)
- Cash Flow Statements (manages liquidity, tracking inflows and outflows)
- Tax Calculation (automated tax calculations and supportinging the preparation of tax filings)
- Regulatory Compliance (adherence to industry standards, tax and labor regulations)
- Third party integrations (Polaris ERP is integrated with UrbanPiper, a third-party aggregator, which allows easy integration with food delivery apps like Deliveroo, Talabat, etc.)
- APIs (Polaris ERP allows integration with various business application, and more than this, it customizes specific technologies to fit its’ customers’ requirements)
- Fast implementation (with local team available, implementation is done seamlessly by a friendly support team)
- Quick turnaround on tech dev (developers are working to accommodate clients’ needs in terms of integration or customization of the accounting software to fit their business profiles)
Benefits of Restaurant Accounting Software
Cost Savings
Helps track and control expenses, manage inventory efficiently, and optimize food and labor costs.
Scalability
Provides real-time insights, enabling better decision-making and operational efficiency, for businesses to grow and scale effectively.
Operational Efficiency
Automates routine tasks, reducing manual data entry and the risk of human errors.
Real-Time Data
Provides instant access to financial data and performance metrics, aiding in timely decision-making.
Problems Accounting Software Solves
Manual Errors
Reduces human errors in financial calculations and data entry by automating bookkeeping and accounting tasks.
Time Management
Saves time by streamlining processes such as payroll, invoicing, and inventory management, allowing staff to focus on core business activities.
Cash Flow Management
Improves cash flow management by tracking receivables and payables, helping businesses maintain healthy liquidity.
Financial Visibility
Enhances financial visibility with real-time reporting and analytics, aiding in informed decision-making and strategic planning.
Restaurant Accounting Software FAQ
Using Polaris ERP accounting software is actually very intuitive. In addition to our friendly and modern interface, we provide training to each user, depending on their access levels, assuring they master the modules.
Polaris Technology can integrate previous accounting data by importing existing financial records, such as transaction history and balance sheets, into their system, ensuring a logical and accurate transition and continuity of financial data.
The strength of Polaris ERP lies in its capability to efficiently manage operations across multiple locations, providing centralized control and consistent coordination for businesses with diverse branch networks.
Polaris ERP is a native restaurant software that comes equipped with POS and other operational tools. This makes capturing sales data, P&L data, cashflow numbers and more easy and accurate. The platform automates financial entries, and provides smooth communication between various individual systems for simplified operations and accurate reporting.