Why Should I Consider Adopting an ERP System?February 7, 2023
Here are 5 ways an ERP system can transform your business: It’s easy to get connected, and at gotomyerp, we’re here to help. Sign up online or give us a call today.
As you look for the right food retail store or restaurant accounting software, you’ll stumble upon QuickBooks’ automated accounting products. QuickBooks is one of the most efficient automated accounting tools for small businesses operating in the food retail industry—and for all the right reasons.
From realizing the importance of daily sales entries to staying updated on real time stock levels, several responsibilities weigh down a food retailer’s shoulders. While most restaurants have their credit card lot out on an automatic daily account, you might want to consider switching to securer means of revenue management.
QuickBooks offers transparency of your financial and accounting performance. You can optimize various simple to complex accounting tasks such as sales journal customization and POS management for enhanced productivity.
QuickBooks is a smart software that doesn’t just work as a cloud storage for your financial documents, but it also makes suggestions that are geared towards business success.
Here are all the reasons you might want to consider deploying QuickBooks with the help of a professional cloud-hosted QuickBooks software provider like gotomyerp.
As a restaurant owner, a large part of your daily work revolves around managing and controlling inventory. Food and beverages are perishable items and require your undivided attention for quality assurance.
You have to foray a subtle balance when enlisting food orders so that you don’t over or under stock at any given time.
While a surplus of paper table linen and napkins isn’t much of a nuisance, if you overstock items such as eggs or chicken, there might be chances of contamination. Hoarding food supply hurts the shelf-life of these products and exposes your business to quality-related risks.
Hence, you must deploy a single-period, real time inventory system to avoid food contamination, outdated products, and cost-inefficiencies.
Administering daily sales reports at the day end can be quite a handful, especially if you’re new to the food retail industry. Spending too much time crunching numbers can lead to diverted attention from other important tasks such as customer relationship building and marketing.
This is where you can take advantage of QuickBooks, a robust and efficient cloud-hosted accounting that offers a clear, comprehensive snapshot of your restaurant’s day-to-day performance and sales.
QuickBooks will allow you to determine sales based on periodic sessions with daily reconciliations and settlements against outstanding balances and credits.
QuickBooks offers various features that can monitor and generate reports based on food & beverage sales, merchandising, legalities, quality control, customer feedback, and vendor management. It also takes sales tax and withheld tips into account.
When collected over performance periods, daily sales information becomes historical statistics that help you make informed business decisions.
If food and beverage sales prove to be steadily low on some days, you can consider changing menus, offering discounts, and so on.
In a nutshell, having QuickBooks as your food retail partner can simplify accounting and assist you in making powerful decisions for superior business performance.
There are a lot of expenditures that come along with administering and managing a small business.
Some of the basic operating expenses related to running a food retail store or eatery includes rent, licensing and permit fee, repair and maintenance, advertising costs, menu printing, and purchasing office supplies.
Moreover, labor expenses comprise of salaries, benefits, paid leaves, employee discounts, and paid leaves. Using QuickBooks, you can organize and optimize your business’s chart of accounts and consolidate all the money you’ve credited or deposited into the business accounts. This efficient software takes all the fixed and variables costs, expenses, assets, payables, and equity into account and provides accurate difference between the costs of goods sold and total revenue.
Deploy QuickBooks to control all the aspects of payroll management such as deductions, assistances, overtime, payroll duties, and more.
QuickBooks’ payroll module can also monitor each worker’s holiday hours and sick period, paying out for usage of vacation time if compulsory. Furthermore, this automated bookkeeping software aids in the application and inference of income taxes.
You can use this information for job role casting. This will help you hire sufficient number of hostesses, waiters, assistants, chefs and sous-chefs, and bussers.
Want to invest in the latest, robust QuickBooks version in your food retail business? Choose the best QuickBooks hosting providers at gotomyerp today! Our proficient team is skilled in guaranteeing secure data migration, integration, and QuickBooks installation. We also offer 24×7 support and training to SMEs.
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Recommended Read: A Beginner’s Guide to QuickBooks Cloud Services