Running a business in the food industry…sure what’s complicated about that? Surely there’s no need for restaurant accounting software here…stock out, money in…easy as, well, pie. Except, that is, if you live in the real world as opposed to that perfect world we dream of. A real world that involves dealing with suppliers and stock and wastage and margins and a whole host of other external factors that muddy the soup (another food pun there…sorry!) Not to forget, of course, that all-important (and usually fickle) customer! So all of a sudden it’s not quite as simple as Buy Food, Serve Food, Get Paid. All of a sudden it’s quite difficult to keep track of your stock and your margins and everything that comes under that elusive umbrella term “your numbers”.
So what are your numbers? Well, the obvious one that springs to mind is taxes and filing the right amount on the right date to the almighty tax man…and yes, that is and always will be of massive importance and a thorn in everybody’s side until the end of time. But the other numbers are the ones you need to keep an eye on regularly to monitor the health of your business…daily obs for your business if you like. This is where a good restaurant accounting software package comes in very handy.
Figures such as Input and Output, ie: how much stock you’re buying and subsequently using. This one is particularly important in the food industry as the gap between these two figures, due to the perishable nature of the stock, is basically cash in the bin…so yep, good to keep an eye on this one!
Other important numbers to watch out for are…
Weekly reports to indicate whether you’re making or losing money (a pretty important one for those hoping to stay in business!),
Weekly, monthly or annual trends in your business to help predict stock and staffing requirements, hence reducing wastage (and bored staff!) and that disheartening cash in the bin!
But if you’re in the restaurant business you already know all this, and if you’re a charismatic and creative genius (think Michael Angelo but with food) you really aren’t going to be bothered spending one second of extra time on this stuff while there’s a perfect creme brulee out there to be created…not until it’s too late that is!
That’s where Xero Accounting Software can really help you out, and here’s the best part…it really does work! It’s a very simple and user friendly restaurant accounting software package, meaning that you don’t have to be an IT expert (or even remotely tech savvy) to get started. Just add your business name and get to work in a matter of minutes. If you’re able to use gmail and a smartphone (even at the most basic level), you’re able to use Xero. Brilliant! More time to saute those potatoes and give your customers the attention they deserve.
So what other features does it offer, apart from being user-friendly to a monkey? Well, here’s just a few of the basics…
Customized invoicing: Use templates provided to create a customized quote/invoice with your logo on it
Electronic Payments: Simply connect Xero to your online banking and all payments can be made easily and hassle free.
Bank reconciliation: Gone are the days of pouring over bank statements trying to match them to the relevant transactions. Simply hook up your online baking to Xero and it does all the hard work for you, recording all transactions in and out of your account.
Stock Taking: If you’ve put Xero in touch with your online banking then all stock purchase transactions will be recorded and easily readable.
Staff Payroll: As your business starts booming and you need to start hiring staff you can integrate your payroll, managing up to 160 different currencies! You can also allow them access to Xero with different access levels depending on the details they need.
But the best part is…it’s all up in a cloud! What does that mean…it means it’s available for you to use from any device, anywhere, anytime!
If you’re still not convinced that it’s as easy to use as it claims check out some “How To” videos on almost any question you can think of regarding the software. Or even better sign up for a no-obligation free trial and put it to the test yourself. Let Xero take care of your numbers so you can take care of your business!