Running a restaurant’s day-to-day operations is a headache on its own. However, your hard work can be paid off right away when you see your customers’ smiles after their hearty meals.
Managing your restaurant’s bookkeeping, on the other hand, can be a different animal to tackle, and can seem more frustrating and less rewarding. Fortunately, Quickbooks, a popular bookkeeping software for restaurants, can make this task an easy and enjoyable process that can lead to more success in your business venture.
Even though Quickbooks doesn’t have a version made specifically for restaurants, with a little tweaking and modifications, you can make it work the way you need it to be. Let’s see how!
Provide Appropriate Access and Responsibilities
Restaurant Owners – You, the owner, should be the only one authorized to make payments, sign checks, and do anything involving the movement of money. Bookkeepers should ideally have no authorization to complete such transactions. One of the many reasons is to avoid bookkeeper theft.
Bookkeepers – On the other hand, bookkeepers should be assigned to entering bills into the system. Also, assigning them to enter any pertinent data such as daily sales and do regular reconciliation of accounts.
Restaurant Managers – This team can be assigned to make cash deposits. However, this would only be a good decision if your bookkeeper is also closely monitoring and recording cash deposits.
Setting Up Quickbooks
Take advantage of the internet and cloud technology and set up remote access for multiple employees so they can enter and change data anytime and anywhere, at the same time, without interfering one another. This can be beneficial for restaurants with multiple stores.
While this can be confusing, hiring someone who knows Quickbooks like the back of their hands can be a great investment, ensuring you won’t have to redo it all in the future when critical information is already at risk of being lost or erased.
Daily Sales Journal Entry
It’s important to record your daily sales journal entries because of the verification of bank deposits. While card transactions are pulled out every couple of days, the actual sales for the day should still be recorded accordingly. This way, the amount deposited in the bank will match the sales amount recorded and will not cause discrepancies in the future.
Ideally, you can set up a daily sales journal entry from your Point of Sale to automatically or manually transfer them into your Quickbooks. JDM Bookkeepers specialize in POS Systems and can help you do this to make data entry easier and more accurate.
Set Up Accounts Payable System and Delegate Data Entry to Bookkeepers
As mentioned earlier, bookkeepers can be assigned to enter bills and other payments on the system, instead of assigning it to managers. The reason is because managers are normally busy overseeing the restaurant’s operations, having no time left for this task.
Have experts from JDM set up your system and start entering necessary information with ease and precision.
However, it’s still ideal for the owners to make the actual payments.
Use Specialized Software for Inventory
When it comes to inventory management, it would be a better idea to use software made specifically for that purpose. This is because restaurant inventory has to be adjusted often and Quickbooks may not be an efficient tool to use. Instead, use the inventory software for daily tracking and use Quickbooks to adjust values monthly.
Use Class-Tracking for Multi-Site Restaurants
Restaurants with multiple sites require multiple reports. This way, you can track income and expenses of each restaurant and differentiate them to find better cost savings and income opportunities. By having brilliant bookkeepers who understand class-tracking and financial reporting can make this process easier while having access to more information.
Bookkeeping for any business can be daunting. With restaurants, however, it can be twice as hard. Having expert bookkeepers by your side can help you gain confidence that your business is on the right path and your success is in the foreseeable future.
JDM Expert bookkeepers can make this happen. With years of bookkeeping experience and expertise on Quickbooks and Point of Sale Systems, running a restaurant can be an enjoyable and profitable endeavor you and your customers.
Contact us today to get expert Quickbooks Assistance!
