Imagine the bustling atmosphere of a popular restaurant on a Friday night – the laughter of friends enjoying a long-awaited reunion, the clinking of glasses in celebration, and the aroma of mouthwatering dishes wafting through the air.
Behind the scenes, restaurant owners and managers are handling inventory management, financial reporting, and countless other tasks to keep their businesses running smoothly.
In today’s fast-paced restaurant industry, accounting software is essential for ensuring a successful and profitable business.
This article will explore the top 8 restaurant accounting software options for 2023.
I’m sure you have the best choice for your accounting systems. So keep reading!
Why Do Restaurants Need Accounting Software?
Running a restaurant involves more than just serving delicious food. It also requires efficient management of financial transactions, inventory, and other essential aspects of the business.
Accounting software can greatly simplify these tasks and help restaurant owners stay on top of their finances. Some of the reasons accounting software is essential for restaurants besides restaurant management tools:
- Accurate tracking of income and expenses
- Streamlined inventory management
- Simplified payroll processing
- Seamless integration with POS systems
- Improved financial reporting and analysis
- Manage accounts payable and accounts receivable
You may also like: How to Read and Create Balance Sheet for Restaurants?
How To Choose The Right Accounting Software for Restaurants?
Selecting the right accounting software for a restaurant business is a crucial decision that can significantly impact your business’s success. When evaluating different options, you should consider the following factors:
- The specific needs and requirements of your restaurant
- The software’s compatibility with your existing POS system
- The ease of use and learning curve for your team
- The scalability of the software as your business grows
- The availability of customer support and training resources
Now, let’s dive into the top 8 and choose the best accounting software for restaurants in 2023:
1. Restaurant365
Restaurant365 is a powerful all-in-one restaurant management tool designed specifically for the food service industry. Its comprehensive feature set includes accounting, inventory management, scheduling, and reporting capabilities. Some unique features of Restaurant365 are:
- Seamless integration with popular POS systems
- Automated bank reconciliations
- Detailed financial reporting and analysis
- Customizable dashboards for easy data visualization
- Multi-unit support for restaurant chains
Pricing
Restaurant365 offers custom pricing based on your restaurant’s specific needs and requirements. Start from $316 per month.
Pros of Restaurant365
- Comprehensive feature set tailored for restaurants
- Seamless POS integration
- Customizable reporting and dashboards
- Excellent customer support
- Scalable for growing businesses
Cons of Restaurant365
- Can be expensive for small businesses
- Steeper learning curve than some competitors
- No free trial is available
2. Quickbooks Online
QuickBooks Online is a popular cloud-based accounting software solution that caters to a wide range of small businesses, including restaurants. With its user-friendly interface and extensive feature set, QuickBooks Online is a reliable choice for restaurant owners looking to streamline their accounting processes. Unique features of QuickBooks Online include:
- Customizable invoicing and sales receipts
- Integration with popular POS systems and third-party apps
- Advanced inventory tracking and management
- Comprehensive financial reporting and analysis
- Mobile apps for on-the-go access
- Track income and expenses
Discover the top 10 QuickBooks features that every restaurant owner must know
Pricing
QuickBooks Online offers a range of pricing plans, starting at $15 per month for the Simple Start plan, which includes basic accounting features. The more advanced plans, Essentials and Plus, cost $45 and $84 per month, respectively, and offer additional features such as bill management and inventory tracking.
Pros of Quickbooks Online
- User-friendly interface
- Extensive feature set
- Wide range of integrations
- Mobile app for remote access
- Customizable invoicing and sales receipts
Cons of Quickbooks Online
- Limited industry-specific features for restaurants
- Can become expensive as your business grows
- Customer support can be inconsistent
3. Xero
Xero is another popular cloud-based accounting software that offers a wide range of features suitable for small businesses, including restaurants. This intuitive design and robust feature set make it an excellent choice for restaurant owners looking to manage restaurant bookkeeping. Some unique features of Xero include:
- Real-time financial data and reporting
- Integration with popular POS systems and third-party apps
- Inventory tracking and management
- Customizable invoice templates
- Bank reconciliation and expense tracking
Pricing
Xero offers three pricing plans: Early, Growing, and Established. The Early plan costs $13 per month and offers basic accounting features, while the Growing plan costs $37 per month and includes additional features like unlimited users and invoice processing. The Established plan, priced at $70 per month, offers advanced features like project tracking and multi-currency support.
Pros of Xero
- Intuitive interface and design
- Wide range of features and integrations
- Affordable pricing plans
- Real-time financial data and reporting
- Unlimited users on Growing and Established plans
Cons of Xero
- Limited restaurant-specific features
- Payroll features not included in base plans
- Customer support can be slow to respond
4. DAVO
DAVO is a unique and innovative accounting software specializing in sales tax management for small businesses, including restaurants. DAVO primarily focuses on automating sales tax collection, filing, and payment, making it an excellent option for restaurant owners looking to automate some accounting tasks. Some common features of DAVO include:
- Automatic sales tax collection and remittance
- Seamless integration with popular POS systems
- Daily sales data reporting
- Simple setup and installation
- Mobile app for on-the-go access
Pricing
DAVO offers a simple and affordable pricing plan at $49.99 per month, with no additional fees or contracts.
Pros of DAVO
- Streamlines sales tax management
- Seamless POS integration
- Affordable pricing
- Easy setup and installation
- Mobile app for remote access
Cons of DAVO
- Limited accounting features beyond sales tax
- No inventory management or payroll features
- Not suitable for businesses with complex accounting needs
5. ZipBooks
ZipBooks is a cloud-based accounting software designed for small businesses, including restaurants. With its simple interface and comprehensive feature set, ZipBooks is an excellent option for restaurant owners looking for simple accounting software. Some unique features of ZipBooks include:
- Customizable invoicing and estimates
- Integration with popular POS systems and third-party apps
- Time tracking and project management
- Automated bank reconciliation
- Advanced financial reporting and analytics
Pricing
ZipBooks offers a free plan with basic accounting features and paid plans starting at $15 per month for the Smarter plan, which includes additional features like time tracking and unlimited users. The Sophisticated plan, priced at $35 per month, offers advanced features like custom reports and recurring billing.
Pros of ZipBooks
- User-friendly interface
- Free plan available
- Wide range of features and integrations
- Customizable invoicing and estimates
- Affordable pricing for paid plans
Cons of ZipBooks
- Limited restaurant-specific features
- Payroll features not included in base plans
- Customer support can be slow to respond
6. Plate IQ
Plate IQ is a specialized restaurant accounting system streamlining invoice processing and food cost management. With its robust feature set and industry-specific capabilities, Plate IQ is an excellent choice for restaurant owners looking to improve their accounting capabilities. Some unique features of Plate IQ include:
- Automated invoice processing and data extraction
- Food cost analytics and reporting
- Integration with popular POS systems and third-party apps
- Inventory management and tracking
- Customizable approval workflows for invoice processing
Pricing
The pricing plan of Plate IQ starts from $99.00 per month.
Pros of Plate IQ
- Specialized features for restaurant accounting
- Automated invoice processing and data extraction
- Food cost analytics and reporting
- Seamless POS integration
- Customizable approval workflows
Cons of Plate IQ
- No free trial or standard pricing plans are available
- Can be expensive for small businesses
- Limited features beyond invoice processing and food cost management
7. Food Service Ace
Food Service Ace is a comprehensive restaurant management software with accounting features tailored to the food service industry. Its powerful capabilities make it an excellent choice for restaurant owners looking to fulfill their accounting systems and improve restaurant operations. Some unique features of Food Service Ace include:
- Integration with popular POS systems
- Detailed financial reporting and analysis
- Inventory management and tracking
- Payroll processing and labor management
- Menu engineering and recipe costing
Pricing
Food Service Ace offers custom pricing based on your restaurant’s specific needs and requirements.
Pros of Food Service Ace
- Comprehensive restaurant management features
- Seamless POS integration
- Detailed financial reporting and analysis
- Inventory and payroll management capabilities
- Menu engineering and recipe costing tools
Cons of Food Service Ace
- Can be expensive for small businesses
- No free trial or standard pricing plans are available
- Steeper learning curve than some competitors
8. TouchBistro
TouchBistro is a popular POS system that also offers restaurant-specific accounting features. With its intuitive interface and powerful capabilities, TouchBistro is an excellent choice for restaurant owners looking for an integrated solution for their POS and accounting needs. Some unique features of TouchBistro include:
- Seamless POS and accounting integration
- Customizable financial reporting and analysis
- Inventory management and tracking
- Integration with popular third-party apps and services
- Mobile app for on-the-go access
Pricing
TouchBistro offers custom pricing starting from $69 per month. For 2 user licenses, it costs $129 per month, and $249 per month for up to $399.
Pros of TouchBistro
- Integrated POS and accounting solution
- Customizable financial reporting and analysis
- Seamless third-party integrations
- Mobile app for remote access
- User-friendly interface
Cons of TouchBistro
- Limited advanced accounting features
- Can be expensive for small businesses
- Primarily a POS system rather than a dedicated accounting software
What’s The Best Restaurant Accounting Software?
The best restaurant accounting software for your business depends on your specific needs, budget, and preferences. Each option listed above offers unique features and benefits, so it’s essential to carefully evaluate your requirements before deciding.
However, navigating the world of accounting software can be quite challenging, primarily when your expertise lies in creating mouthwatering dishes for your customers rather than crunching numbers. Like venturing into a new domain, mastering accounting software takes time and effort to understand and utilize its features effectively and fully.
As a passionate restaurateur, your primary focus should be delivering your patrons the best culinary experience. That’s where XOA Tax comes in to save the day. With our extensive experience working with numerous restaurants, we have successfully helped them achieve financial stability by:
- Eliminating confusion around sales tax across multiple third-party delivery platforms
- Implementing a systematic and streamlined chart of accounts
- Minimizing discrepancies and confusion with closing balances
Don’t let accounting complexities hold you back from serving the finest meals in town. Let our team of experts at XOA Tax handle your financial affairs, so you can concentrate on what you do best.
Take the first step towards hassle-free restaurant accounting by contacting us for a free consultation today. Discover how XOA Tax can help you elevate your restaurant business to new heights!
