The F&B industry faces many challenges in its operations, including high staff turnover rate, thin margins and inventory management. As a result, many restaurants are not able to last. It is extremely important for business owners in the F&B industry to manage cashflow wisely. Luckily, this can be done with an accounting software that caters to the needs of restaurants. Here are a few features that can benefit F&B businesses.
- Able to integrate with POS system
A POS system helps you to handle all cash and card payments on the frontend and is able to generate useful reports for sales prediction and business planning. By having it integrated with your accounting software, you will be able to input daily earnings in your accounting system and it tracks your daily cost and revenue. Data can be synced automatically to reduce manual work required.
- Inventory management
It is rather tricky to manage a restaurant’s inventory as most items are perishable. It is costly for the business if ingredients are gone to waste as it is not sold as quickly as predicted. Therefore, accounting software for F&B should be able to generate detailed reports of inventory level and sales so that business owners are able to plan deliveries accordingly. It ensures minimum surplus and that supplies are able to meet demands
It can be taxing to look at rows and rows of numbers every day, trying to track sales and identify. With a dashboard, data are presented in an easy to digest format, which is essentially timesaving. Customise your dashboard so all the information you need is right at your fingertips.