Managing your restaurant’s accounts can be a hassle that often diverts your valuable time and energy from other aspects of your business. This is especially true if you run a national or international franchise and have multiple restaurants to look after. With the help of accounting software, transactions will be recorded consistently and in a timely manner while financial information will be stored for use by decision makers and compliance authorities. Some software also promises to improve your restaurant’s service through accurate invoices, timely order status updates, and better cash management. Unfortunately, having accounting software only won’t give you a better idea of your current financial position.

The following are just some of many benefits you’re missing out on by depending solely on your accounting system.

Making Strategic Decisions

Traditional accounting software will only give you an idea about your cash flow. However, your restaurant needs more data to make better decisions. For instance, while analyzing your menu, you need to categorize items depending on their popularity as well as their profitability. Some

Traditional Business Accounting Software

profitable dishes may not be necessarily popular whereas the most in-demand items on your menu may not reel in profits. By complementing your accounting program with business intelligence solutions, you can generate reports to identify where your business’ profits lie and cut your expenses.

Improving Your Restaurant’s Supply Chain

Having thorough reports in hand and being able to identify profitable elements of your business will make your supply chain more efficient. For example, in addition to learning which ingredients you should stock up to meet popular demand, you’ll be able to avoid wasting ingredients used for unpopula

r and unprofitable items. This, in turn, makes your restaurant both socially and environmentally responsible.

Detecting and Correcting Issues Promptly

Most restaurants don’t use accounting software on a daily basis because they have other aspects to work on, such as creating marketing materials and finding new ways to bring clients through their doors. And accounting software information tracks activities that happened in the past; it can’t help you to be proactive. This can make your establishment susceptible to theft. On the other hand, adding an inventory management module that is designed especially for the restaurant industry will track food expenses and transfers in real time, reducing the risk of foul play.

Forecasting Future Performance

One of the important aspects of business management is making predictions about performance, especially that of your employees. Happy, efficient workers will generate more revenue for your restaurant simply because their customer service will be exemplary. However, numbers alone won’t help you gauge the satisfaction and efficiency of your labor, which is why you need more than your accounting program.

There’s much more that can be added to this list, but you probably understand now why only having an accounting system won’t be of much value for your business. However, you’re in luck because all you need to complement your accounting software is our innovative system Altametrics Enterprise Office.

The choice of many restaurant chains include Chipotle and Abuelo’s, Altametrics Enterprise Office can be easily integrated in your accounting program to provide business intelligence tools such as key performance indicator metrics, data warehousing, ad hoc query analysis and much more. The software also has modules for supply chain management, inventory management, and forecasting. As a result, you’ll get to know more about your business and find out how you can maximize profits. To further ensure that your restaurant is operating efficiently and generating more profit, the workforce management module ensures that you hire the best labor and manage them effectively to generate more revenue and increase your profit margin.