Financial planning plays a major role in any restaurant. Your finances are one of your most valuable resources and how you manage them affects the growth and success of your establishment. But this isn’t the only reason why careful financial planning is crucial. As an owner, you need to keep a finger on the pulse of your restaurant.
Do you know where you could be saving money? Do you know where you could be making money? Can you gain a holistic view of your finances with ease? If you can’t answer “yes” to any of these questions, it’s time you considered integrating your financial planning accounting software with your POS system.
Why you should integrate?
Around 82% of businesses fail because of cash flow problems. This isn’t just about money it also includes the time it takes to manage finances, and these time-consuming financial tasks collectively account for up to three weeks of full time work a year. Your POS system is central to your restaurant and can update financial data in real-time, incorporating everything from sales to inventory. This saves time and decreases the risk of human error.
So here are just a few reasons successful businesses integrate accounting systems with their POS solutions.
1) Streamline bookkeeping and accounting operations
Anyone who works in multiple systems knows what a headache it is to enter data twice. Accounting integrations allow you to sync data such as sales, time sheets, inventory, and more. These metrics flow seamlessly from your POS to your accounting package, freeing you from manually sifting through documents or worrying about the “human error” factor during data entry. Enjoy the peace of mind that your data will accurately and automatically sync between your POS and accounting package.
2) Updated vendor and customer information
Your POS will seamlessly integrate with your accounting software so that changes to vendor and customer data is saved across both platforms. It also decreases chances of billing errors because creditors’ info is always automatically up-to-date.
3) Save time with automation
Efficiency is key to a successful business. Manage all your data through your POS and let your accounting integration do the magic for you. Automation will give you accurate data and product information at your fingertips, saving you time and energy for other areas of your business.
4) Updated vendor and customer information
Your POS seamlessly integrates with your accounting software so that changes to vendor and customer data is saved across both platforms. It also decreases chances of billing errors because creditors’ info is always automatically up-to-date.
5) Better manage employee time
Configure your employee time management process so that payroll data loads directly into your accounting software. You’ll be able to more closely monitor when employees clock in and clock out and identify times when you can optimize your labor for additional cost savings.
The seamless integration between your POS system and accounting software gives you an advantage when it comes to your financial planning. You can easily gain a holistic view of your business, and have empowering financial information to substantiate your business decisions. More and more restaurants are turning to technology to help streamline operations.
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See you next week!
Your devoted hostess,