why accounting is important

Managing a restaurant can be exciting for restaurant owners. In most cases restaurant owners enjoy associating with people and owners especially delight in seeing their patrons enjoying their freshly-cooked meal. However, being a restaurant owner isn’t all peaches and cream. Unfortunately there are a lot of behind-the-scenes tasks that many owners despise and thus avoid. One of these tasks is accounting. This article will outline why accounting is important for restaurants and it will list some of the popular restaurant accounting software packages.

In order to understand why accounting is important, restaurant managers must understand what accounting is. In a nutshell, accounting is the collecting and organizing of economic information that can be used to make decisions. Restaurant owners know that making decisions is important, even if they don’t value the arduous task of collecting information to make the decisions.

Knowing how much a plate costs or how well a specific branch is doing this month requires accounting information. It is true that some owners prefer to rely on instincts, but you can trust me in saying there is still plenty of room to use your instincts even after gathering information. You see, most successful people gather as much quality information as possible within a certain time frame. They realize that they will never be able to gather all of the important information, but they gather what they can within reason.

After they have some information, they are better informed, but they probably still won’t know the best decision. This is where they have to rely on their instincts and luck. Those restaurant managers who try to make decisions based purely on instincts and luck, often find that they are not as lucky as their counterparts who are gathering information. You will be lucky more often if you have done your homework before making a decision, and restaurant accounting software will help you with your homework.

Popular Accounting Software for Restaurants

PeachTree, QuickBooks, and Great Plains: It may seem odd to lump these all together, but at the end of the day thee packages are all similar in functionality and price. They are all well-known and have all received positive reviews.

Compeat: Compeat is a little different than the other restaurant software packages out there. This software is supposed to be a restaurant-wide solution. In other words, this should be the only piece of software you ever need in your restaurant. Pricey, yes. Cool, yes.

Clarity Accounting: Clarity is an interesting option for restaurants. It is a relatively new accounting software package so it probably shouldn’t be listed as “popular for restaurants.” That being said, it uses cloud computing which means that you can access your accounting information from anywhere on the world (it’s like checking email). Another advantage of clarity is it is only $10 a month.

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