Popeyes and Chick-fil-A have nearly the same number of US locations at 2,900 and 2,800, respectively, at the end of 2022, according to data from Technomics. Popeyes was about $5 billion, while Chick-fil-A’s was $18 billion, per Technomics. According to the Technomic 2023 Top 500 Chain Report, chicken sales rose 11% in 2022, and cumulative sales of the top chicken chains jumped from $27 billion in 2018 to about $44 billion in 2022. There are many resources available online and in your local community. Just take a few minutes to do some research and find what works best for you.

Once the invoices are processed, payments can be sent directly and securely through the same dashboard. AP automation is particularly important for growing restaurant companies that need to scale up operations without greatly increasing accounting overhead. Follow the steps in this guide and, when in doubt, contact restaurant bookkeeping professionals for advice as soon as a problem arises. Staying on top of your financial records and daily accounting allows you to grow and scale your business. The right tools and partners in place make it easier to focus on building great customer relationships to keep your restaurant running for years to come.

Chart of accounts

But before you get overwhelmed, let’s break down how to do payroll into a few key aspects. Run the financial side of your restaurant from the convenience of your phone, and automatically stay organized for tax time. Mileage is tracked automatically with the QuickBooks mobile app, Set it up in minutes, and you’re good to go.

• But, we go the next step and have our experienced team do several levels of reviews to help catch anything that the automated systems might miss.
• At the same time, purchases refer to the supplies you purchase in food and beverage orders.
• Restaurant bookkeeping with Toast and QBO is by far our most preferred setup.
• And if you hire full-time wait staff, you may also need to furnish benefits.
• Now on the next screen simply mark off your deposits and payments that cleared your bank on the statement until you show a difference of $0.

However, timely and accurate restaurant accounting is crucial to the success and growth of your restaurant. Our 3-step restaurant accounting system furnishes clear and correct daily financial reports, seamless payroll imports through QuickBooks and Tax-ready books. Get in touch with Restaurant Accounting and find out why our accounting system for restaurants is the leading choice for many of America’ss most popular establishments. We chose ZipBooks as our accounting software for restaurants with the best price because it offers a free option, which is great if you want to try it out or only need limited features. It also offers other affordable monthly plans, and some of them come with free trials.

Methodology

The information provided on this website does not constitute insurance advice. All content and materials are for general informational purposes only. Complete Insureon’s online application and contact one of our licensed insurance professionals to obtain advice for your specific business insurance needs. Running a restaurant isn’t cheap, and most restaurateurs will require a loan at some point. There are several types to choose from, including short-term, business line of credit, and equipment financing.

It offers a free option with limited features and paid plans that include more robust features. It can be used by owners with beginner-level accounting knowledge and those with a more advanced understanding of accounting. It can be integrated with your POS and bank and offers payroll services.

Record Sales Through Your POS Daily

With restaurant accounting software, you can create financial statements, like income statements, cash flow statements, and balance sheets. Which provides a snapshot of your restaurant’s financial health so you can make informed decisions about pricing and budgeting. Choose an accounting software to streamline your data entry tasks, create customized invoices, track your revenue, create regular profit and loss statements, and review your cash flow. The ideal restaurant accounting software for restaurants should offer robust reporting features, be easy to use and allow you to access data anytime, anywhere. Over 52% of restaurant owners reported that high operating and food costs are some of the biggest challenges they face in running restaurants.

You might also want to check with your CPA to make sure they are ok with this change. The other thing we love about Shogo is the ability to quickly and easily reconcile merchant service deposits. The Shogo journal entry allows you to reconcile your merchant service deposits so you can ensure you are getting all the money you are due. Once you have a sales summary you should set up a daily sales journal entry and create a memorized transaction in QuickBooks. In order to record the daily sales you will need to generate a report that summarizes your sales.

Restaurant accounting is a financial process that involves recording and organizing financial transactions related to running a restaurant. Practicing thorough restaurant accounting is crucial, but it can be overwhelming to think of managing your own books and records at first. To better understand restaurant bookkeeping, read these restaurant account tips and suggestions, and get on the way to being as successful as you imagined. A business strategy, organization, and the willpower to keep accurate accounting records are essential factors in determining whether or not your restaurant will get off the ground.