Best Accounting Software for Restaurants and Hotels

There are lots of reasons why hospitality businesses should use accounting software. Some of the benefits include:

• More streamlined financial processes
• Automating manual admin tasks to save time
• Greater insight into the numbers across your business

To name a few! Opting for the right accounting software enables you to improve your business performance.

For example, restaurant accounting software can help restaurant owners by making it much easier to manage cash flow as you buy stock. If you decide to adjust staff costs based on seasonal peaks, restaurant accounting software can simplify that as well.

Another example: Hotel accounting software can help you manage your budget more effectively. It can also enable you to keep track of profitability at different times of the year as your business performance, bookings and incoming cash levels change.

What are some common features of specialised accounting software for restaurants and hotels? See below how hospitality accounting software can help your business stay on top of your competition.

End-to-end connected hospitality systems

Integrating your finance function with other parts of your business means being able to easily access all data in one place. Work with a provider that has experience and a range of software such as HR, payroll, stock control  and inventory management, EPoS, etc., and you'll be able to connect your hospitality accounting software with other functions. You’ll reap benefits from productivity improvements too!

Cost and expense management

Revenue tracking and expense management tools can help you avoid mistakes and rekeying errors. It’s much quicker and easier to enter and track all the various costs to your business when you use intuitive software that has been designed with the specific needs of hospitality providers in mind.

Profit margin tracking

You’ll obviously want to ensure you maximise profits, especially when margins are tight (as they so often are in the hospitality sector). That’s why you must have access to accurate and timely data at a granular level. When you feel confident you can rely on the accuracy of your data and delve into the details, you can carry out analysis more easily. You'll also find new ways to save resources and encourage sustainable growth. Keeping track of cash flow also becomes simpler.

Full visibility of your management information

Say goodbye to endless hours trying to pull together accurate management reports or completing an annual audit. Your hospitality accounting software should allow you to access different reports and dashboard views instantly. By having key data along with valuable insights at your fingertips, you'll be more confident in your day-to-day decision-making.

What are some of the best accounting software for businesses in the hospitality industry?

Below are some accounting and financial management systems that will help you move from endless manual work and balance sheets to automated financial processes.

Access Financials

Designed to meet all the needs of medium to large hospitality businesses, our cloud-based hospitality accounting software includes a wide range of functionality and tools based on years of development with a range of clients across the hospitality sector.

Key features of Access accounting software for hospitality include a central data dashboard, automated procurement and purchasing processes and detailed reporting. An added advantage is that you can also integrate and connect this solution with other Access solutions for the hospitality sector, such as EPoS and, purchase to pay software.

The Access hospitality suite also includes software for bookings, CRM, HR, payroll and staff scheduling. This gives you even more opportunities to streamline operations, improve visibility and management control across your business, optimise profitability. With joined-up systems, you’ll also discover new ways to enhance service delivery and the customer experience.

Sage Intacct

This cloud-based solution is offered to a range of hospitality business operating and ownership structures. Core focus is on opportunities to automate financial processes and improve decision-making capabilities with accurate and timely data.

Key features include automation of core back office processes, ease of consolidation, including multi-site operations, multiple currency options, and improved visibility and speed of decision-making through accurate reporting.

Xero

Aimed at small business owners of cafes, bars, restaurants and hotels, the Xero dashboard and analytics solution is available via starter, standard and premium plans and is charged monthly.

Key features include quotes and invoicing, VAT, bank reconciliation, and varying levels of reporting options. A range of add-ons are also offered including payroll, expenses and enhanced analytics.

You’ll want to take a look at a range of potential options before making a decision. Consider different scenarios and choose the right hospitality software for your business.

As you do so, think beyond the functionality and tools included.

Take into account the size of your business, the number of potential users and the level of support your employees might need.

All of these elements will impact the overall cost. You can also find more information in this article How to choose hospitality accounting software.

Access Hospitality has transformed Dalata Hotel Group’s business control over everything they do, from driving best prices, consolidating suppliers and easily tracking costs.