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 integrate these systems?

An estimated 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.

The benefits of integration

Point of sale solutions track operations in your restaurant and can combine this with valuable financial data. At Pilot, we partner with Sage Pastel Accounting Software so our clients can enjoy the following benefits:

  • Updated vendor and customer information
    Pilot PoS seamlessly integrates with your Pastel 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.
  • Compliance
    Financial statements need to be an accurate reflection of the business’ profits and losses and also comply with legislation like IFRS. Built-in financial tools may lead to legal compliance issues, but specialist accounting software like Pastel has been designed to focus on compliance and keep books in balance.
  • Free up time
    Financial entries are automatically synced daily. The software also tracks every bill closed, vendor paid, discount given, void and return, and then accurately updates this on your accounting system. You spend less time performing tedious accounting tasks and have more time to improve your offering.
  • Simplify general ledger accounts
    You can have your ledger accounts managed automatically to optimise efficiency and accuracy. With Pilot you can instantly update sales, accounts payable, inventory purchases and returns; and this information is automatically updated on your accounting system. This minimises the likelihood of duplicate entries and makes financial records easily accessible and up-to-date for tax purposes.
  • Stay updated with tax duties
    PoS is vital for collecting and correlating financial data along with your accounting system. It records every transaction in your restaurant and automatically separates sales tax and allocates accurate credit amounts.This information is updated in real-time across these two platforms so your information is ready when it’s time to file taxes.

The seamless integration between Pilot PoS software and Sage accounting 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.