Sound bookkeeping is the backbone of a thriving restaurant. Accurate financial data enables you to make better decisions about purchasing and labour and overhead costs, putting you on the front foot for growth – and most importantly – ensuring tax and financial compliance.

But with so many moving parts to manage and the fast-changing economic environment of the industry, seamless accounting can be a time-consuming and challenging undertaking.

Track your finances

Maintaining up-to-date financial statements is non-negotiable in the restaurant industry, where you’re likely processing fluctuating wages, tips and short-lived inventory. Financial statements help you to formally keep track of the business activities in your establishment and give you, your investors and advisors a holistic overview of your financial position.

There are three main financial statements that you should prepare periodically:

  • Income statement: An income statement presents revenue, expenses, summarises a restaurant’s finances over a stated period, and reveals whether it operated at a profit or loss for the period covered by the statement. This period may be one month but doesn’t exceed one year.
  • Balance sheet: A balance sheet details your restaurant’s assets, liabilities, and equity at a particular point in time. You can use your balance sheet to assess your current financial health and forecast your short-and long-term cash flows.
  • Cash flow statement: Tracking your daily activities of what cash is coming, going out and what you can expect gives you a realistic view of your financial health and helps to easily spot any activities that might be eating into your finances.

Automate your financial statements

Point of sale (PoS) software is central to a restaurant’s financial management and can update financial data in real-time, incorporating everything from sales to inventory. This saves time and decreases the risk of human error to help you meet the demanding financial requirements of running a compliant eatery.

Integrating your point of sale software with restaurant accounting software is a recipe for success that will help you to automate common bookkeeping tasks for faster, more accurate financial data capturing and reporting.

A seamless integration

At Pilot, we have integrated our powerful PoS with Sage Pastel Accounting Software to give you a financial planning advantage. You can easily gain a holistic view of your business and access empowering financial information to substantiate your business decisions.

Our seamless integration with one of South Africa’s leading accounting software solutions ensures that vendor and customer information is always up-to-date, your financial statements are compliant and you’re updated with tax duties. Our software automatically syncs your daily financial entries and tracks every bill closed, vendor paid, discount given, void and return, and then accurately updates this on your accounting system.

Pilot also simplifies your general ledger accounts by letting you instantly update sales, accounts payable, inventory purchases and returns, and this information is automatically updated on your accounting system, minimising the likelihood of duplicate entries.

Are you ready to amplify your operations with our powerful restaurant software solutions? Download our brochure to find out what Pilot can do for your establishment.

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