Are you still managing POS and financial accounts with two different pieces of software? Are you still using spreadsheets for your day-end collection reports? It’s time to upgrade to FusionResto. It comes with integrated financial accounting that manages your books easily and accurately, the modern way. Restaurant back office accounting is a complex task as there are financial and taxation implications for each transaction.
An operational restaurant generates tremendous data linked to multiple activities. The management, tax authority, business auditors and investors need to know the financial status of a restaurant in terms of income, expenditure, assets, liabilities and profits. FusionResto, is one of a very few POS software that comes with an integrated real-time multi-user accounting system. It provides processed feedback to management to evaluate performance and take necessary actions. It helps to maintain good accounting processes to hand away responsibilities from one to another, one generation to another.
The POS transaction posting, advances and payment are recorded in real time. It also helps you record and control expenses, purchase, inventory management and payroll in a centralized accounting system.
Restaurant often need to deal with company billing. It is important to collect the payment from them on time and accurately. FusionResto accounts receivable includes direct billing, invoicing, outstanding account aging and bill-wise payment. It also provides payment reminder letters and account confirmation statements.
With FusionResto POS billing along with related receipts are instantly recorded in the revenue system. It removes the need of recording the sale activities again in the accounting system. It also allows you to record expenditure and journal entries, such as depreciation, to get a clear picture of financial status.
Many savvy restaurant owners know that solvency is equally as critical for a restaurant as profitability. Guests may make payment against sale of products using various methods such as cash, credit card or cheque. This results in many back office activities, such as depositing the cash and cheque to bank, updating credit card entries in bank account and reconciliation of bank statement with bank book. FusionResto helps you to easily maintain up-to-date cash book and reconciled bank book.
The back-office accounting is also responsible for preparing the budgets, department-wise income-and-expense statement and cost center based voucher entry. FusionResto accounting helps you with up-to-date trial balance, P&L and balance sheets.
FusionResto helps you prepare the tax returns that need to be submitted with government or other legal organizations.
FusionResto provides key performance indicator related to principal groups, principal ratios and payment performance of sundry debtors. It also helps you to know return on investment and return on working capital, along with interesting insights, such as comparison of operating cost with respect to total revenue.
Since the restaurant operations generate tremendous accounting data, it needs to be properly audited to ensure integrity and accuracy. FusionResto helps auditors to review each transaction and lock it with their comments.