If you use Square POS, you can set up a fantastic automatic bookkeeping system. Square is a well-known POS system in the restaurant industry. It's ideal for quick-service restaurants, food trucks, ghost kitchens, and curbside pickup business models.
With the implementation of COVID-19, delivery/pickup options have become difficult for almost all restaurants. But, Square easily supports online ordering via your website, with delivery and pickup.
Most restaurant owners appear to find it relatively simple to set up Square and use it on a daily basis. However, most restaurant owners become frustrated and perplexed when it comes to developing a restaurant bookkeeping system. Regardless, many restaurant owners are turning to Square-powered POS systems, such as the InfiKIOSK.
Read on to explore how square provides exceptional bookkeeping service:
Why Square POS Is Beneficial for Bookkeeping?
Payment Protection
Disputes are an unfortunate reality in the hospitality industry. A customer contacts you or reports to their bank that they were incorrectly billed, or that they were hacked and fraudulent transactions were made. In any case, it's a headache you don't want to deal with when you're running a restaurant.
Square protects you from such payments and deals directly with banks, allowing you to focus on providing a quality experience to your customers. Their software encrypts customer payments and stores them securely on their servers, in accordance with Level 1 PCI Data Security Standards. Furthermore, they actively monitor for potential fraud so that you do not have to.
In simpler terms, it helps you with bookkeeping and business management.
Next-Day Deposits
Whether your company is just getting started or has been around for a while, cash flow is always an issue. Traditionally, funds from card transactions would be deposited into your checking account after 3 days or more.
Square, on the other hand, addressed this issue by depositing funds from non-cash transactions into your business checking account the next day. By maintaining a steady flow of funds, we can better stock our ingredients, pay our employees, and address important issues that arise unexpectedly.
Easy Bill Payments
Restaurant bookkeeping is indeed very difficult…
And paying the bills can be a major source of stress for many restaurant owners. To begin with, no one enjoys paying bills and seeing money disappear. However, if you want to run a successful restaurant, you should have good suppliers and keep them happy.
Square's Plate IQ, fortunately, simplifies accounts payable management and bill payment. Plate IQ will handle the rest after you upload your vendor invoices. They will GL code all invoices by item, import the coding into QuickBooks Online, and simplify electronic payments by requiring only a few clicks from you to approve the payment.
Payroll in Square
Payroll is the last thing you need to worry about to complete your Square bookkeeping system. Using Square's payroll services is a no-brainer because you already use them for everything else. And since your employees' time is already being tracked in Square, transferring that data to payroll processing is straightforward. Square handles the rest, providing full-service payroll, including tax filings and employee benefits.
Consider how much time you will waste if you find a cheaper option and have to manually switch payroll providers. Any savings will be consumed by your time, inefficiencies, and mistakes caused by outsourcing. We highly recommend Gusto if you decide to use an outside payroll provider.
Both Gusto and Square Payroll integrate with QuickBooks Online.
Financial Reporting and Forecasting
In addition to Square's eCommerce capabilities, business owners can choose from a plethora of third-party apps to help them run their operations. Other apps, such as Quickbooks and Postmates, can be loaded onto a Square POS system to help you balance your books or receive online delivery orders. Concurrently streamlining operations and expanding business.
Third-party apps can improve the customer experience; when combined with a self-service checkout experience, Square's capabilities create a streamlined experience for your customers, allowing them to incorporate your restaurant even more into their daily lives. They can have a more personalized experience with a Square self-service kiosk.
Try your hand at such a bookkeeping service…
Dealing with Cash
As with any restaurant, you'll need to devise a bookkeeping system for dealing with cash and cash deposits. We wouldn't accept cash if it were up to us, we’re pretty sure that we are the only ones in the world that refuse to accept cash or checks.
Why? It creates additional work. When you accept cash, you must deposit it in a bank and properly account for it. It only wastes time and leaves room for errors. We would rather pay the transaction fee than deal with cash. But we’re digressing... we’re sure you're not going to stop taking cash. So, how do you handle cash?
You must, like anything else, create a system. Matching cash deposits is similar to matching merchant service deposits. As a result, you must track the movement of money to the bank. We’ve seen clients manage their finances in a variety of ways. We recommend that cash deposits made into the bank match the cash received line item in the Square sales report.
Some business owners prefer to deposit each day's sales into the bank separately, which works fine. Others will combine several days' worth of cash deposits into one large deposit, which also works well.
Whatever method you use to account for cash, your bank deposits must match the cash received in your Square reporting – leading to accurate bookkeeping and management.
Ecommerce
COVID-19 prompted consumers worldwide to seek out delivery and takeout options when dining out. And streamlining online ordering can be difficult for restaurant owners. Square, on the other hand, provides solutions that make it simple to integrate online ordering capabilities into your existing infrastructure. Imagine automating your process so that online orders are counted alongside in-person transactions by your POS system; Square makes this entirely possible.
That means that with a Square-powered self-service kiosk, you can benefit not only from the in-house efficiencies that a POS system like InfiKIOSK creates but also when your customers connect from a distance. INFINET also assists its partners in combining the benefits of an InfiKIOSK Square self-service kiosk with online ordering via restaurant mobile apps.
Conclusion
Promoting your restaurant's activities, such as new menu items, events, and promotions, is critical to the success of your marketing strategies. But how do we reach out to customers who aren't in the store?
Square stores a customer's contact information in a customer directory with every purchase they make. There, you can add additional contact information or notes for your customers, such as birthdays. Use this information to promote your restaurant and, more importantly, to create a more personalized experience for your customers through deeper connections. Other than this, it makes your bookkeeping process easier and more reliable. Not just this, but it would provide you the results that would be error-free.
So, if you are looking for a team to help you with bookkeeping services, get in touch with Aberny.
