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What Is Restaurant Management Software? And How Is It Better Than Excel?

If you utilize spreadsheets to manage your restaurant’s inventory, record financial information manage and organize shifts of employees, manage the cost of...

avatar Written by Ankit Dhamsaniya · 3 min read >
Restaurant Management Software

If you utilize spreadsheets to manage your restaurant’s inventory, record financial information manage and organize shifts of employees, manage the cost of operations, and create elaborate reports, then you are aware of how tedious and difficult it can be. Are there better options?

Spreadsheets steal your time

Spreadsheets require hours of planning and completion. Based on research conducted by Ventana employees usually work for 12 hours per month adjusting, updating, and combining spreadsheets. Additionally, spreadsheets only provide the raw data. They don’t emphasize or analyze anything. Thus, every time you want to analyze data, it could take many hours. Also, the more information you have the longer it will take required to process and analyze it.

Excel’s strength is not security

When using spreadsheets, your information could be susceptible to security issues. Although Excel includes built-in data security tools, including security measures for passwords as well as hidden spreadsheets, the options are easily manipulated.

Reporting can be painful

Most often, data is sourced from many sources, which is why it will require a significant amount of manual effort to gather data, analyze, and translate the data in order to create a report. There isn’t anything automated other than calculations. Thus, it could take hours to make one report.

Spreadsheets aren’t easy to scale.

Spreadsheets are slow and hard to expand, particularly when the document grows and you’re putting data into the same document. Another issue arises when you break down data into smaller documents. These files then become difficult to process and manage; Additionally, some data may be lost or even misplaced and lead to inaccurate calculations.

Errors, errors, and more.

  • Spreadsheets are susceptible to mistakes. As per Pay Panko, a professor of management of IT at the University Hawai’i approximately 90 percent of the spreadsheets are prone to errors that are at least one percent of formulas. Forbes states the majority of spreadsheets contain at the very least one error, which includes spelling mistakes, formatting errors, and inaccurate calculations.
  • Sometimes, tiny mistakes could cost millions of dollars to correct. Consider Barclays the British service company and investment bank as an instance. In 2008 a Barclays employee hid cells that contained unneeded contracts, instead of eliminating the cells. But when the spreadsheet was converted into PDF format the data hidden became apparent, leading to the creation of ineffective contracts. Another example was at 2012’s Summer Olympics. A person responsible for entering and managing the data on tickets made a mistake and hit 2 instead of 1, indicating the number of tickets remaining in lieu of the 10,000. This led to 10,000 additional tickets being sold by accident.

You can’t get historical data

With spreadsheets, you won’t have historical data that is a crucial element in financial forecasting. Additionally, you don’t observe data in real-time and aren’t able to see the full image of what’s going on to make data-driven decisions.

Collaboration within Excel Excel files is not as easy.

  • In the event that your establishment has an accounting team that oversees multiple locations, or multiple departments sharing important information through spreadsheets, you’ll probably encounter a collaboration problem. This is due to the fact that Excel is designed for individual users and is not intended to be a tool for collaboration.
  • The issues are many however, there’s a solution to tackle these challenges! Through restaurant management software.

What is a restaurant management system?

By using restaurant management software it is possible to:

  • Manage and monitor the status of your stock in real-time
  • Control costs for food items
  • Reduce the amount of food wasted and loss of inventory
  • Reduce outages and avoid human errors
  • Eliminate paper
  • Receive data in real-time and make fast data-driven choices
  • Manage employees effectively
  • Learn about your daily activities as well as your financial performance

Things to think about when you design managing your restaurant

There are a variety of functions that you can incorporate into your restaurant management software. The functionality you select should be based on the specific tasks you’d like to automate through the software.

Management of inventory

This is among the most essential and vital features for restaurants. A management system for inventory will save you and your staff plenty of time, by automating processes like taking inventory and calculating the cost of menus, controlling your food supply chain. The module also provides you with information on the products that are least profitable and the most profitable.

Management of employees

  • Are your workflows getting chaotic? Are the schedules of your employees becoming impossible? If so, think about adding a management module for employees to your management software! In this way you’ll be able:
  • Create work schedules
  • Track employees’ time
  • Control sick and vacation days
  • Go paperless

Accounting

  • Revenue is in constant balance with expenses (including the cost of operating and payroll). The Accounting management software should handle everything. Think about adding features like:
  • Cost records Learn about your costs for raw materials, labor, and even operations.
  • Payroll – Control your employees’ wages and deductions.
  • Statements of revenue — Understand the restaurant’s profit and loss over time.

Analytics and reports

In order to increase the productivity of your restaurant and profit, you require analytics. Analytics and reports will give you precise and complete knowledge of your financials and performance as well as everyday activities to help you make informed decisions that will propel your business ahead.

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Written by Ankit Dhamsaniya
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3 Replies to “What Is Restaurant Management Software? And How Is It Better Than Excel?”

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