Cloud accounting is allowing more and more businesses operating in the hospitality sector to reduce costs and make better business decisions through access to real-time data and reports that can be analysed and turned into actionable insights.
Reducing your costs
Through the implementation of cloud software, businesses can significantly cut costs. Cloud software is considerably cheaper than its hardware counterparts, allowing for investment in other areas of a business.
There’s also a reduction in staff costs by moving away from the manual processing of invoices. The software recognises scans/ photos of purchase invoices which is a major advantage to the restaurant trade that often sees a large volume of invoices requiring processing.
More responsive than ever
A key driver for industry professionals converting to the cloud is the software’s ability to allow them to be more responsive and reactive. The software collects valuable data that enables users to make better business decisions. Users can almost instantly see what’s selling well along with margins made on product lines.
Businesses can respond to new opportunities quickly as software can be accessed from anywhere with an internet connection. This is particularly useful to businesses operating with the hospitality sector, as it allows them to speed up the process and reduce the cost of introducing new menus and opening up new locations.
Tailor your package
An additional advantage is that the cloud accounting solution a business chooses can be completely tailored to them and their needs. Just like with a mobile phone, cloud accounting packages can be tailored by ‘bolting on’ numerous different apps. This brings together POS, rota and payroll systems that all communicate with one another reducing time spent re-keying information potentially saving hours.
Ultimately, if you want to provide a better service to your customers while reducing staff turnover cloud accounting may be the solution for you.