Are you still managing POS and financial accounts with two different pieces of software? It’s time to upgrade to FusionResto. It comes with integrated financial accounting that manages your books easily and accurately, the modern way. Your chartered accountant also loves it!
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 and expenditure, receipts and payments, assets and liabilities, profits and losses. 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 payments are recorded in real time. It also helps you record and control expenses, purchase, inventory management, incentives, salary and payroll in a centralized accounting system.
With FusionResto, you can create virtually unlimited user defined voucher types. These voucher types ease your operations, and offer a more secure and accurate accounting framework. You can also clone voucher types and assign it to different users or user groups or business locations of your company network.
A ledger account contains a record of business transactions. It is a separate record within the general ledger that is assigned to a specific asset, liability, equity, revenue, or expense type. Ledger account helps to prepare a trial balance in order to check the arithmetical accuracy of the recording of the financial transactions of the business. Ledger account helps to prepare a profit and loss account so as to ascertain the profit or loss of the business. After entries are posted to the journal, FusionResto accounting system transfers the information to the ledger, which then is used to produce your income statements and balance sheets. This means that preparing a general ledger can also help you keep tabs on profits, losses and the overall financial health of your business
A Voucher is a document that contains details of a financial transaction. For every transaction, you can use an appropriate voucher to enter the details into the ledgers and update the financial position of the company. FusionResto comes with integrated accounts hence all sales, purchases and returns data are pulled from POS and posted into respective ledger. Users can feed in receipt, payment, journal and contra vouchers to complete the financial books of entries. The voucher system allows you to properly control the disbursements. The use of vouchers facilitates internal control as there is emphasis on the segregation of duties and division of authority, proper documentation, transaction authorization and limiting access to cash
Bills receivable better known as Accounts Receivable is amounts due on credit sales to customers. You bill to the company or individual and send the invoice and extend the number of credit days to pay back. Bills payable better known as Accounts Payable is the other side of accounts receivable. Its amount is what you owe on credit purchases from vendors. FusionResto simplifies the process of receivable includes direct billing, invoicing, outstanding account aging and bill-wise payment. It also provides payment reminder letters and account confirmation statements.
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 cheques to the bank, updating credit card entries in the bank account and reconciliation of bank statements with the bank book. FusionResto helps you to easily maintain up-to-date cash and reconcile bank books. It also helps in auto-posting of credit card charges making your reconciliation smooth.
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 create and setup necessary taxes to run the business. It pulls data from POS and prepares necessary tax returns that need to be submitted with government or other legal organizations. GST returns and reports covered by FusionResto are Outward Supply (B2B), Outward Supply (B2C), Summary of Outward Supplies, Inward Supply, Summary of Inward Supplies and GST Return. It also generates e-Way bill and e-Invoice directly from the government portal and gives BQR code for B2B and B2C billing.
FusionResto provides key performance indicators 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. One of the highlights of Ratio Analysis by FusionResto is its integrated business operations. Due to this, it also presents store key values such as staff, area, customers, margin, markup and total expenses. Along with this it also presents outlet productivity matrix such as stock turn, stock productivity, staff productivity, space productivity, ticket size and items per receipt.
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.
Since budgeting allows you to create a spending plan for your money, it ensures that you will always have enough money for the things you need and the things that are important to you. Following a budget or a spending plan will also keep you out of debt. FusionResto offers a unique method to budget each ledger periodically and review and compare the same at the end.
Yes, you can use Tally for accounting. We push financial voucher data to Tally. All you need is a valid Tally license. You can export data to Tally in both online and offline mode.
Yes, you can manage multiple companies in one software.
RanceLab has a comprehensive accounting module is very much similar to Tally with all functionality such as ledger, groups, cost center, day books, bank book, bank reconciliation statement, GST forms, eInvoice, eWay Bills, QR Code, receivables, payables trial balance, profit and loss account and balance sheet.
No, if you are using this software, you do not need any separate software to manage your accounts.
You can export your accounting data to tally and send the backup to CA, if you don’t have tally, send the xml file to your CA he can import in Tally.
