By Regi Publico
Managing a bar/restaurant is tough work. There are so many factors to worry about in every aspect that it can get overwhelming. Thankfully, technology has evolved to mitigate all that work. Sure, there are obvious advancements such as online websites and social media. However, what about your budget?
Bars/restaurants are one of the hardest types of business to do accounting for. From managing inventory to utility costs, there are many things to keep track of. Thankfully, there are a lot of apps that can help you manage all those numbers. Take a look and decide which ones are best suited for you.
Excel/Google Sheets
Spreadsheet apps are a fantastic tool for managing your budget. Whether you use Excel, Google Sheets, or a whole host of other alternatives, spreadsheets provide most of what you need for basic budgeting. There are a plethora of functions and ways to categorize your expenses and revenue.
However, the downside to spreadsheets is that they get a bit complicated. It’s not immediately intuitive. You need to spend a good amount of time learning all of the intricacies to make use of their full potential. Of course, since Google Sheets (and some versions of Excel) are free, time is of no consequence. Only your patience.
Mint
Mint is one of the industry standards when it comes to budgeting for business. It has an excellent mobile app with a user-friendly interface. It offers features such as expense tracking, loan management, and even free updates for your credit score. The app is scalable and easily fits with the growth of your business. As far as easy finance management goes, Mint is one of the best.
The app also gives you alerts when you go over budget, something that isn’t immediately noticeable in other apps. Mint is free to use, so even small businesses can make good use of its many features. A downside, however, is that being free means server issues may happen from time to time. In addition, there are infrequent but noticeable in-app advertisements.
Marcus Insights
Marcus Insights is a free app that acts as a sort of central hub for all of your financials. Once you have connected all of your financials, Marcus Insights consequently analyzes it for your benefit. From there, you will learn your restaurant’s spending habits through graphs and relevant notes. Despite being from Goldman Sachs, the app is compatible with all financial accounts.
It’s fantastic for giving a good overview of your business plan. However, there are a few downsides. It takes a bit of time to get used to and is more of an informative tool than a management one. In addition, its Android app has been known to have glitches and lack some features. However, for those with an iPhone, it’s one of the best budgeting apps on the market.
Goodbudget
A solid generalist budgeting app with a more utilitarian approach to budgeting. It includes a ton of features such as utility expense, inventory, and food costing, as well as cloud support. There are also dozens of tools such as bank wallets and loan management tabs to help you out in budgeting. It’s capable of being synced across multiple devices too, so you can check it on your phone or your app.
A downside, however, is that it doesn’t have a demo for its paid version. You will have to do research about the features of the paid version and see if it works for you. Thankfully, the free app is still pretty feature-heavy, but as the business grows, you might find yourself wanting those extra features.
Simple Loan Calculator
Simple Loan Calculator is exactly what it says on the tin—it specializes in handling small-business loans for business owners. Bars/restaurants, at some point, are going to have to put down a loan for something. This app helps keep track of how close you are to paying for it. It’s also on mobile, so it’s very helpful on the go.
This app is free and very easy to use. The only downside is that it doesn’t provide any charts, so you’ll have to parse out the info yourself. However, considering how resource-light it is and being free, it should be more than enough. Small businesses will benefit greatly from this app.
Venmo
Venmo is beneficial for emergencies and general money transactions. More and more people are using Venmo over physical cash nowadays. It’s also much faster than most bank apps, with no fees, making it a fantastic resource for managing a bar.
There aren’t any downsides to having Venmo on your side. It tracks all payments made and senders can note what items they paid for. It makes upkeep much more accessible. If you haven’t, Venmo is a fantastic tool for your small business. It works well in conjunction with other apps too.
