I run finances for a few restaurant clients who use Square for payments and are looking at Square Checking and Savings for their business accounts.
Right now, deposits and fees come through Square, but the owners still can't easily see where the money is going. Daily sales look fine, but profit at the end of the month is lower than expected.
What I'm trying to set up:
1. Separate accounts for operating cash, tax reserves, and payroll.
2. Clean syncing of Square transactions into QuickBooks or Xero.
3. Weekly visibility into food cost %, labor %, and cash position instead of waiting for month-end.
Questions for the community:
- How do you organize Square Checking and Savings for a restaurant (for example, one account for payroll and another for taxes)?
- What is the best way to reconcile Square deposits and processing fees in QuickBooks or Xero?
- Do you track prime cost and budget vs. actual weekly? If so, with spreadsheets or a dedicated tool?
- I came across KYN (https://kynusa.com/), which sits on top of QuickBooks, Xero, and NetSuite for restaurant financial reporting. Has anyone used something like it alongside Square?
Thanks for any tips or setups that have worked for you.
