Contributed by our partner, PlateIQ
You can’t turn a corner in the restaurant industry these days without hearing about different technological innovations. You hear about robots in the kitchens, and online ordering platforms every time you start a simple google search. But what about the things that actually keep people in the restaurant, dealing face to face with customers, as opposed to locked away in a filing cabinet filled office? Automation in the back of house is a hidden gem of restaurant technology solutions.
Sign up here for a free webinar on July 10th at noon to learn how PlateIQ seamlessly integrates with Compeat Advantage to save you time and money.
With Accounting softwares and Accounts Payable Automation, the manual headaches (and papercuts) involved in the accounting process are nearly completely eliminated. This means a lot for the restaurant industry, when more often than not owner-operators are spending increasing amounts of time logging in daily purchases to their accounting software, or even paying outside accountants to handle it themselves. While some studies are seeing increases of up to 10% in the sheer volume of invoices being received, this becomes a factor of time and money that restaurateurs simply can’t afford.
Automation Solutions are being utilized by those interested in maintaining actionable insights into their food costing, which generally accounts for 28-35% of their bottom line. Realistically, food costing is a worry for everyone in the industry. Meanwhile, an average of 60% of small business owners don’t even feel comfortably knowledgeable in finance or accounting. Which makes sense- they didn’t open restaurants due to their love of crunching numbers. Finding an automation solution that integrates with your accounting and inventory platform is the easiest way to mitigate these worries.
Certain AP Automation tools allow the operators to be notified the moment that a price is increased, instead of having to wait for the accountant to close out the books and then search for discrepancies. Imagine owning multiple locations and being able to see if the vendor you use for all of these different restaurants are charging you higher prices at one location versus another. This is one of the few insights that technology can give an otherwise stagnant aspect of the restaurant industry.
Time is a major contributing factor to the anguish invoice management gives everyone involved. If you’re handling this workflow internally, it can save you cost in labor as well. While the ways of the past include acting as a forensic accountant and increasing payroll at the same time, businesses that are utilizing automation and cloud based accounting are seeing a decrease in labor costs of up to 50%. And this is strictly speaking of the monetary aspect.
In the base idea of time, we can look at the time spent daily or weekly in the office, typing invoices into the computer. In any capacity this will be higher than the time it takes to, say, snap a picture of an invoice and have it automatically upload to the cloud, with all of the data already extracted. That includes handwritten or hand adjusted invoice, which can include up to 30% of invoices received at any single location. In a more micro scale, there are some utilizers of automation that have been able to close their monthly books four days sooner than they were when using a full Accounts Payable team.
Time and Money are the driving factors in most pain points across multiple industries, but none seem to resonate as much as they do within restaurants. As we all know, the margins within operating restaurant locations are incredibly tight, so stop wasting time and money on manual data entry. Eliminate that chore and save time with Plate IQ. Upload invoices from your vendors and we’ll automatically extract the data down to the line item then push that information into Compeat to reconcile deliveries and update item costs and quantities on-hand.
Sign up here to join us for a free webinar on July 10th at noon to learn how PlateIQ seamlessly integrates with Compeat Advantage to save you time and money.