This press release was published in Fast Casual on October 2, 2018
Integration allows restaurant operators and managers to streamline Accounts Payable processing; delivers improved cost-analysis and expense-control tools
Compeat, the only fully integrated restaurant accounting, back office, workforce and intelligence management software, announced today a partnership with Plate IQ, a technology company that helps restaurants improve and automate their Accounts Payable (AP) processes. Beginning immediately, Compeat and Ctuit users can leverage Plate IQ’s full suite of Accounts Payable automation tools to help manage back-of-house accounting tasks including vendor invoice capture and processing. The interface works seamlessly with Compeat’s Accounting, Inventory, and Intelligence solutions, giving operators improved ability to track expenses, forecast food costs, and make menu price decisions.
“We know that vendor electronic integration and invoice digitization solve a significant problem for our customers and drastically reduces their labor costs. On average, our customers have seen a 10X return on investment (ROI) on labor costs with these types of solutions,” said Kristi Turner, CMO of Compeat. “We are proud to partner with Plate IQ to offer our joint customers a seamless interface with this new best-in-class technology.”
Plate IQ solutions are specifically designed to help restaurants optimize their operations, unlock actionable expense data and reduce costs. The company plans to announce integrations with other third-party platforms soon.
“One of the biggest challenges for restaurants deciding whether or not to adopt new technology is the question of whether—and how well—that technology will integrate with their current solutions,” said Bhavuk Kaul, CEO and Co-Founder of Plate IQ. “This partnership creates a solid technology stack that operators can use to run their back of house, to automate their invoice processing and accounts payable processes and gain real-time insights into their food costs, inventory levels, and more.”
“Plate IQ has allowed us to automate and streamline our entire back-end for accounting and inventory, alleviating many of the challenges associated with processing the dozens of deliveries we receive daily across our operating footprint,” said Luis Campuzano, CFO of Ciccio Restaurant Group. “Being able to import invoices directly into Compeat is a huge time-saver for our AP department compared to manually entering information and receipts.”
Compeat and Ctuit have combined to offer the most comprehensive and innovative all-in-one restaurant management software available for the restaurant industry. With over 34 years of industry experience, we are the largest provider of integrated accounting, back office, workforce and business intelligence solutions designed to improve profitability of restaurant operators nationwide. Our product portfolio includes Hire, Labor Management and Compliance, Schedule, Payroll, Accounting, Inventory, Recipes, Prep and Ordering, Logbook, Event Management, Intelligence, Manager and Employee Mobile Apps and third party integrations including over 70 Point of Sale partners. For more information, visit www.compeat.com and www.ctuit.com.
About Plate IQ
Based in San Francisco, Plate IQ is the leader in cloud-based AP automation tools for the restaurant industry. Plate IQ’s proprietary optical character recognition and machine learning technology fully eliminates manual data entry by accountants, helping restaurants optimize their operations, unlock actionable expense data and reduce costs – all through automation.
Plate IQ has scaled rapidly by focusing on building the best technology for end-users, giving them the ability to reconcile statements, providing auditors direct-view access, creating APIs to all other cloud-based platforms in play, and more.
Today, having processed more than $5 billion in invoices, Plate IQ works with some of the biggest names in the food and hospitality industries, including Jamba Juice, Union Square Hospitality and Thomas Keller Group. The company works with more than 5,000 restaurants in the U.S. and has doubled in size over the past 12 months. For more information, visit www.plateiq.com