Restaurant365 is a complete restaurant management solution specializing in multi-unit restaurant businesses of all concepts full service, fast casual, quick serve, family dining, etc. We offer complete integration to your current point of sale and seamlessly pulls detailed data.
Restaurant365®, the world’s all-in-one, cloud-based, restaurant-specific accounting, back office and reporting solution will release a fully-integrated Accounts Payable (AP) automation solution built specifically to streamline restaurant invoice capture, approvals and payment processing.
Most restaurant companies have either a manual process for entering, approving and paying invoices, or resort to using multiple third-party systems to try to automate and record these elements of accounts payable management. Restaurant365 is the first and only company to provide complete AP Automation, built specifically for restaurants, in a single platform.
Capture Electronic invoices flow directly through Restaurant365 software, further streamlining the capture and entry of AP invoices and credit memos.Digital conversion is now available for all paper invoices, removing the need for manual data entry or use of a separate third-party service which requires maintenance of the integration and imports of invoice, vendor, item and general ledger accounts. Restaurant365 also is a single source document repository for all invoice and credit memo files, directly accessible from the system and corresponding financial transactions.
Approve Invoices can now be routed through a new workflow module. Customizable rules can be set up based on multiple variables. Multiple levels of escalating approvals can be configured to meet the individual needs of each Restaurant365 customer.
Pay Users will now able to create and send payments for automated delivery through the Restaurant365 platform, which is optimized to the highest industry-leading security standards. No more manual printing of checks or manual uploads of ACH files. The solution also allows multiple automated payment options, including check, automated clearing house (ACH), virtual card and other digital payment options. In addition, restaurants will be able to maximize rebates by moving AP spend onto single-use virtual cards. Because Restaurant365 is an accounting system automating payments, there is no need for separate exports and imports from other third party payment processors.
“We are proud to unveil the best AP automation solution built specifically for restaurants,” said John Moody, Co-Founder of Restaurant365. “We have solved the problem of separate systems riddled with integration hassles and manual or limited third party payment options. Now, through Restaurant365, true end-to-end AP automation for restaurants is a reality.”
A complete AP automation for restaurants, Restaurant365 now allows for all AP invoice capture, routing for approval and automated payments with the most flexible payment options available. AP automation and accounting now lives in a single platform and can be executed in just three easy steps.
Making sense of your restaurant technology options can be overwhelming and time-consuming. Last week, we joined forces with one of our integration partners, Upserve, to present a webinar on streamlining your restaurant operations.
If you’re feeling overwhelmed with options or are unsure of where to start, watch our webinar below to learn a simplified and streamlined approach to finding what works for you.
Inventory Management: Ordering and receiving with technology
Labor Management: Suggestive scheduling that streamlines labor and effective staff training tips
Guest Retention & Menu Insights: Retaining guests through menu insights and optimizations
Online Ordering: Streamline order fulfillment that’s effective for both guests and staff
It’s no secret restaurant technology has come a long way, even in the last five to 10 years. When you’re choosing the best restaurant management software for your business, there are things you should especially look for in those solutions. There are a number of options that exist and it’s important to choose the solution that will make your life easier and best suit your restaurant’s needs.
Be flexible with technology
Technology is constantly changing, and the restaurant industry is no different. Restaurants should be asking technology partners what their roadmap is, both short term and long term, and if there is an avenue to make customization or enhancement requests to keep up with the change of pace in the restaurant scene. Some technology vendors may only do one system update every 12 to 18 months. Although that was acceptable five or 10 years ago, restaurants should be asking how often they release new features and functions, and how those are prioritized. Updates and enhancements should be done on a regular basis (every few months at the most). There needs to be a strategy and a flexibility to add new features and functions to the system. Using modern coding technology allows new features to be implemented on a more regular basis.
Understand restaurant-specific accounting
One of the most overlooked aspects is when restaurant companies don’t consider the accounting of restaurant business to be unique – it’s different than a lot of other industries. From the way inventory is handled, to fiscal periods, to the way financial reports are shown and many other facets, there are nuances to the restaurant space. Most companies have used a generic accounting system, and at times even generic accounting help. The restaurant industry has a uniqueness to it, and while other companies get by with generic accounting and accountants, there is a whole area of optimization that can be done with restaurant-specific accounting technology.
Accounting is getting mired into double entry and/or mundane activities that don’t have an impact on the business. Some companies think to fix the problem by hiring more people and using QuickBooks to save money. Some believe the monthly cost is cheaper than other options, but they don’t account for hiring two to three times the amount of staff to get the same accounting throughout and financial reports that they could get using the right technology. Restaurant-specific accounting technology should be the first step, rather than trying to solve the problem with more labor.
View your restaurant’s data in an effective way
Typically for most restaurants, it’s a challenge to even attempt to harness a holistic view of all their data. Some restaurant groups have 10 to 15 (or more) systems in place to measure different aspects of their business. There are two solutions to this:
Extract, centralize and analyze. You can take the data out of each of the, say 15, systems, and centralize the all the information into a data warehouse or enterprise reporting solution. Some restaurant groups attempt this but managing 15 integrations of anything is not easy. Once centralized, using a strong reporting solution to provide actionable insights.
You could also look at 10 or 15 systems and think, do we really need that many? There are better tools available today than there were 10, five or even just one year ago. You should be able to take those 15 systems and get them down to just a few, maybe three core restaurant solutions. Look at those 15 systems and see what you can combine. An all-in-one solution can bring accounting, inventory and scheduling into an integrated platform, so you’ll have all the data you need to make the best decisions for your restaurant.
This is merely a snapshot of things to consider when you’re searching for a restaurant management solution, but it’s a great place to start. Seeking a software that has the ability to handle multiple aspects of your restaurant, including accounting, back office management and reporting, will prove to be the most beneficial for you.
Join us for the 2nd Largest foodservice show in the US showcasing the latest restaurant technology and trends! Stop by our Restaurant365 booth #1444 for a FREE demo of our complete restaurant management software.
Sunday, July 15 from 9:30 a.m. – 5:00 p.m.
Monday, July 16 from 9:30 a.m. to 4:00 p.m.
Address: Henry B. Gonzalez Convention Center – 900 East Market Street, San Antonio, TX 78205
Attendees and exhibitors can navigate the show with ease, stay on top of seminar schedules and quickly find vendors and services with the TRA Marketplace app, free of charge and currently available for download on iTunes or Google Play.
TRA Marketplace tickets are $45 for TRA members, and $55 for non-members. After July 11, all tickets, regardless of membership status, are $65 general admission at the door only. Tickets for non-exhibiting suppliers are $250 for TRA Members, and $500 for Non-members. For more information, to register or to become a sponsor, visit www.tramarketplace.com.