Compeat and xtraCHEF Announce Strategic Partnership to Provide Streamlined AP Processing and Cost Analytics to Restaurants
Compeat – one of the world’s most foremost software technology providers for the restaurant and hospitality industry and xtraCHEF, the software company at the intersection of invoice capture and process automation, today announced a strategic partnership.
The partnership will combine Compeat’s expertise in business software solutions for the hospitality industry with xtraCHEF’s leading restaurant invoice platform to deliver real time inventory and cost of goods management data, analytics and reporting to Chefs, Accountants and Restaurant Owners.
“The newly formed partnership will benefit restaurants and hospitality groups throughout the nation via a seamless API Level connection between the two partners. Restaurants will have a real time view of all outstanding invoices and the manual invoice entry process will be eliminated,” Bhavik Patel CTO of xtraCHEF
The availability of a direct data connection between Compeat and Xtrachef software, allows companies to quickly optimize real time profit loss reporting, accounts payable, and menu price decisions. Additionally, clients benefit from a robust document management platform, automated invoice approval queue and image archiving of all documentation easily accessed between both platforms.
“It is important that our customers continue to get world-class service and products from our partners. We looked at a number of companies and xtraChef came up, time and time again, as the leader in this space,” said Hemant Challapally, VP Strategy and Business Development at Compeat.
“From a partnership perspective this made perfect sense to me as we are a great platform to help drive ease of use for their Inventory and AP Solutions. In this case xtraCHEF acts as a multivendor EDI file for their system. Zero complications for restaurants because our product is vendor agnostic. You can scan in all invoices including food, alcohol and non-food such as linens, services etc.,” Andy Schwartz, Founder of xtraCHEF
XtraChef is a mobile, subscription-based application that captures, digitizes, maps, and auto-codes vendor invoices and purchase inventory in real-time. Extraction technology reads an invoice image line-by-line, warehouses it in the Cloud, and provides timely and accurate reporting that allows restaurants to gain transparency in their workflow and to have a firm grasp on their daily spending across multiple outlets from a simple and easy to use platform. XtraChef lets you control your kitchen’s operations from the palm of your hand. We are the inexpensive and disruptive tool you have been waiting for. It’s that simple. http://www.xtrachef.com
Founded in 2000, Compeat offers innovative cloud-based restaurant management and accounting software that leverages technology to increase control, reduce costs, enhance insight and improve efficiency for restaurant operators. Compeat’s full end-to-end comprehensive solutions portfolio includes Compeat Hire, Labor, Schedule, Payroll, Accounting and Inventory, all fully integrated and designed in-house. For more information, visit http://www.compeat.com.