New Release, New Look & New Outlook in 2021
New Look 👀
We’ve started off the year by redesigning the xtraCHEF website!
Take a look around for new pages, features, and ways to learn about our product and team.
Product Release 🎉
Our new website isn’t the only thing we’re excited about. It’s not even the best thing!
Earlier this year, we published a major release to our product – version 10 of our desktop application and version 4 of our mobile app (available on iOS & Android).
Our latest product releases include a number of new features and enhancements for our users. Below is a summary of what’s included in the latest version of xtraCHEF.
Actual vs. Theoretical Variance Reporting
Any restaurant that wants to truly optimize their cost-of-goods-sold knows how valuable knowing the variance between actual and theoretical food costs. Now, customers who use xtraCHEF for Inventory Management can integrate PMIX data from Toast to measure variances between actual and theoretical consumption at a product group level – accounting for purchases & waste.
Depleting Inventory Report*
What used to be virtually impossible to calculate is now done automatically.
The Depleting Inventory Report calculates how much inventory you should have on hand and how much you need to order to maintain par by comparing opening inventory plus purchases minus waste and product sold.
PMIX Margin Report*
The PMIX Margin Report allows Recipe Management users to see actual plate costs alongside sales mix data from the point-of-sale. It’s a powerful tool designed to provide insight into what each menu item’s profit margin/contribution margin is based on how it is sold, accounting for discounts, dining options, delivery fees, etc.
All xtraCHEF users can now add dining & delivery options to recipes in order to accurately calculate the recipe cost and related gross margins of a menu item depending on how that item is sold – dine-in vs. take-out vs. delivery.
We have also provided an option to add delivery fees to recipes to account for 3rd party delivery service fees when determining the the profitability, and perhaps price, of your menu items.
*Available to xtraCHEF customers that have integrated Toast and mapped PLUs/menu modifiers to recipes in xtraCHEF.
Enhancements for all xtraCHEF Users
In addition to the brand new features mentioned above, below are some notable enhancements applicable to all xtraCHEF users:
- Users can now re-process invoices at either Summary or Detail, irrespective of what has been set for that vendor. Approval or cost center invoices can now be reprocessed as well.
- Inventory Management users can now view a waste management report: detailed view to show the breakdown of waste
- QuickBooks Desktop users can now detect a duplicate bill if one was already created manually.
- Recipe Management uses can now configure par levels for prep recipes.
What’s in v4 of the xtraCHEF mobile app?
Our latest mobile app release includes some of the following highlights:
- An all-new Home Screen & xtraCASH Dashboard
- Now displaying the last scanned invoices on dashboard when tenant is not subscribed to xtraCASH
- Ability to access recipes and prep recipes on our mobile app
- Ability to rate and provide feedback on the app
- Added help text for icons in the Invoice Approval module
New Outlook for 2021 🔮
With the distribution of the COVID vaccines underway, we are incredibly hopeful that the restaurant industry is poised for a significant rebound in 2021.
We believe there is light at the end of the tunnel, and we’ll continue to support our customers every step of the way. If you missed our recent webinar on how restaurants can take advantage of both the PPP & the ERC, the recording is available upon request.
Our investors, led by MVP Capital alongside ValueStream Ventures and Laconia Capital Group, have invested additional funds to sustain the acceleration in growth that we experienced in 2020 despite the COVID pandemic.
“xtraCHEF has shown remarkable resiliency and material growth through the greatest disruption in the history of the restaurant industry,” said Rob Brown, Principal at MVP Capital. “We believe this is a testament to the value they provide their restaurant partners and the critical role that technology has played during the pandemic and will play in the industry going forward.”
We’ll use the additional funds to continue supporting our customers, our partners and several new product initiatives coming soon.
According to xtraCHEF CEO, Andy Schwartz, “Now more than ever, restaurants need affordable, easy-to-use tools to maximize every dollar that they earn.”
We’re looking to fill a number of open positions.
Check out our *brand new* xtraCHEF Careers page for more details.