It’s Time for Restaurants to Harness Invoice Processing Automation
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There are few hard, fast truths in the restaurant industry these days.
One truth holding strong is that you have to spend money to make money—but what if you could spend less money to make the same amount…or even more.
We believe you work too hard to not maximize the return on your Cost of Goods Sold (COGS). We also believe your invoices hold the critical details you need to properly track your costs and optimize spend across your operation.
Automated invoice processing can help you consistently extract these valuable spend and cost insights.
Let’s quickly examine what details are lurking in your invoice, just waiting for the right combination of system and process to unlock them.
Here’s what you can expect from automated invoice processing
There are a ton of benefits to unpack with restaurant-focused invoice processing automation. Efficiencies and optimizations across the board, especially for:
- Tracking costs and vendor price fluctuations
- Managing all your invoices (paper, email, EDI, etc.)
- Back-office labor costs
- So much more!
Here are three important benefits you can gain from implementing invoice processing:
Increased labor efficiency: Focus on what matters most — your food, your customers, and your team. Forget about tedious, error-prone manual data input. Put hours back into your week while increasing the accuracy of your invoice processing. Even with outsourced or in-house bookkeepers, direct their dedicated time toward more constructive, insight-driven work.
Optimized inventory spend: You’re obviously spending money to make money. Get a precise look at how much you’re spending, who you’re spending it with, and what you’re spending it on. Track price fluctuations over time and across multiple vendors. Set price thresholds and automated alerts to ensure you’re not purchasing products outside of a profitable range.
Precise profitability targets: Use consistent spend metrics to calculate plate costs and set profitable menu prices. Know exactly how much individual ingredient prices can increase before needing to pivot or remove recipes. Set growth goals for your restaurant operation. Work backward from growth goals to set weekly, monthly profit targets. Keep up pace needed to grow your business.
xtraCHEF by Toast delivers invoice line-item details to help you track and optimize your spend
Our automated invoice processing software is built specifically for restaurants.
We combine machine learning with highly trained quality control operators to fully extract your invoice information. xtraCHEF by Toast can help you:
- Cut data entry and invoice paperwork out of your day
- Activate consistently clean, accurate invoice data for in-depth reporting
- Pass general ledger and chart of accounts details to your current accounting system
xtraCHEF by Toast provides food costing capabilities for transparency, accuracy, approval, and more intelligent decisions on profitability.