5 Tips to Control and Conquer Fluctuating Restaurant Costs
Running a restaurant involves a constant torrent of variable costs. Here’s how to control and manage these unpredictable costs.
“The last thing I want to spend my time on is paying bills and processing invoices. I want it to happen automatically, which is exactly what we get from Plate IQ."
Should your chef only approve invoices containing food items? Want to send everything over $10k to your CFO — but only after GM approval?
Create custom routing rules using any data field that appears on an invoice:
Before Plate IQ, we probably looked at each invoice five or six times. Now we use Plate IQ. Instead of walking invoices between different piles of paper, we just load everything in and the system’s rules send every invoice to the right approvers.
AP Manager, B&G Food Enterprises
Before Plate IQ, my coworker and I would sit together for 30 minutes every week to pay invoices. Just me and her reading out vendors and amounts.
With Plate IQ Bill Pay, I can do a bulk of the payments, she can do others, and then we just meet for five minutes to do the rest. It’s been a lot easier.
AP & Inventory Manager, Tatsu-Ya
Plate IQ Spend Management lets you issue virtual and physical debit cards for employees, locations, and even specific transactions, in a single click.
You control the cards on the back end while your employees use them for expenses like:
We’re a fast-growing group. Our priorities are clean reporting and closing the books faster. Most corporate cards out there don’t work for us because of stringent cash balance requirements. Plate IQ’s corporate debit cards are way simpler. I can issue one with a single click, control the card’s rules myself, and monitor all of my purchase activity in real time.
CFO, Clutch Coffee
Food cost volatility is a major source of uncertainty for restaurants.
Plate IQ Insights, our built-in analytics tool, helps customers tackle cost volatility head-on.
Plate IQ Insights helps operators track and manage fluctuations in costs across time and between locations.
“Plate IQ is so easy to use. The chef snaps a picture with the app and immediately the invoice is in the system — and she doesn’t have to think about it anymore.”
“We used to think we would have to hire a new data entry employee every four or five locations. With Plate IQ, we don't even need to backfill that first position.”
“We have seen the time spent on payables drop considerably in the last couple of months. Our time with each client just gets more efficient.”
"Our bookkeepers have never physically been to the restaurant for bookkeeping. If not for Plate IQ, our team would probably spend 12–15 hours per week on it."
“We have some invoices that are split between 20 locations. All we do is select the file, choose how to divide it up, and Plate IQ populates all that coding for us.”
“Plate IQ got us unified. Instead of my team having to toggle between two different things, they use one platform for all store-level and corporate invoices.”
In this quick explainer, restaurant owner and executive chef Scott Youkilis walks you through a play-by-play method of automating AP: from collecting invoices to managing complex approval workflows.