Restaurants Can Now Post Detailed POS Data – Including Tips, Discounts and Payment Types – to Accounting Software, Automatically and Without Human Error
SAN FRANCISCO, May 15, 2018 (GLOBE NEWSWIRE) — Plate IQ, a technology company that helps restaurants improve and automate their Accounts Payable (AP) processes, today announced its integration with Square for Restaurants, the new fully integrated point of sale (POS) solution from Square, Inc. (NYSE:SQ) tailor-made to match the pace, complexity, and needs of today’s restaurants. Beginning immediately, Plate IQ’s Daily Sales software allows restaurants to automatically input guest payment data from Square for Restaurants into many existing accounting software platforms and create valuable summaries of daily transactions, alleviating the typical manual-entry demands placed on general managers.
Specifically, the integration allows restaurant operators to:
- Automatically attribute daily sales to the correct general ledger account for more accurate and detailed bookkeeping.
- Review revenue from multiple locations on a single screen, without having to rely on general managers to input data.
- Fully integrate sales data with Plate IQ’s full suite of software, including its AP automation features, to access real-time sales and purchase reporting that empowers restaurateurs to estimate their cost of goods sold.
“As every operator knows, too many processes in the restaurant industry still rely on paper, pencil and manual data entry. In addition to creating room for error, these outdated practices place burden on already busy managers,” said Bhavuk Kaul, co-founder and CEO of Plate IQ. “Plate IQ’s integration with Square for Restaurants gives owners and operators access to last night’s sales accurately accounted for, automatically, by morning.”
Plate IQ solutions are specifically designed to help restaurants optimize their operations, unlock actionable expense data and reduce costs. Plate IQ Daily Sales integrates with existing accounting software including QuickBooks™ Online, Sage Intacct® and Xero™, and the company plans to announce integrations with other third-party accounting platforms soon.
Square for Restaurants is a cloud-based POS system that handles everything from menu updates, floor layouts, employee scheduling and performance tracking to tip-splitting, enabling complete front- and back-of-house management. Square for Restaurants works seamlessly with the rest of the company’s ecosystem, including its Caviar ordering and delivery service.
Plate IQ will display its full suite of solutions including its integration with Square at the National Restaurant Association Show at McCormick Place in Chicago, June 19-22, in booth #6379.
About Plate IQ
Bhavuk Kaul and Ram Jayaraman founded Plate IQ in 2014 after learning how painful and expensive it was for restaurants to manually process paper invoices. Today, Plate IQ offers a full suite of accounts payable automation solutions, and has processed more than $1.5 billion worth of invoices.
Plate IQ investors include 500 Startups, Bodley Group, Eilses Capital, Initialized, Iona Capital, Tamares and Y Combinator. For more information, visit www.plateiq.com