For years, CFOs have been urged to modernize. Restaurant groups were not immune to this statement. Those who didn't act during the pandemic are now even further behind. Automation in the restaurant industry is increasing at a rapid pace.
According to Square 2022 Future of Restaurants, 36% of restaurants say they upgraded technology to help their business. They also reported that as many as 62% of restaurants say that automation would fill critical gaps in managing orders placed across delivery apps, online and at the restaurant. In addition, CFOs in restaurant groups are seeing the transformational benefits of AI, automation, and related innovations to finance and accounting, planning, budgeting, and forecasting with greater accuracy, speed, and confidence.
Last year, Tablespoon's CEO Andrew Lester, spoke at the Restaurant Finance & Development Conference about understanding the ROI of finance and accounting automation. Andrew states, "The most successful restaurant companies today understand that technology is key to growth and scalability. For many groups, the journey to adopting modern technology started with moving to a cloud-based POS system. But, beyond POS, much of the technology innovation has been focused on increasing sales. New solutions such as Third-Party Delivery and ordering apps drove top-line revenue and were critical to helping many restaurants survive the pandemic shutdowns. But investing in technology to drive the top line is missing a bigger opportunity. Technology can also help restaurants run more efficiently – both in the restaurant's four walls and in the back office. More efficient operations help lower costs and drive scalability of the business."
There are many avenues in which Sage Intacct is applying AI and automation to enable the office of finance to work smarter.
Outlier Detection for General Ledger
Outlier Detection for General Ledger has AI-powered functionality in the Sage Intacct Intelligent GL. The Sage Intacct Intelligent GL provides vast visibility, scalability, and flexibility restaurant groups need to grow their businesses.
How it Works:
Outlier Detection for General Ledger adds AI-powered functionality to the general ledger. It automatically analyzes journal entries and flags outliers. It is an all-seeing eye that delivers continuous trust in financial data. It flags journal entries and gives reasons why they were flagged.
Sage Intacct's Outlier Detection for General Ledger uses the power of AI to supply insights to catch potential errors and risks before they post. It is equipped with machine learning, so it adapts to your restaurant group's patterns as you use it. So, it reduces the cost of ensuring accuracy and enables finance teams to trust their financial information sooner before month-end close. So, it allows restaurant groups to analyze all journal entries that require approval all the time, as opposed to some of the entries some of the time.
See it in Action:
For restaurant groups using Sage Intacct's GL Outlier Detection, it has become an imperative tool to find day-to-day problems. But don't take our word for it; see it in action.
Do you want to learn more?
If you’d like to learn more about how Tablespoon can help your restaurant group, schedule a demo with our team! At Tablespoon, we serve up accounting and technology solutions to help restaurant and hospitality companies thrive in an ever-changing environment.
