Plate IQ has integrated its automated accounts payable technology for restaurants with the new Square for Restaurants point-of-sale system.
Square unveiled the cloud-based Square for Restaurants integrated POS last week, providing the restaurant industry with a system specifically for managing orders and payments, updating menus and changing floor plans for different events.
The system also handles wait staff order placement, staff time tracking, tip splitting and fraud prevention.
Restaurants will be able to automatically input guest payment data from Square for Restaurants into existing accounting software platforms through Plate IQ's Daily Sales software. It will enable creation of daily transaction summaries, thus alleviating manual entry demands from restaurant personnel.
"As every operator knows, too many processes in the restaurant industry still rely on paper, pencil and manual data entry," Bhavuk Kaul, co-founder and CEO of Plate IQ, said in a Tuesday press release. "In addition to creating room for error, these outdated practices place burden[s] on already busy managers."
Plate IQ's integration with Square for Restaurants gives owners and operators access to last night's sales accurately accounted for, automatically, by morning, Kaul added.
Operating Plate IQ through the system will allow restaurant operators to automatically attribute daily sales to the correct general ledger to establish detailed bookkeeping, and review revenue from multiple locations on a single screen.
Plate IQ's software will include various AP automation features, as well as access to real-time sales data and purchasing reports to allow estimates on the cost of goods sold.