Plate IQ Accelerates Growth: Hits $100 Million in Payments
Provider of cloud-based, AI-powered Accounts Payable automation platform continues its rapid growth into year’s end; integrations with Amazon, Costco and more create first restaurant-focused ACH payment network
— Plate IQ, a San Francisco-based technology company that helps restaurants improve and automate their Accounts Payable (AP) processes, today announced a major operational milestone: the company has managed more than $100 million in vendor payments on behalf of clients.
Additionally, Plate IQ’s platform is now fully integrated with more than 1,100 third-party providers comprised of 200 electronic data interchange (EDI) and 800 retail and online platforms including Amazon, Costco and major banks, effectively creating the first restaurant-focused automated clearing house (ACH) payment network.
Designed to eliminate human-error and create greater back-of-house transparency, Plate IQ offers a full suite of AP automation solutions for vendor payments, invoice reconciliation, and cost analysis. The company continues to rapidly expand its national footprint, with a portfolio of clients including Holiday Inn, Nobu, Union Square Hospitality, Eleven Madison Park, Five Guys, Jamba Juice, and more.
“The restaurant industry is experiencing a sea-change fueled by innovation and technology, but many restaurants continue to manage accounting and other back-of-house processes manually. In order to successfully compete for today’s consumer, restaurants need to find more ways to delight guests and spend less time on administrative tasks such as invoice capture and processing,” said Bhavuk Kaul, co-founder and CEO of Plate IQ. “We are proud that more and more operators are choosing Plate IQ’s automation platform to help optimize their operations and unlock actionable expense data so they can focus on improving front-of-house service.”
Plate IQ’s integration with more than 1,100 best-in-class partners allows operators to seamlessly link their existing back-of-house IT platforms, creating efficiencies and improved transparency across systems, departments and unit locations. Restaurants just link their existing accounts with our partners inside Plate IQ once, and the invoices start flowing into Plate IQ automatically. The company’s recent integration partnerships include Sysco, US Foods, Costco, ADP, Amazon, PG&E, and UPS. Plate IQ further integrates with existing accounting software including QuickBooks™ Online, Sage Intacct® and Xero™.
About Plate IQ
Based in San Francisco, Plate IQ is the leader in cloud-based AP automation tools for the restaurant industry. Plate IQ’s proprietary optical character recognition and machine learning technology fully eliminates manual data entry by accountants, helping restaurants optimize their operations, unlock actionable expense data and reduce costs – all through automation.
Plate IQ has scaled rapidly by focusing on building the best technology for end-users, giving them the ability to reconcile statements, providing auditors direct-view access, creating APIs to all other cloud-based platforms in play, and more.
Today, having processed more than $5 billion in invoices, Plate IQ works with some of the biggest names in the food and hospitality industries, including Jamba Juice, Union Square Hospitality and Thomas Keller Group. The company works with more than 5,000 restaurants in the U.S. and has doubled in size over the past 12 months. For more information, visit www.plateiq.com