The restaurant business is tough. When the market is competitive and profits are razor-thin, food costs can take a serious bite out of the bottom line. However, an innovative Moncton-based start-up called the Food Profit Group (FPG) has created a software program that’s poised to become the “Analytics” of the restaurant industry.
Imagine an A-Z solution that assists with just about every aspect of running a restaurant, from sourcing ingredients to analyzing profits and losses. That’s exactly what this software does. By exporting all the day’s receipts and costs to the Food Profit Group, restaurant owners and managers will gain unique insight to their data, allowing them to refine their ordering, run comparative analysis, and even make profit projections based on recipes and ingredient costs.
All the information is accessible through a comprehensive dashboard, and the user-friendly system can integrate with programs like QuickBooks and Sage. While there’s roughly a lag of 48-72 hours for daily invoices to be processed and inputted, it’s still the closest solution for providing real-time data that’s available to the restaurant industry today.
Through their software, the Food Profit Group hopes to give restaurant owners, shareholders, and managers greater insight into their businesses, all while slashing workloads and reducing costs. A built- in system of checks and balances means greater bookkeeping accuracy, and the software is far more affordable than hiring a bookkeeper.
To help implement their system, the Food Profit Group partnered with the document scanning specialists at the Burnaby-based Micro Com Systems. The possibility of becoming a big player in the restaurant industry meant potentially scanning information from tens of thousands of receipts and invoices every day, so Micro Com Systems worked with FPG to develop a proprietary method that extracts and validates the relevant data from scanned invoices before presenting it in a format that is ready for input and analysis.
Thanks to the Food Profit Group (with a little help from Micro Com) restaurants across Canada, the USA, and even Singapore now have access to the valuable data that’s enabling owners, managers, and shareholders alike to make smarter, faster decisions—and recover the lost profits within their business.
For the first time, restaurant owners have the tools and data they need to be proactive, rather than reactive—and that can make all the difference in an industry where costs and profits can shift on a dime.