Is your restaurant ready to embrace AI and automation?
Artificial intelligence (AI) and automation are sweeping their way across most sectors, and the restaurant industry is no exception.
The rate at which the landscape is changing means that staying on top of technological advancements can make the difference between thriving and merely surviving.
In this blog, we delve into the role that these technologies are playing in reshaping accounting practices for restaurants.
Our sister company, Opsyte, focuses on the automation of hospitality finance processes including polling and reporting on EPOS data, posting data to accounting systems such as Xero, Quickbooks and Sun Systems, as well as invoice processing and analytics.
The limitations of traditional accounting methods
Traditional accounting practices, while reliable, are labour-intensive and time-consuming.
Reconciling ledgers, conducting inventory checks, and analysing financial reports have long been manual processes, often prone to human error.
Moreover, the seasonal nature of the restaurant business can lead to uneven cash flow, making financial management even more challenging.
AI in accounting
AI can handle tasks ranging from data entry to assisting with financial analysis, freeing up valuable time for restaurant owners to focus on strategic decision-making.
Here are some ways AI is transforming restaurant accounting:
Data entry and validation
AI-powered algorithms can automatically input invoice data, extract key information from financial documents and even validate entries against predefined accounting rules.
This significantly reduces the risk of manual errors.
A lot of time can be spent splitting outline items from invoices where they don’t all sit within one nominal. An article here will guide you on the automation around invoices including line items to reduce time spent on processing data.
Advanced AI can go beyond simple data entry and can support financial modelling.
It can provide real-time analysis of various key performance indicators (KPIs), allowing for timely interventions and strategic shifts. Reporting tools such as Insytes can be used to analyse daily and hourly data about key metrics as well as comparisons so you can get an automated and accurate picture of where your business is tracking.
Automation in accounting
While AI brings intelligent analysis to the table, automation handles the repetitive tasks that make up the bulk of accounting work.
One area where automation can prove invaluable is payroll. Automation software can handle salary calculations, tax deductions, and even direct deposits, ensuring timely and accurate payments.
Automation can also facilitate inventory tracking, which is particularly beneficial for restaurants that have to deal with perishable goods.
It can alert you when stock levels are low or when goods are nearing their expiration date, allowing you to take timely action.
Invoicing and payments
Automated invoicing systems can generate, send, and even follow up on invoices.
This ensures that you maintain a healthy cash flow, which is crucial for the smooth operation of any restaurant.
The future is integrated
Integrating AI and automation into your restaurant’s accounting system will help to streamline your processes and save valuable time.
By adopting these technologies, restaurant owners can not only streamline their accounting processes but also gain valuable insights that can drive strategic decisions.
But it’s also vital to know what to do with the data when you have it, you can find out more about this in our last blog.
Need advice on how to make the most of AI and automation in your restaurant’s accounting process? Contact our specialist hospitality accountants today.