The restaurant industry is fast paced, requiring you to stay ahead of operational and financial challenges. As competition grows and margins tighten, technology has become a game-changer, offering innovative solutions that enhance efficiency, improve accuracy, and provide valuable insights.
The latest National Restaurant Association State of the Restaurant Industry Report indicates that a significant majority of operators are planning to invest in technology to enhance their restaurants' overall efficiency. Operators also expect technology to impact employee satisfaction, training/recruitment, and retention initiatives.
Transforming Restaurant Operations
Technology has revolutionized how restaurants manage day-to-day operations. From digital ordering systems to kitchen automation and advanced inventory management software, restaurants can streamline workflows and reduce waste. Some of our favorite partners are leading the way for many of these changes and new technologies. Craftable, OneDataSource, FinQuery (formerly LeaseQuery), Velixo, Factura.ai, and Wherefour are just a few companies impacting restaurant group finance leaders.
According to the National Restaurant Association, 7 out of 10 restaurant operators who have incorporated more technology into their operations in the past 2 or 3 years say their restaurant became more efficient and productive—full-service operators (74%) more so than limited-service operators (63%). In addition, 49% of operators say technology and automation to help with labor challenges will become more common within their segment in 2025, and 74% say technology integration in restaurants will augment rather than replace human labor.
Enhancing Financial Visibility with Modern Accounting Solutions
Accounting technology plays a crucial role in restaurant groups' success. Traditional bookkeeping methods can be cumbersome and error-prone, making it difficult to track cash flow, expenses, and profitability.
Solutions like Sage Intacct (and many of Tablespoon's preferred partners) provide restaurant owners and finance teams with real-time financial data, automated reporting, and powerful analytics.
Tablespoon and Sage Intacct have always been on the cutting edge of adopting and implementing new technologies.
Sage Intacct's AI & Automation Features:
- Intelligent GL: Uses AI-driven automation to streamline reconciliation, anomaly detection, and data entry.
- GL Outlier Detection: AI identifies unusual transactions and flags them for review.
- Automated Bank Feeds & Reconciliation: AI-driven bank reconciliation speeds up month-end close.
- AI-Powered Forecasting & Insights: Helps finance teams predict trends and make data-driven decisions.
- Automated AP & AR Processing: Uses machine learning to streamline invoice capture, approvals, and payment workflows.
- AI-Assisted Compliance & Audit Tracking: Automates compliance tasks and provides audit trails.
The Role of Technology in Strategic Decision-Making
By integrating accounting platforms with operational technology, restaurant groups gain a holistic view of their financial health. Automated dashboards and customizable reports help identify trends, forecast revenue, and optimize cost management. This level of insight allows restaurant leaders to make informed decisions that drive growth and profitability.
Stats to Consider from the State of the Restaurant Industry Report:
- 67% of operators (73% of limited-service operators and 60% of full-service operators) say they incorporated more technology into their restaurant operations during the past 2-3 years, including customer-facing and operational items.
- 4 in 10 operators say tech investments improved overall restaurant customer satisfaction. 34% say it helped them expand marketing techniques, while 30% say it led to cost savings in other areas of the operation.
- Roughly 6 in 10 operators say they plan to invest in equipment or technology that will improve the productivity and efficiency of both the front and back of the house.
- 54% say that they will invest in technology for the back office (e.g., payroll, finance, and tax compliance).
Tablespoon: Your Partner in Restaurant Accounting Technology
At Tablespoon, we recognize the unique financial challenges the restaurant industry faces. Our expertise in Sage Intacct implementation, automation, and data integration enables restaurants to utilize technology for more effective accounting and smoother operations. Technology is no longer a luxury in the restaurant industry; it's a necessity.
If your restaurant group is ready to harness the power of modern accounting and financial technology, Tablespoon is here to help.
