Canadian company creates ‘Analytics’ style software for restaurants

Moncton – A Moncton-based star-up called the Food Profit Group has created a software program that aims to become the “Analytics” of the restaurant industry.

The software is meant to assist with nearly every aspect of running a restaurant, from sourcing ingredients to analyzing profits and losses. By exporting all the day’s receipts and costs to the Food Profit Group, restaurant owners and managers can gain insight into their data, the company said in a news release. This allows them to refine their ordering, run comparative analysis, and 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 other accounting programs. And while there’s roughly a lag of 48 to 72 hours for daily invoices to be processed and inputted, it’s close to being real-time data, the company said.

Through its software, the Food Profit Group said it 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. Micro Com Systems worked with the group to develop a proprietary method that extracts and validates relevant data from scanned invoices before presenting it in a format that is ready for input and analysis.