Software and payment company SpotOn has launched an AI-powered tool designed to facilitate restaurant operators in automating their profit and loss (P&L) analysis.
The tool, called SpotOn Profit Assist, is purpose-built for the unique needs of restaurants. It integrates with leading accounting platforms such as QuickBooks Online, Xero and Restaurant 365.
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Its launch comes as inflation and consumer spending pressures are challenging the foodservice industry, particularly independent restaurant operators, who are tasked with achieving more with fewer resources.
The tool provides automated P&L analysis, identifies spending anomalies and offers customised cost-saving recommendations.
For multi-unit operators, the tool benchmarks performance across different locations, while independents benefit from financial comparisons with similar establishments, ensuring informed decision-making.
Restaurants using SpotOn Profit Assist describe average savings of 4.3% in total costs. In an environment of high food costs, unpredictable labour and variable demand, such savings are significant.
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By GlobalDataThe tool’s predictive insights enhance the ability to forecast labour and revenue, which is vital for navigating economic uncertainty and can be pivotal in determining whether a restaurant merely survives or truly thrives.
Unlike other restaurant tech platforms that focus solely on sales or food costs, the Profit Assist tool offers a comprehensive P&L analysis within its ecosystem, empowering operators with the knowledge to make informed decisions across all aspects of their business.
In addition to providing a complete, AI-analysed P&L overview, Profit Assist also helps uncover cost-saving opportunities by examining monthly anomalies and delivering precise recommendations.
This enables restaurant owners to take firmer control of their margins and make confident, data-driven choices.
SpotOn chief product officer Bryan Solar stated: “Restaurants are and always have been a tight margin business, so understanding and actively managing costs is an industry-wide need.”
“Finding the free time to analyse each cost in a mountain of data is a real challenge. Profit Assist pulls together the numbers that matter — not just the dollars coming in, but the dollars going out — and turns them into clear, actionable insights so they can make smarter decisions with confidence.”
Following the earlier introduction of SpotOn Marketing Assist, the first AI-driven marketing tool for restaurants, Profit Assist represents another step in SpotOn’s strategy to integrate AI across its product range.
