IRVINE, CALIF., March 25, 2022 – As the COVID-19 pandemic crosses its two-year mark, Restaurant365, the leading all-in-one restaurant management platform, today reported that sales across their customer base have increased since the onset of COVID-19 and restaurants show signs of being better positioned to invest in new technologies to continue to improve operations.
“We are extremely pleased to see the love people have for restaurants and the resurgence in food sales. However, restaurants continue to face a major challenge with labor shortages and rising food costs that we expect to persist throughout 2022,” states Tony Smith, Co-Founder and CEO of Restaurant365.
To rise above these obstacles, savvy restaurant operators are incorporating restaurant-specific technology to increase efficiency, decrease costs, and create new revenue streams. “For the average restaurant, food sales are about 7% higher than they were in 2019 and 34% higher than 2021, but profitability is not rebounding as anticipated due to inflation,” continues Smith. “We are past the early-pandemic mindset of scrambling to drive sales from new channels and the industry theme of 2022 needs to be the year of optimizing profitability instead.”
Restaurant365 is committed to providing restaurant owners with the real-time, actionable data necessary for driving profitability. Since the onset of the pandemic, the company has witnessed an acceleration in the adoption of technology as new clients seek relief needed to cope with operational challenges stemming from store closures, staffing shortages, supply chain disruptions, and changing consumer expectations.
Mongolian Concepts and Clean Eatz Corporate are two of many new clients to recently join the extensive list of customers that have worked with Restaurant365 to gain efficiencies, reduce prime costs, and improve profitability. Other satisfied customers include Black Bear Diner, Luke’s Lobster, and Freddy’s Frozen Custard & Steakburgers.
Many of the changes in consumer behavior that were forced upon the restaurant industry due to the pandemic are here to stay. The rapid adoption of technology for online ordering, QR codes, and electronic payments is now an industry norm. This same shift in expectation is also true for operators, and Restaurant365 is leading the way with the launch of AP Payments, a solution built to automate restaurant vendor payments. “Restaurant365 Payments modernizes the AP process by automating the payment workflow into one click,” states Smith. “It’s a risk-free way for restaurant operators to save hours per week and earn rebates, while enhancing payment security for our customers.”
Restaurant365 is the industry’s leading all-in-one, cloud-based accounting, inventory, scheduling, payroll, and HR solution developed specifically for restaurants. The R365 platform simplifies day-to-day management for restaurant operators, allowing them to control food costs and optimize labor costs. Integrations and open APIs enable Restaurant365 to connect with other systems including POS providers, vendors, and banks. The result is accurate, timely reporting that provides a clear and complete view of their businesses. Restaurant365 allows operators to focus on what matters — their guests. Restaurant365 is based in Irvine, California with offices in Austin, Texas and Petaluma, California. The company is backed by Bessemer Venture Partners, ICONIQ, Tiger Global Management, and Serent Capital. Additional information is available at Restaurant365.com.
