xtraCHEF is an invoice processing and cost intelligence application that prepares the hospitality industry – a $10 billion market – for the future of procurement.
Today, restaurants receive and manually process over two billion paper invoices annually – a time-consuming, error-prone, and low-value task performed by highly compensated knowledge workers – chefs, restaurant managers, and accountants. xtraCHEF relieves restaurants of this burden by allowing users to simply take a picture of an invoices with our mobile app (or scan and upload) and let xtraCHEF take care of the rest.
Our technology digitizes the entire invoice, extracts line-item detail, and imports the data directly into your Accounting or Inventory Management System. We then provide an extensive level of cost intelligence features, including COGS reporting and analytics, price tracking, recurring spending reports, and more that allow restaurateurs, executives, and accountants to gain visibility into how money is being spent across all locations and better visibility into each restaurant’s food costs. Yet, automating manual invoice data entry and streamlining cost accounting is merely the first step in what will become a transformative procurement process. With each new customer and every transaction processed, our platform aggregates additional purchase data. In the future, this data will not only provide timely transparency into purchase history but will inform future purchasing behavior. With xtraCHEF’s help, restaurants will be able to purchase food just like consumers shop for flights, cars, lodging, electronic devices, etc.
Price transparency and cost intelligence reflect the future of procurement in the restaurant industry. And, for xtraCHEF, our data is our differentiator.