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Plate IQ

Plate IQ

Overview

What is Plate IQ?

Plate IQ is an automated accounts payable platform.

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Learn from top reviewers

Young but quite robust.

Rating: 9 out of 10
May 12, 2023
Vetted ReviewVerified User
Our backend system is called Jonas. It is archaic.I have fully replaced all AP functionality with PiQ as the new system of record.I simply do a monthly journal from PiQ of Inv...
Continue reading
Keith Perry
Manager - Finance and Accounting
Finance
Tacoma Country & Golf Club
Plate IQ1 year of experience

Beware, Plate IQ will steal the food off of your plate if you decide to cancel your service!

Rating: 1 out of 10
April 20, 2023
Vetted ReviewVerified User
We use Plate IQ to automate the coding for all of our invoices for 5 restaurant locations. This technology was helpful in reducing the amount of time our operations leaders ha...
Continue reading
Verified user
C-Level Executive
Plate IQ2 years of experience

Plate IQ is a great product for restaurant owners or accountants.

Rating: 9 out of 10
May 5, 2022
IncentivizedVetted ReviewVerified User
We use Plate IQ to receive, approve, and pay all invoices. Before Plate IQ, we had Physical invoices delivered in person or by mail, and the process was much more time-consumi...
Continue reading
Joe Ely
Manager - Other
Accountant
J. Ely Business Services
Plate IQ3 years of experience
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Pricing

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Plate IQ

Plate IQ

N/A
Unavailable

What is Plate IQ?

Plate IQ is an automated accounts payable platform.

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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6 people also want pricing

Alternatives Pricing

BILL

BILL

$45
per month
What is BILL?

BILL is an online service for SMBs which provides a central dashboard for managing Accounts Receivable, Accounts Payable, and cash flow management. It syncs with all major accounting systems like QuickBooks, Sage, Intaact, and NetSuite.

Webexpenses

Webexpenses

$9.76
per month per user
What is Webexpenses?

Webexpenses is a global provider of online expense management software to businesses of all sizes across 70+ countries. The software is used across all industries, including retail, finance, technology, construction, and not for profit. Features of the Webexpenses desktop and mobile app include…

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Product Details

What is Plate IQ?

Plate IQ provides an automated AP software which replaces manual data entry by digitizing invoices down to the line item, and automatically assigns them to the proper GL codes, and syncing the information into an accounting software.

Plate IQ also offers one-click bill pay, advanced approval workflows, expense management, and cloud-based data storage.

Plate IQ Video

Plate IQ Competitors

Plate IQ Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationNo
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Comparisons

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Reviews From Top Reviewers

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

Plate IQ has been a game changer for users, providing a centralized solution for accounts payable management that saves time and improves efficiency. Users have found Plate IQ to be a huge timesaver, allowing them to allocate their time more efficiently and work on other tasks. It has effectively reduced manual labor and streamlined the AP process, enabling users to manage and track their food costs more effectively. The Vendor Pay feature of Plate IQ has received high praise from users, as it allows them to track payments in real time. Accessing invoice copies and price increases without the need for excessive paperwork has been another valuable feature appreciated by users. Additionally, Plate IQ automates food service invoice coding, improving accuracy and saving time. With its integration batch file for Microsoft GP, Plate IQ has made loading invoices into accounting systems for payment and storage much easier. The software's ability to search through months of paper invoices has also been highly beneficial in terms of time savings for users. In addition to these benefits, Plate IQ has provided a centralized location for AP history and quick access to invoices, payments, and vendor information. GMs and Chefs have experienced significant time savings with Plate IQ as it reduces the time needed to balance invoices. Another significant advantage of Plate IQ is the elimination of manual entry of invoices into accounting software, saving users both time and effort.

Smooth User Interface: Many reviewers have praised the smooth user interface of the product, stating that it is intuitive and easy to navigate. Some users have mentioned that they appreciate how responsive and well-designed the interface is, making it a pleasure to use.

Efficient Performance: Several reviewers have commented on the efficient performance of the product. They have noted that it performs tasks quickly and smoothly, allowing them to complete their work efficiently. Some users have also mentioned that they are impressed with how fast the product responds to commands and handles large datasets.

Reliable Functionality: A significant number of reviewers have highlighted the reliable functionality of the product. They have expressed satisfaction with its stability and consistency in delivering accurate results. Users appreciate that they can rely on the product's features and functionalities without experiencing frequent crashes or errors.

Cons:

  1. Invoice reading errors: Many users have expressed frustration with the software's invoice reading capabilities, noting multiple errors that require them to manually reassign products on a daily basis. This has caused wasted time and significant frustration.
  2. Lack of integration with Aloha: Several users have mentioned their desire for the software to integrate with Aloha, their front-of-house operations software. The absence of this integration creates inefficiencies and hampers smooth workflow processes for these users.
  3. Inadequate reporting functionality: Users have found the reporting functionality of the software to be lacking in several aspects. They have cited issues such as slow performance, inability to handle large amounts of data, and a lack of user-friendly features. These limitations hinder users' ability to generate insightful reports and analyze data effectively.

Users commonly recommend the following based on their experiences with Plate IQ:

  1. Take the time to set up the software correctly and learn how to use it before starting to use it. Users emphasize that proper implementation and understanding of the software's features are crucial for its effective use.

  2. Create procedure documents specific to your company/industry to help your team. Users suggest documenting procedures tailored to their organization's needs, which can assist in streamlining workflows and ensuring consistent processes.

  3. Make sure that the setup of the software is done properly. Proper setup is highlighted as an essential step in using Plate IQ effectively. Users recommend ensuring that all settings and configurations are accurately established.

View all reviews
(1-3 of 3)

Young but quite robust.

Rating: 9 out of 10
May 12, 2023
KP
Keith Perry
Finance
Tacoma Country & Golf Club (Recreational Facilities & Services, 51-200 employees)
Vetted Review
Verified User
Plate IQ
1 year of experience
View profile
Use Cases and Deployment Scope
Our backend system is called Jonas. It is archaic.
I have fully replaced all AP functionality with PiQ as the new system of record.
I simply do a monthly journal from PiQ of Invoices and payments from PiQ to Jonas (1/2 hour typically).
PiQ does the following for us (that we didn't have):
Outsourced payment execution.
Vendor document DMS.
Future payment scheduling.
Approval audit trails, and approval rules enforcement.
Product pricing by SKU history.
Pros
  • Payments; ACH, VCard and check. Domestic only however
  • SKU tracking (the AI part that works reasonably well)
  • Invoice Processing Automation (Think Bill.com on steroids)
Cons
  • Non-invoice document management still lacking.
  • Merging multiple pages into one invoice is an art (and often not possible). Requires very significant manual intervention.
  • Does not have 1099 tracking (in theory my ERP does this....but I keep my vendors in PiQ.
Likelihood to Recommend
It is well targeted at restaurants and similar service organizations with complex COGS. It dovetails well with complementary systems like FinTech payments. It wasn't designed by accountants, so there is a bit of roughness. Reporting is very limited: would like to see some SQL / build your own report functionality. Lookups are reasonably robust (filter for amount, time, vendor, etc). It is occasionally unstable but recovers gracefully. From our use case, it would be preferable to have the user approving the invoice ALSO have the ability to attach documents. This is left to the payment approver, who in our case is the "check signer".
Most Important Features
  • Tracking spend by vendor and account.
  • Tracking sku costs (including imported from external systems)
  • Executing payments.
Plate IQ Feature Ratings
Accounts Payable (3)
66.66666666666667%
6.7
Automated Accounts Payable Processes
90%
9.0
Vendor Management
80%
8.0
Tax Form Preparation
30%
3.0
Payment Management (7)
80%
8.0
Customizable Approval Policies
90%
9.0
Financial Document Management
10%
1.0
Payment Status Tracking
80%
8.0
Payment Audit Trail
100%
10.0
Duplicate Bill Detection
90%
9.0
Advanced OCR
100%
10.0
Electronic Funds Transfer
90%
9.0
Return on Investment
  • This is worth about 1 person-year of book-keeping. It permits us to do things we were not doing.
  • It provides for functional transferability; in our prior system a vacation meant vendors didn't get paid.
  • It is pretty easy for line managers to use. This increases institutional visibility.
  • The Spend function (virtual credit cards) also saves time....that we didn't have. Perhaps 2-3 person-weeks per year.
Alternatives Considered
PiQ costs $250K less than netsuite (at a minimum). Unless you have/need netsuite, no comparison.
Bill.com isn't targeted, and doesn't give the functionality that PiQ has for analytics by SKU.
Expensify is the closest in ease of use. They are not competitive; just very similar.
Other Software Used
Support Rating
9
They have a dedicated support person for each customer who actually knows the product.
Turnaround is usually within an hour or faster.
Premium Support
No: The basic support has been more than adequate.
Bug Resolution
Yes
Yes. I totally forget what the issue was. It got resolved that quickly.
Exceptional Examples of Plate IQ Support
A feature marks any invoice from a given vendor as "paid".
This did not work for one vendor. It was a "ghost" error (the DB flagged it as paid, so issue was some sort of corruption in the data).
Engineering fixed it within a week.

Beware, Plate IQ will steal the food off of your plate if you decide to cancel your service!

Rating: 1 out of 10
April 20, 2023
Verified User
C-Level Executive in Corporate
Hospitality Company, 51-200 employees
Vetted Review
Verified User
Plate IQ
2 years of experience
Use Cases and Deployment Scope
We use Plate IQ to automate the coding for all of our invoices for 5 restaurant locations. This technology was helpful in reducing the amount of time our operations leaders had to spend coding invoices on a weekly basis. Overall, I would guess our GM's and Chef's would save 1 hour per week by using Plate IQ.
Pros
  • Coding and processing invoices.
  • Identifying price increases and alerting us about them.
  • Bill pay
Cons
  • Provide better analytics in terms of cost increases per item.
  • Provide the ability to create recipes and forward price increases to those recipes for accurate food cost projections.
  • Free Bill Pay
Likelihood to Recommend
In my opinion, this software is not well suited for anyone looking to cancel their subscription. After 11 months of using the software, we provided notice to Plate IQ that we were moving on. Since it was only two weeks before our "Automatic Contract Renewal", Plate IQ indicated that we are contractually obligate to pay for ANOTHER ENTIRE YEAR OF SERVICE. So, here we are paying for Plate IQ for another year and REGRETTING OUR DECISION TO HAVE EVER GONE INTO BUSINESS WITH A COMPANY LIKE THIS! The software is well suited to take the administrative tasks of coding invoices of the GM's and Chef's plates, as well as accounting staff.
Plate IQ Feature Ratings
Accounts Payable (3)
10%
1.0
Automated Accounts Payable Processes
10%
1.0
Vendor Management
10%
1.0
Tax Form Preparation
10%
1.0
Payment Management (7)
10%
1.0
Customizable Approval Policies
10%
1.0
Financial Document Management
10%
1.0
Payment Status Tracking
10%
1.0
Payment Audit Trail
10%
1.0
Duplicate Bill Detection
10%
1.0
Advanced OCR
10%
1.0
Electronic Funds Transfer
10%
1.0
Return on Investment
  • In my opinion, it has had zero impact on ROI now that we are paying for an additional year.
  • Another negative is that we've spent a lot of time discussing this issue with Plate IQ, to no avail. They feel it's appropriate to charge a company for an entire year of service even though said company emailed to cancel prior to the end of the first year of service.
  • We also wasted a lot of time onboarding this company only to find out that the software left a lot to be desired.
Alternatives Considered
  • BILL
We like the automated coding that Plate IQ provides vs. bill.com. It also helped that all of our locations could be viewed on the same dashboard. When you have five separate business all being managed by the same team, it's important to have dashboard functionality across all locations so you don't have to login and out for each business.

Plate IQ is a great product for restaurant owners or accountants.

Rating: 9 out of 10
Incentivized
May 05, 2022
JE
Joe Ely
Accountant
J. Ely Business Services (Accounting, 11-50 employees)
Vetted Review
Verified User
Plate IQ
3 years of experience
View profile
Use Cases and Deployment Scope
We use Plate IQ to receive, approve, and pay all invoices. Before Plate IQ, we had Physical invoices delivered in person or by mail, and the process was much more time-consuming and error-prone.
Pros
  • OCR
  • Workflow
  • Support
Cons
  • EDI options could increase.
  • BIll pay module could be improved.
  • Some support issues could be addressed sooner.
Likelihood to Recommend
Plate IQ has been a perfect addition to our company. We had invoices with grease, creases, folds, shaded characters, etc, coming into our office all the time. The ability to scan, or even better, have invoices come through EDI, has completely changed the way we are able to handle invoicing.
Most Important Features
  • OCR
  • Approvals
  • Billpay
Return on Investment
  • We were able to thin staff and keep the same performance.
  • Accounts payable takes much less time than it used to.
  • I would say the overall ROI was almost immediate for us as we were able to thin staff and do the same amount of work.
Alternatives Considered
We used DocuWare first; great experience; however, it was not made specifically for restaurant clients like Plate IQ is. Plate IQ does a much better job of recognizing common items, and they've continued to add a function that is important for restaurant owners. Restaurant 365, we felt, was trying to be a complete package of accounting/AP/AR/inventory. After looking at each piece, we didn't feel that each of them was as strong as the other.
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