Overview
What is Plate IQ?
Plate IQ is an automated accounts payable platform.
Young but quite robust.
Beware, Plate IQ will steal the food off of your plate if you decide to cancel your service!
Plate IQ is a great product for restaurant owners or accountants.
Reviewer Pros & Cons
Pricing
Entry-level set up fee?
- No setup fee
Offerings
- Free Trial
- Free/Freemium Version
- Premium Consulting/Integration Services
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Alternatives Pricing
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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.
What is Tipalti?
Tipalti automates critical financial processes to drive efficiency, including accounts payable, mass payments, procurement, and expenses, all on one global finance automation platform that grows with the organization, automating, de-risking and simplifying finance.
Product Details
- About
- Competitors
- Tech 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
Watch Product Introduction
Plate IQ Competitors
- BILL
- Sage Intacct
- SAP Concur
Plate IQ Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
---|---|
Operating Systems | Unspecified |
Mobile Application | No |
Comparisons
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Reviews and Ratings
(4)Community Insights
- Business Problems Solved
- Pros
- Cons
- Recommendations
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:
- 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.
- 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.
- 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:
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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.
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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.
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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.
Attribute Ratings
Reviews
(1-3 of 3)Young but quite robust.
- 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)
- 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.
- Tracking spend by vendor and account.
- Tracking sku costs (including imported from external systems)
- Executing payments.
- Automated Accounts Payable Processes
- 90%9.0
- Vendor Management
- 80%8.0
- Tax Form Preparation
- 30%3.0
- 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
- 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.
Beware, Plate IQ will steal the food off of your plate if you decide to cancel your service!
- Coding and processing invoices.
- Identifying price increases and alerting us about them.
- Bill pay
- 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
- Automated Accounts Payable Processes
- 10%1.0
- Vendor Management
- 10%1.0
- Tax Form Preparation
- 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
- 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.
- BILL
- OCR
- Workflow
- Support
- EDI options could increase.
- BIll pay module could be improved.
- Some support issues could be addressed sooner.
- OCR
- Approvals
- Billpay
- 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.