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Young but quite robust.
Updated May 12, 2023

Young but quite robust.

Keith Perry | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Plate IQ

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.
  • 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.
  • 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.
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.

Do you think Plate IQ delivers good value for the price?

Yes

Are you happy with Plate IQ's feature set?

Yes

Did Plate IQ live up to sales and marketing promises?

Yes

Did implementation of Plate IQ go as expected?

Yes

Would you buy Plate IQ again?

Yes

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".

Plate IQ Feature Ratings

Accounts Payable
6.7
Automated Accounts Payable Processes
9
Vendor Management
8
Tax Form Preparation
3
Payment Management
8.0
Customizable Approval Policies
9
Financial Document Management
1
Payment Status Tracking
8
Payment Audit Trail
10
Duplicate Bill Detection
9
Advanced OCR
10
Electronic Funds Transfer
9

Plate IQ Support

They have a dedicated support person for each customer who actually knows the product.
Turnaround is usually within an hour or faster.
ProsCons
Quick Resolution
Good followup
Knowledgeable team
Problems get solved
No escalation required
Immediate help available
Support understands my problem
Support cares about my success
Quick Initial Response
None
No: The basic support has been more than adequate.
Yes - Yes. I totally forget what the issue was. It got resolved that quickly.
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.