The Future of Restaurant Finance Technology
Featuring Rich Sweeney and March Cohen
Episode summary
Restaurant technology moves fast, but choosing the wrong platform can cost as much as hiring a bad employee. Rich Sweeney (Lead Solutions Engineer) and Marc Cohen (Solutions Architect) from Restaurant 365 join Nick Stauff to discuss how restaurant operators can leverage technology to control costs and scale efficiently.
Rich and Marc reveal why financial transparency and operational data must work together from day one. They share real client stories, from single-unit operators cutting food costs by 19 points to multi-location chains growing from 3 to 400+ restaurants using the same accounting team size.
The conversation tackles integration challenges, security concerns, and why AI won't replace restaurant professionals but will make them more efficient. Rich emphasizes that "everything, operationally speaking, has an accounting cost," while Marc explains how proper implementation delivers immediate ROI through better cost visibility. Listen to discover their specific strategies for avoiding costly technology mistakes.
Guest-at-a-Glance
Episode Highlights
Restaurant Technology's Rapid Evolution
Timestamp: [00:07:00]
Rich and Marc explain how the restaurant industry transformed from being technology's "last stand" to facing an overwhelming array of options. The conversation covers the dramatic shift from handwritten tickets and cash registers to sophisticated integrated platforms. They discuss how trade show technology pavilions expanded from small startup sections to requiring parking lots to accommodate vendors, illustrating the industry's rapid catch-up phase over the past 15 years.
"Restaurant tech was just, it wasn't a thing. It was sort of left behind for a while there, and I feel like we've been playing catch-up for the last 15 years, and it's gone rapidly to your point. We've been collecting all of this data for the last 15 years, and now we're trying to figure out what the heck we do with it all."
Choosing Between Operations and Accounting Implementation
Timestamp: [00:19:00]
The guests address the critical decisions that restaurant operators face when implementing new technology systems. Rich explains Restaurant 365's approach of running parallel implementation tracks, emphasizing that accounting frameworks must be established first, since every operational decision has financial implications. The discussion covers how this dual approach prevents common implementation mistakes and creates proper data foundations.
"Everything operations has an accounting implication… When you make the chef actually talk about accounting, it's fun, but it's the truth, right? Like everything that we do has a cost, and that cost needs to be accounted for, whether that's a person that you have for labor or a piece of equipment or food product or paper goods, you know, everything has a cost associated with it."
Integration Roadblocks and Vendor Cooperation
Timestamp: [00:26:00]
Rich and Marc dive into the frustrating reality of technology integrations, particularly when dealing with vendors who refuse to share data or work with competitors. They explain Restaurant 365's vendor-agnostic philosophy while acknowledging the challenges of working with point-of-sale systems and other providers who create intentional barriers. The conversation covers practical workarounds and the importance of choosing collaborative technology partners.
"There are certain other players out in the technology space that are helping our mutual clients. They don't like to play nice in the sandbox, and they don't want other people using their toys, so to speak. They don't want to share information in any way, shape, or form."
Artificial Intelligence's Role in Restaurant Operations
Timestamp: [00:42:00]
The final major discussion explores practical AI applications emerging in restaurant technology, from automated phone systems that take orders to predictive customer engagement tools. Rich and Marc share observations from recent industry events about robots, voice ordering systems, and AI-powered insights that automatically highlight P&L anomalies. They emphasize that successful AI implementation enhances rather than replaces restaurant professionals.
"At the end of the day, AI is here, so get on board or get left behind. Like you, we. It's just there's no stopping it at this point."
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