New financial services solution streamlines burdensome accounting and provides full picture of a restaurant’s off-premises business
LOS ANGELES and DENVER, May 4, 2022 – Nextbite today announced a reconciliation tool that supports restaurants in better managing and scaling their delivery business via a financial services solution custom-tailored to consolidate and reconcile complex delivery service providers (DSPs) transactions. The new Nextbite Reconciliation solution addresses the significant resource drain and error potential for restaurants that must source reports across multiple systems and providers.
The Nextbite Reconciliation solution collects all of a restaurant’s delivery service transactions (such as orders, rebates, and cancellations), reports from multiple DSPs into a standardized format, and then reconciles them together, producing an unified overview financial statement.
As restaurants increasingly adopt the fast-growing delivery-only model, Nextbite has been a leader in providing a suite of technology solutions to help restaurants scale and expand their delivery business to more locations, served by multiple DSPs.
“The off-premises business is booming and most restaurant organizations have accounting teams devoted to handling DSP reconciliations manually, which is extremely cumbersome and challenging” said Alex Canter, CEO of Nextbite. “With our new solution, restaurants have full visibility into a restaurant’s off-premises business, and it eliminates the possibility of manual error, delivering a high degree of accuracy for grouping and reconciling large volumes of DSP transactions.”
He added, “Our Ordermark technology was the first to aggregate all DSP orders into one tablet, followed by simplified menu management, and now we are addressing streamlined financial reporting from multiple DSPs with a unified view of an organization’s growing off-premises business.”
Nextbite created and tested the Reconciliation solution internally as its business grew from managing dozens of locations to thousands of restaurants, including rolling out two delivery-only brands for a major restaurant chain nationwide.
According to Luke Andrews, Vice President of Product, Nextbite, “We’ve developed a variety of in-house tools to help us grow our Nextbite virtual concept offerings and quickly realized we could build on these tools to help the broader industry address these same pain points around manual DSP reconciliation.”
The Reconciliation solution will be available from Nextbite in the third quarter of 2022, and the company is currently taking early access requests. Restaurants interested in learning more about the solution, Nextbite and its Ordermark online ordering/delivery management platform can find more information at nextbite.io/auto-reconciliation.
Nextbite is helping drive and shape the new digital era for the restaurant industry. A leader in virtual restaurants and the pioneer in online order management, the company is focused on helping restaurant partners successfully enter the virtual restaurant space with new delivery-only menus, using underutilized labor and kitchen capacity, to increase margins and revenue. Originally founded as Ordermark in 2017, Nextbite is the only all-in-one virtual restaurant solution for existing restaurants and kitchens that pairs the proven Ordermark online ordering/delivery management system with a selection of highly visible, on-trend, delivery brands. Headquartered in Denver and Los Angeles, Nextbite has more than $150M in funding, with its most recent round led by SoftBank. Learn more at nextbite.io, and follow us on Facebook, Instagram, LinkedIn and Twitter.