Foodics, MENA’s leading cloud-based restaurant management and payment tech provider, has unveiled its new financial management product suite at Foodics “Boundless”, the second annual product event.
Foodics also revealed that it is pivoting to help food and beverage businesses not only with their tech but also their end-to-end operations and financial management.
The event was held on Dec. 6 in Riyadh at Muvi Cinemas, where their film screening was attended by over 500 guests including VIP dignitaries, restaurant owners, business influencers, investors, strategic tech ecosystem partners and government representatives.
Ahmad Al-Zaini, Foodics cofounder and CEO said: “In our sector, cash and profit margins are the conclusive proof points of a successful restaurant. For that reason, our ultimate goal is to help our customers enhance their overall financial health.”
Speaking about the new launch, he added: “Our new financial management product suite gives them the ability to sustain operations, meet obligations and fuel growth, directing their cash flow towards growth and revenue generating investments. Financial health in turns gives them the power to adapt, evolve, and pivot in response to market dynamics. Our commitment is that Foodics is more than a software application, it's a promise. It’s our word, plain and true, backing every move F&B operators make.”
Financial health is a very complex matrix that is not all just about profit and loss but a dynamic interplay of variables. From sales, expenses, inventory, payroll, investments, through to customer experiences, these variables are interlinked, influencing and relying on one another. If one thread is weak, the entire financial structure of the business can be compromised.
Opening a restaurant remains indeed one of the riskiest businesses, with multiple research sources revealing that over 60 percent of new restaurants have negative cash flow within their first year, and nearly 80 percent shut down before their fifth anniversary.
Among the reasons are choosing an unsuitable location, poor marketing, struggling with operational efficiencies or not maintaining food quality. However, the most common denominator for businesses shutting down is their weakness in cash flow management.
With the new restaurant operations and financial management solution, Foodics aims to equip business owners with an interconnected ecosystem of tools that helps them grasp full command of their business, owning their cash flow cycle, customer touchpoints and back of house operations.
These include Payment enablement sales touchpoints for quick-service restaurants and dine-in that enhance the dining experience, Loyalty Programs for efficient growth through existing clientele, Accounting And Payroll to automate financial operations and get a grip on profit margins, Purchase Order financing by Foodics Capital to get instant access funds towards operating expense, and MyFoodics App for a more convenient and autonomous restaurant management experience.
Formally licensed as a Fintech company by the Saudi Central Bank, Foodic’s vision is to build a complete restaurant management ecosystem that enables owners to run their operations seamlessly and grow their business.
For more information, visit foodics.com