Compeat: Restaurant Software Overview, Review, & Alternative
There’s no shortage of restaurant software on the market today, but two of the leading ones are Compeat and Sourcery. Perhaps you, as a restaurant owner, are wondering if Compeat or Sourcery is the better option for your growing and thriving business. Or, perhaps you’re thinking of opening your own restaurant and are looking into different software alternatives before your grand opening.
Let’s take a look at how Compeat stacks up against Sourcery in the market today.
Table of Contents
- Things to Consider
- Pros and Cons
Part One: Overview
Compeat touts itself as the premier, all-inclusive restaurant software that integrates accounting, back office, workforce, and intelligence data. By providing real-time insights into such things as labor costs, inventory costs, and logbook costs, Compeat claims to “ensure your general ledger is always in balance from corporate to every location with seamless integration with inventory and labor.”
According to CrunchBase, Compeat’s headquarters are located in the Southern US. They have between 101-250 employees, and thanks to their partnership with Ctuit, they are “the largest provider of integrated accounting, back office, workforce, and business intelligence solutions.”
Based in San Francisco, Sourcery is a premier software that provides both accounts payable (AP) and accounts receivable (AR) data. In addition to being an ideal solution for restaurants that have many locations (i.e., a franchise), or a chain, wholesalers are using Sourcery to keep their food and recipe costs updated in real time.
Part Two: Things to Consider
There’s one basic formula to remember when discussing the restaurant industry: keep your costs low and your profit high. And one of the best ways to do that is to keep track of your prime costs.
Prime costs are calculated by adding the cost of goods sold (COGS) to the cost of labor. This will give you the total cost of the goods you’re serving to your customers. Obviously, the higher the prime cost, the lower the profit margin, and vice versa.
It’s important to remember that COGS involves, not only tabulating the cost of food and beverage but to tabulate the cost of all that goes into serving the food and beverage (such as ice, napkins, tablecloths, etc.) In addition, the only labor that goes into your prime costs is the cost of the labor for the actual restaurant staff (i.e., waiters, food runners, sous chefs). Any labor that is administrative in nature (such as an office manager or an accountant) is not included in the labor costs when calculating the final prime costs. In addition, kitchen costs — such as the cost of a refrigerator — supplies for other aspects of the restaurant (such as toilet paper and soap for the bathroom), and utility bills are not included in the prime costs.
With such intricacies that go into tabulating costs, it makes it all the more essential to not only remain aware of your data but how to accurately keep track of it. Tracking, analyzing, and — most of all — acting on your data will allow you to increase the efficiency of your workers, cut down on waste and over-spending, and even allow you to redirect your marketing efforts more effectively.
For this reason, it’s important to choose your restaurant software wisely.
Part Three: Pros and Cons
- Compeat allows you to streamline your finances. By providing a touch-point for accounting, Compeat can allow you, as a restaurant owner, to take control of your bottom line.
- Compeat allows you to keep track of your inventory. One of the biggest problems that restauranteurs consistently report is their failure to accurately maintain their on-site inventory. In fact, inventory loss — through misreporting, employee theft, and food spoilage — is one of the biggest problems that restauranteurs face today. But by allowing you to keep consistent track of your inventory, you can significantly reduce — if not outright eliminate — loss.
- Compeat keeps track of labor and payroll. By gathering complete and accurate data about your employees — and by tracking workers’ logs to get a more accurate overview of actual hours worked — Compeat can allow you, the business owner, to spend less time filing W-2 and SSI/STI documents. What’s more, Compeat can help you keep track of hours to prevent from breaking any labor laws (for instance, Compeat will allow you to calculate if an employee worked more than 40 hours, or if an employee didn’t take enough time on a break, or even if the employee took too much time on his/her break).
- Compeat boasts an “intelligent” dashboard. Perhaps the biggest “pro” of Compeat is that it provides its users with an “intelligent” dashboard that not only provides all sorts of data at the same time but also allows the user to fully customize the dashboard to get as little — or as much — processed data as they want or need. It’s a dashboard that can pinpoint the problem areas of the restaurant, and also shows where the restaurant is thriving. Best of all, by providing detailed insights and fully processed reports, restauranteurs can make intelligent and informed decisions about their pride and joy.
N.B.: These were compiled from Compeat’s verified user reviews on Capterra.
- Liam C. writes on his review on Capterra, “Occasionally, it will decide to update overnight, and we’ll have trouble getting in the next day.” Being unable to get into a system can be detrimental to productivity.
- Joely R. and Jessica S. both report on their reviews on Capterra that customer support “can take a while,” and that when there is a new rollout of software, “there are always bumps” and it’s “long and intensive.”
- A verified LinkedIn user told Capterra that the setup time was “challenging,” and that when it came to customer support, “[it] seemed to be all on us to figure it out.”
- Sourcery provides online cloud service. By storing data “in the cloud” rather than on a local server, Sourcery not only ensures accurate data output but ensures the security and safety of the data you provide. And there’s no need to worry about “downtime,” because User Temesclar reports that the cloud has an excellent support team.
“The support team is very responsive and is working to continue to develop the product in response to our needs,”
- Sourcery provides real-time data updates. User KringJ says that Sourcery has:
“simplified our accounts payable process and quite literally saved us time and money. The tool makes invoice processing and management effortless.”
- Sourcery can be fully integrated with QuickBooks. User “Doug E. Fresh”says that this integration can:
“…import my invoices directly into QBO. They get super accurate data in from my invoices, and make paying vendors a breeze. Top notch!”
- Perhaps unlike any other similar software on the market today, Sourcery is able to integrate fully with QuickBooks, making it easy to not only keep track of accounts payable and accounts receivable, but allows for one-click bill pay. Best of all, when it’s fully integrated with QuickBooks, Sourcery eliminates the need for manual data entry. Just scan all the restaurant’s invoices into the system, and QuickBooks does the rest!
- Sourcery has a proprietary app, allowing for mobile ordering — making it one of the most forward-thinking programs out there — and has high-touch process management. User RCB says that he’s:
“really excited to see the [proprietary app] on the Apps marketplace.”
- Sourcery’s users report seeing an immediate return on their investment. A high ROI is, in fact, the main key to a program’s success in business.
The only “con” that consistently comes up about Sourcery is that there are, literally, no complaints from the users.
Compeat does not make its pricing publicly available. Interested customers are required to contact the company to request a custom quote for their business.
While larger businesses are, of course, required to contact us at Sourcery for a custom quote for their business solutions, we offer two basic pricing plans, which we call “Single Serving” and “Family Meal” (for a single location restaurant, and a restaurant with multiple locations/a franchise, respectively). The “Single Serving” plan is $69/week, per location, for up to 5 locations and 25 invoices a month. Any restaurant that has more than 5 locations, and/or handles more than 25 invoices a month will need to go on the “Family Meal” plan and needs to contact the company directly for a quote.
While the old adage “you get what you pay for” holds true, it is also true that, as a business owner, you need to get as much proverbial “bang for your buck” as possible.
Compeat is a company that prides itself on allowing its users to count inventory, assets and forecast alcohol and food costs. However, investors believe that Sourcery’s software is robust enough to expand into different verticals, and for good reason: it allows users to upload invoices and/or receipts to the proprietary app, and the program then extracts the relevant data.
This eliminates the need for manual data entry.
In addition, by storing data in a cloud rather than on a local server, data is both safe and secure. Finally, the unanimous customer raves about Sourcery’s integration with QuickBooks, real-time data updates, and premium customer service make it the obvious choice for today’s tech-savvy restauranteur. Contact us today to schedule a demo.