Plate IQ

Pros

I love how easy it is to upload and export invoices. The accuracy rate is very high and it makes the AP Process for us so easy and also saves us so much time.

Cons

I don't think there is a whole lot that PIQ is missing, the only thing I would recommend would be cleaning up the dashboard and maybe making it a little fresher

Pros

The best part of PlateIQ is having centralized access to all our company's invoices. A close second is having online approval capabilities.

Cons

I feel like some of the reporting is a little lacking. I would love to be able to easily pull a GL account and see what all was spent in there but I don't believe that can be done very easily.

Alternatives Considered

Reasons for Switching to Plate IQ

Pros

We liked that it did what was advertised. Read our invoices and coded them thru AI technology.

Cons

After using the service for 14 months, we decided to leave since we were onboarding Margin Edge which is a much more robust analytics software for restaurants. Even though we had only signed a one year agreement, they are claiming that since we didn't cancel before the end of the one year term, that our contract auto-renews for another year. Also, if we'd like to leave now, they need us to buyout the ENTIRE rest of the year. Obviously the people at Plate IQ don't get it. NO ONE WANTS TO BE TIED TO A CONTRACT ANYMORE. Reputable software companies say, "if you're not satisfied with our service, you are welcome to leave without penalty". These archaic policies remind very much of the unscrupulous policies of the Merchant Service Providers we all know and love. Good Riddance Plate IQ! With policies like these, you won't be around long.

Pros

Plate IQ has many features that help accountants be more efficient and produce accurate financial reports. The invoice processing is a huge benefit, especially if your company has hundreds of invoices coming in every month. Plate IQ scans those invoices, codes them for you and has them ready for you to schedule payment. Easy! Vendors can even send their invoices directly to Plate IQ for processing and the invoices will be ready for you to pay in a very short period of time. Invoices can be approved at multiple leadership levels within your organization. Once invoices have been scheduled for payment, payments go out quickly via check, ACH or virtual card. You can let the vendor choose how they would like to receive payment! Another huge benefit is the accounting integration. Plate IQ transfers invoices and payments directly to your accounting software automatically! All the while Plate IQ is handling your Accounts Payable needs, and helping you to create accurate financial data, you are free to work on other important matters! Time-efficient, accurate, and easy. Winning!

Cons

We started with Plate IQ before much of the automation was implemented. Remembering to go in and export invoices and payments to the accounting software was tedious. I am pleased to see that much of this is now automated - if only the Spend Management credit cards could be automated too!

Pros

When the invoice matches the data entered

Cons

When there is no data and invoice is legible