FAIRFAX, Va., Feb. 9, 2021 /PRNewswire/ -- Leading restaurant management platform, MarginEdge announces the launch of a new labor management tool designed to provide daily cost reports to restaurant operators. The new expense management feature, now beginning to roll out to over 1,500 MarginEdge clients in over 45 states, provides essential guidance to restaurant owners making crucial staffing decisions as the restaurant industry slowly prepares to rebuild and additional funding becomes available from the Paycheck Protection Program.
The integration of data within the centralized MarginEdge system allows restaurant managers to accurately track labor costs daily, as opposed to after the end of an accounting period, giving them the tools to better understand real-time labor costs. Hourly and salary data is pulled from restaurant POS systems to provide categorical cost summaries on a daily basis, as well as updates to their prime costs on restaurants' rolling profit and loss statements.
"Empowering operators with real-time data is central to our mission and this update arrives at the perfect time for restaurant owners looking to slowly rebuild their businesses," says Bo Davis, MarginEdge CEO and founder. "Integrating labor into our robust daily reporting gives our clients a complete overview of their business and the ability to make fully informed hiring decisions as additional funding from the PPP becomes available."
The labor expense tool adds labor-specific data to restaurants' profit and loss statements, thus giving operators the ability to compare those costs in relation to sales and quickly adjust staffing strategies if necessary. The daily updates provided by MarginEdge allow their clients to exercise greater control over labor costs during a time ruled by changing dining preferences and dynamic winter weather.
MarginEdge's mission is to create a world where restaurant operators can focus on the business they love. By using best-in-class technology to eliminate unproductive paperwork and streamline the flow of operational data, MarginEdge is reimagining the back office and freeing restaurants to spend more time on their culinary offerings and guest experiences. Based in Fairfax, VA and founded by industry veterans, MarginEdge serves a diverse group of operators from single units and small chains to large franchise and hospitality groups, providing a high impact product that resonates across the hospitality industry. For more information visit www.marginedge.com