Acquisition follows successful partnership launched in June 2020. By combining Toast’s in-depth point-of-sale data with xtraCHEF’s automated line-item details on restaurant spending, operators have a end-to-end view of their financial health.
Toast today announced it acquired xtraCHEF, a suite of back office tools for restaurants, including accounts payable automation and inventory management. Designed from the ground-up for restaurants of all sizes, xtraCHEF arms operators to take control of rising inventory costs, automate accounts payable, and streamline back office tasks to increase overall profitability.
Automating Cost Management
By combining xtraCHEF’s line item level cost data with Toast’s sales data to get insights into profitability by menu item, restaurateurs will have access to automation and intelligence tools that streamline repeatable tasks including bookkeeping, managing inventory and tracking margins. The addition of xtraCHEF extends Toast’s end-to-end product ecosystem that allows the industry to build better restaurants and create better connections with both their customers and their suppliers.
“Time is the most precious and scarce resource for restaurant operators who are constantly focused on growing their business while juggling the need to provide a delightful guest experience,” said Chris Comparato, CEO of Toast. “Together with xtraCHEF, we immediately deepen our capabilities in automating cost management for restaurants, helping restaurateurs reclaim time previously spent navigating complex, manual processes and better understand their profitability, down to the menu item. Following a successful partnership we couldn’t be more excited to officially welcome xtraCHEF to Toast as we drive our shared vision of supporting restaurants’ success with easy-to-use tools that allow them to thrive.”
By combining Toast’s in-depth point-of-sale data with xtraCHEF’s automated line-item details on restaurant spending, operators on the Toast platform have a true end-to-end view of their financial health, says xtraCHEF.
xtraCHEF will join Toast as xtraCHEF by Toast. xtraCHEF CEO and co-founder, Andy Schwartz, and CTO and co-founder, Bhavik Patel, will remain with the company in their current roles.