Financial services

Nextbite launches financial services solution for restaurants to easily consolidate and reconcile delivery business

next bite

– New financial services solution streamlines tedious accounting and provides a complete picture of a restaurant’s offsite operations –

LOS ANGELES and DENVER, May 04, 2022 (GLOBE NEWSWIRE) — next bite today announced a reconciliation tool that helps restaurants better manage and scale their delivery business through a customized financial services solution to consolidate and reconcile complex transactions from delivery service providers (DSPs). New Nextbite reconciliation solution solves the significant resource drain and error potential for restaurants that must report across multiple systems and vendors.

The Nextbite Reconciliation solution collects all of a restaurant’s delivery service transactions (such as orders, discounts, and cancellations), reports from multiple DSPs in a standardized format, and then reconciles them, producing a unified overall financial statement.

As restaurants increasingly embrace the fast-growing delivery-only model, Nextbite has been a leader in delivering a suite of technology solutions to help restaurants scale and expand their delivery business to more people. locations, served by several DSPs.

“Off-premises commerce is booming, and most restaurant organizations have accounting teams dedicated to manually managing DSP reconciliations, which is extremely cumbersome and difficult,” said Alex Canter, CEO of Nextbite. “With our new solution, restaurants have full visibility into a restaurant’s off-site activities, and it eliminates the possibility of manual error, providing a high degree of accuracy for aggregating and reconciling large volumes of DSP transactions. .”

He added, “Our Ordermark technology was the first to consolidate all DSP orders on a single tablet, followed by simplified menu management, and now we address streamlined financial reporting from multiple DSPs with a unified view of the growth of an organization’s off-site activities”.

Nextbite built and tested the Reconciliation solution in-house as its business grew from managing dozens of locations to thousands of restaurants, including rolling out two delivery-only brands for a large-scale restaurant chain national.

According to Luke Andrews, VP of Product, Nextbite, “We developed a variety of internal tools to help us grow our Nextbite virtual concept offerings and quickly realized we could leverage these tools to help the industry as a whole to address these same issues. issues with manual DSP reconciliation. »

The reconciliation solution will be available from Nextbite in Q3 2022, and the company is currently accepting applications for early access. Restaurants interested in learning more about the solution, Nextbite and its Order mark online order/delivery management platform can find more information about nextbite.io/self-reconciliation.

About Nextbite
Nextbite helps drive and shape the new digital era of the restaurant industry. A leader in virtual restaurants and offsite technology solutions, the company is focused on helping restaurant partners successfully enter the virtual restaurant space with new delivery-only menus, utilizing the underutilized capacity of the cooking, to increase margins and revenues. Originally founded as Ordermark in 2017, Nextbite is the only all-in-one virtual restaurant solution for existing restaurants and kitchens that combines the proven Ordermark online ordering/delivery management system with a selection of highly visible and trendy delivery brands. Denver and Los Angeles-based Nextbite has more than $150 million in funding, with its latest round led by SoftBank. Learn more at nextbite.io and follow us on Facebook, Instagram, LinkedIn and Twitter.

Media contacts:

Angela Zott
PR, Nextbite
586-565-1986
Angela.zott@nextbite.io

Lisa Hendrickson
LCH Communications for Nextbite
516-643-1642
lisa@lchcommunications.com