Automated Accounting for Hospitality: Outmin’s Focus

Innovation can be tough. Yet, it can also be the most rewarding.

This is our story of doubling down to solve a big problem in the hospitality industry: automating accounting to bring relief to stressed out owners.

To tell the story, David Kelleher, Co-founder of Outmin, took time to describe the technical and commercial aspects of the hospitality sector guiding the strategic innovation.

But, this is more than a business focus. This is a story of how our disruptive automated accounting technology is helping hospitality brands succeed against a mountain of repetitive tasks.

The Why's, the How's, and the Spark of Data Science

Outmin’s accounting services journey started in 2020. We wanted to simplify time-consuming accounting and tedious bookkeeping for small and medium enterprises. A segment that is normally overlooked for enterprise accounting solutions.

How? Using our AI-powered technology.

For example, Gartner says that AI and automation in finance and accounting can save up to 25,000 hours per year. This doesn't even include the incredible abilities of generative AI, machine learning, and data modelling!

Scaling Outmin, we knew that artificial intelligence and process automation could help our customers. Then, after working closely with hospitality owners, we fell in love with their passion and ambition.

Most importantly, we understood their urgent need to leave complexity behind: financial statements, cash flows, bank statements, expense tracking, tax returns, accounting tools.

These stressed out restaurant, bar, and café operators need timely numbers to focus on what truly matters.

While reviewing our hospitality customers and their data, we saw the perfect opportunity:

“The similarity across every single hospitality business in terms of data is quite apparent. The revenue flows through a Point-of-Sale system. They receive the same kinds of invoices from the same kinds of suppliers. They categorise their revenue the same way", explains our co-founder, David Kelleher, adding that standardisation is where “a data scientist can do really interesting things. "

The hospitality business's data structure is predictable. This allows us to serve the industry even more efficiently. And that is truly exciting.

But, there’s more to the story.

Hospitality has an Accounting Problem We Can Solve

Hospitality owners drown in the oh-so-tedious mess of traditional accounting. Piled up invoices, incosistent sales data, and a desperate need for a lifeline.

These are big problems:

• Business owners lose valuable time with manual tasks like bookkeeping, time tracking, and accounting software. When they should be free to focus on giving their customers the best experience possible.
• They spend too much money on accounting firms with slow-paced guidance.
• Delayed financial reporting and outdated financial processes are a nightmare, hindering quick decision-making.

This is where Outmin comes in — armed with Machine Learning and powerful Large Language Models (LLM).

“We have the ability to process lots of different types of data quicker than anybody else in the industry," says David, adding that Outmin “can produce reporting at a much more frequent cadence. "

With Outmin, hospitality owners are no longer in the dark. Profit & Loss reports are crystal clear. Cash flow statements are easy to follow.

Our weekly reports remove the jargon. They bring to light a concise picture of all the important numbers for accurate decision-making.

Financial health is at their fingertips, and that is what matters to ambitious hospitality owners.

More time + clearer numbers = better-informed action.

Above all, Outmin offers complete peace of mind. Think of it like financial management in a box.

We take care of all financial operations. From payroll and tax and compliance to accounts payable and accounts receivable. Plus, data entry automation, bank reconciliation, and invoice processing.

Outmin’s accounting automation software and accounting services save endless hours.

The Perfect Sidekick to Hospitality Tech

During our pivot to hospitality, we also saw the chance to enhance (or even replace) much of the existing hospitality tech systems. Many already standard across most hospitality businesses.

For some, Outmin complements financial integrations and hospitality systems that financial teams already use. It integrates Point-of-Sale (POS) systems like Toast and Square, online payments, time and attendance, suppliers, procurement, CMR, and bank feeds. For many however, Outmin can consolidate or even outright replace expensive accounting software like QuickBooks Online and Xero. This ensures that owners maintain a streamlined accounting process without additional cost.

Outmin’s integration not only slashes time but also reduces errors for businesses.

For hospitality business owners, having access to accurate, reliable financial data that doesn’t read like Greek is a blessing. Outmin takes care of it.

A Vision for the Future

At Outmin, our mission is now crystal clear. We're building the best automated accounting solution for the hospitality industry.

Hospitality owners who create memorable experiences deserve freedom from tedious tasks and distracting work. We’re making that a reality.

In our next blog post, we'll unveil more co-founder insights, showcasing our progress and future vision.

Want to automate your accounting? Feel free to contact us or book a demo. Let Outmin take that weight off your shoulders.