Exciting things happening at Outmin!
Drastically simplifying accounting for Hospitality owners is one of our main goals.
And, we couldn’t be more ready.
Our co-founder David Kelleher explained how Outmin uses hospitality's data structure and automated accounting to solve many problems.
Today, we want to highlight some incredible hospitality businesses that joined our journey.
They gave us inside knowledge about their financial management, accounting systems, accounting workflows. Ultimately, they helped us pivot towards hospitality by building a better accounting automation solution.
We made their lives much easier. They helped make Outmin better.
Now, let's open the curtain and share what we're cooking up behind the scenes.
Our Journey with Hospitality Trailblazers
Running a restaurant business can be overwhelming. On top of providing a great customer experience, restaurant owners often have to juggle bookkeeping, expense tracking, bank statements, tax returns, and cash flow. Plus, manage expensive accounting teams.
It can be a nightmare. You're running a busy food service. Where’s the time to breathe?
Outmin steps in with accounting technology that makes life easier than ever. Automated accounting to the rescue!
Hospitality businesses have inspired us since we started Outmin in 2020. Their motivation and ambition fuel our own passion. And that is simplifying the financial operations of every business we touch.
Among them are Parklife Café and PI Pizza in Dublin, two incredible businesses that found relief (and financial health) with our accounting automation software and service.
Ending Parklife Cafe’s Frustration
Owned by food lovers Shaun and Carrie, Parklife Café is known as one of Dublin's top spots for a killer breakfast sambo. They offer delicious treats and great coffee in a cosy atmosphere.
Food isn't a problem. The main frustration was their unresponsive accountant, who kept them in the dark about the monthly costs and financial processes. They needed a clear picture of their finances, but that proved impossible.
They even started doing bookkeeping on their own. But keeping track of the cafe’s financial health was problematic.
Enter Outmin.
We sat down with Shaun and Carrie to understand the repetitive tasks within their accounting processes and devise a solution that would end their years-long frustration.
We synced Parklife's bank accounts and payment processing systems to Outmin and contacted their suppliers. We automatically handle all paperwork, transactions, and invoice processing.
Now, Shaun and Carrie not only have a clear picture of their cash flow management but are also saving time and money!
Helping PI Pizza Reduce Costs by 66%
Behind the delicious wood-fired pizzas of PI Pizza, there was financial reporting chaos. The owner, John Savage, tried everything.
He used accounting software, hired accounting professionals and bookkeepers; wasting time and money just to feel overwhelmed! John chose Outmin as the automated accounting solution to help expand to new locations and improve the financial situation.
Now, PI’s financial operations are automated. Bank feeds and systems like Point-of-Sale, Purchasing, and Time & Attendance are automatically synced.
What about payroll? Tax and compliance? Well, Outmin handled all of that as well. A relief for John and other hospitality business owners like him.
The results speak for themselves. Becoming PI Pizza's accounting department reduced their accounting costs by 66% and saved them 10 hours per month. More pizza anyone?
Fixing Accounting for The Hospitality Industry
Traditional accounting firms are draining the hospitality industry.
Business owners and key stakeholders waste so much time with paperwork and bookkeeping. Accountants aren’t always helpful (and specialised accounting services don’t come cheap). Complex financial reporting takes weeks to arrive!
This makes timely decision-making close to impossible.
As co-founder David states, “Hospitality business owners should stay on top of their numbers, but that doesn't mean they should be doing the data entry themselves."
Outmin uses Machine Learning and Large Language Models to automate and simplify financial operations.
Weekly reports mean businesses have real visibility of their numbers. A combination of AI and human intervention ensures accurate data.
Profit and Loss reports, KPIs, and financial trends keep businesses in the loop. Out with the jargon, in with financial clarity.
Outmin complements hospitality tech, streamlining the entire process through financial integrations. For hospitality owners, this means time saved and reduced errors.
“Hospitality owners are quite ambitious. Many of them are looking for new opportunities to grow and expand, " explains David.
Outmin provides peace of mind so that hospitality owners can focus on running and growing a more profitable business.
Tech Takes the Lead: The Exciting Journey Ahead
2024 is all about streamlining and simplifying hospitality accounting with advanced technology.
Co-founder David shares the vision of making the lives of hospitality owners much easier. This includes diving deeper into seamless interactions with suppliers and hospitality tech providers. It also includes streamlining payments and payroll.
“An exciting change on the horizon is consolidated viewing of multiple businesses. Right now, we have an Outmin account for each business, but we’re prepping a consolidated view”, explains David.
This will give business owners with multiple units a complete view of the entire business group, making analysis and decision-making even more efficient.
Another big thing coming is industry benchmarking.
More data means more knowledge — actionable insights against averages, industry standards, and even gamification.
“Imagine asking the Outmin app how many coffees I need to sell to break even today, for example. That’s really cool and something our data science team is actively exploring.”
That's the future – direct, actionable financial data.
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