KSA-Based Foodics Launches New Financial Management Product Suite To Ease Cash Flow Management For F&B Businesses Foodics aims to help F&B business owners gain full command of their business' cash flow cycle, customer touchpoints as well as back-of-house operations.
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Foodics, a Saudi Arabia-based cloud-based restaurant management technology and payments platform, has launched a new product suite of financial management tools for F&B businesses.
The announcement was made during the second edition of Foodics' annual event, Boundless 2023, where it unveiled its latest restaurant operations and financial management solutions to stakeholders from the F&B industry's public and private sectors.
Boundless 2023 was held on December 6, 2023 as an invitation-only event at Riyadh, and saw the attendance of over 500 guests including VIP dignitaries, F&B restaurant owners, business influencers, investors, strategic tech ecosystem partners and government representatives. During the financial management product suite's announcement, Foodics revealed that this particular pivot aims to help F&B businesses not only with their F&B tech, but also their end-to-end operations and financial management.
With this new feature, Foodics aims to equip F&B business owners with an interconnected ecosystem of tools that helps them gain full command of their business' cash flow cycle, customer touchpoints, as well as back-of-house operations. The services on offer will include payment enablement sales touchpoints for quick service restaurant (QSR) and dine-in that enhance the dining experience.
The suite of products will also have loyalty programs that can ensure growth through one's existing client base, accounting and payroll platforms to automate financial operations, as well as purchase order financing by Foodics Capital (the company's venture capital arm) to get instant access funds towards operating expenses. Additionally, the MyFoodics App will aim to provide a more convenient and autonomous restaurant management experience.
"In our sector, cash and profit margins are the conclusive proof points of a successful restaurant," said Ahmad Al-Zaini, co-founder and CEO of Foodics. "For that reason, our ultimate goal is to help our customers enhance their overall financial health. Our new financial management product suite gives them the ability to sustain operations, meet obligations and fuel growth, directing their cash flow towards growth and revenue generating investments. Financial health in turns gives them the power to adapt, evolve, and pivot in response to market dynamics. Our commitment is that Foodics is more than a software application, it's a promise. It's our word, plain and true, backing every move F&B operators make."