S2E32 - Automating Your Invoice Management With Factura.ai

About the Episode

Bradley Bloch, CEO of Factura.ai, discusses the journey of building an AP automation software specifically designed for multi-unit businesses in the restaurant industry. He shares his transition from private equity to the food world and how the idea for Factura.ai came about. The software aims to simplify and streamline the accounts payable process, providing time savings, visibility, data storage, and controls for businesses. Bradley highlights the success stories and benefits of implementing Factura.ai, including increased productivity, improved efficiency, and better analysis capabilities. He also addresses the challenge of handling item variations in the system.

Bradley Bloch discusses the process of working together and the importance of efficient inventory systems. He explains the onboarding process for Factura.ai and how it integrates with accounting and inventory systems. Bradley also highlights the benefits of Factura.ai in terms of saving trees and shares his insights on the future of technology in the restaurant industry. He concludes by offering advice to entrepreneurs and discussing the future plans for Factura.ai.

Takeaways

• Factura.ai is an AP automation software designed for multi-unit businesses in the restaurant industry.
• The software simplifies the accounts payable process, providing time savings, visibility, data storage, and controls.
• Implementing Factura.ai can lead to increased productivity, improved efficiency, and better analysis capabilities.
• Handling item variations in the system requires integration with an inventory system. Efficient inventory systems are crucial for streamlining operations and reducing complexity in the restaurant industry.
• The onboarding process for Factura.ai involves integrating with existing accounting and inventory systems.
• Factura.ai helps businesses save trees by eliminating the need for paper invoices and streamlining the approval process.
• The future of technology in the restaurant industry includes robotics, automation, and enhanced data extraction capabilities.

Timestamps

00:00 Introduction 01:00 Overview of Factura 13:30 Building Trust, Value, and Product 15:10 Success Stories and Wins After Implementing Factura 20:49 Handling Challenges of Item Variations 23:28 Walkthrough on How Factura’s System Work 27:54 Single Venue and Multi-Unit Location 29:41 Saving Trees! 31:30 Future Trend for Tech and Restaurant Industry 34:45 Post Covid Accelerated the Adoption of the Tech Restaurant Industry 35:43 Advice to Entrepreneurs 39:08 What’s Next for Factura