BOSTON--(BUSINESS WIRE)--Aug 2, 2023--
Toast (NYSE: TOST), the all-in-one technology platform built for restaurants, today announced the launch of Toast Catering & Events, a new product fully integrated with the Toast point-of-sale (POS) to help restaurants seamlessly manage large catering orders and event planning. Toast Catering & Events supports customizable banquet event orders (BEO), fulfillment tools, and lead management functionality. Toast Catering & Events pairs with Toast Invoicing — a digital invoicing tool that Toast launched in October 2022 — to provide even deeper support for the multiple lines of service many restaurants are running today.
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(Photo: Toast)
According to Toast’s 2022 Voice of the Restaurant Industry survey, restaurants on average are managing seven service models, including catering 1. It continues to be a crucial part of growth for many restaurants — a new Toast survey reports 2 that nearly two-thirds of restaurant owners and operators say a portion of their sales come from catering.
“As restaurants look to diversify revenue streams, catering and events are top of mind as attractive growth areas,” said Aman Narang, COO and Co-Founder of Toast. “However, an additional service model can mean taking on managing multiple systems that often operate in silos. With Toast Catering & Events, we brought the entire catering and event order management lifecycle — from invoicing to inventory management and accounting — into the Toast platform. By fully integrating the solution into our platform, restaurant owners and operators can not only save time but also better position themselves to build a successful, smoothly operating business.”
Restaurant owners, operators, catering and event managers, and staff can now seamlessly manage the multi-week process of planning and executing events and catering orders. Additionally, the Toast Catering & Events platform allows restaurants to:
- Customize for every occasion: The Catering & Events platform is designed to keep guests satisfied through each step of the planning and execution process. Whether solving for dietary restrictions, designating whether an order is pick-up or delivery, or flagging special pricing, Toast Catering & Events offers the tools and the ability to create digital contracts, quotes, and estimates efficiently. It can support high-volume orders and projects of all kinds.
- Manage everything in one place: Many restaurant owners and operators have managed their catering and event orders manually, on handwritten forms, or through revenue reporting on multiple systems. Through integration with Toast POS, restaurants can see updates and reporting for event orders and all their lines of service on a single platform. The digital experience includes menu integration, customer lists, a calendar view, and integrated sales reporting to create a seamless all-in-one platform experience.
- Easily access transparent pricing and estimates: Guests can quickly access and understand costs and efficiently begin the planning process. They can easily submit catering and events inquiry forms directly online. Payments are simplified as well — guests can use an online invoicing tool to make deposits and payments for an order or event.
- Boost efficiency: With Toast Catering & Events, restaurants can skip the paperwork and automate repetitive tasks with features like digital invoice creation, payment processing, prepping and packing, and even repeat catering orders.
“Toast Catering & Events has integrated our events into our POS seamlessly and even prints the prep tickets at a scheduled time so it is very ‘hands-off,’” said Emily Sands, Private Event Sales Director at Elicit Brewing. “My favorite piece of the system so far is the integration with my calendar. It makes it easy to keep my staff in the loop on what's going on and what's coming soon.”
Learn more about Toast Catering & Events.
Forward-looking Statements
This press release contains “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when Toast or its management is discussing its beliefs, estimates or expectations. Such statements generally include the words “believes,” “plans,” “intends,” “targets,” “may,” “could,” “should,” “will,” “expects,” “estimates,” “suggests,” “anticipates,” “outlook,” “continues,” or similar expressions. These statements are not historical facts or guarantees of future performance, but represent the beliefs of Toast and its management at the time the statements were made regarding future events which are subject to certain risks, uncertainties and other factors, many of which are outside Toast’s control. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements include, without limitation, statements regarding the market trends of the restaurant industry and expected results of the launch of Toast Catering & Events.
The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Toast’s filings with the Securities and Exchange Commission (“SEC”), including in the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations'' in Toast’s Annual Report on Form 10-K for the year ended December 31, 2022, Toast’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and Toast’s subsequent SEC filings. Toast can give no assurance that the plans, intentions, expectations or strategies as reflected in or suggested by those forward-looking statements will be attained or achieved. The forward-looking statements in this release are based on information available to Toast as of the date hereof, and Toast disclaims any obligation to update any forward-looking statements, except as required by law. These forward-looking statements should not be relied upon as representing Toast’s views as of any date subsequent to the date of this press release.
About Toast
Toast [NYSE: TOST] is a cloud-based, all-in-one digital technology platform purpose-built for the entire restaurant community. Toast provides a single platform of software as a service, or SaaS; products and financial technology solutions that give restaurants everything they need to run their business across point of sale; operations; digital ordering and delivery; marketing and loyalty; and team management. By serving as the restaurant operating system across dine-in, takeout, and delivery channels, Toast helps restaurants streamline operations, increase revenue, and deliver amazing guest experiences. For more information, visit www.toasttab.com.
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1 To help better understand the restaurant industry, Toast conducted a blind survey of 956 restaurant decision-makers from May 13, 2022, to June 28, 2022. Respondents were not made aware that Toast was fielding the study. Panel providers granted incentives to restaurant respondents for participation. Using a standard margin of error calculation, at a confidence interval of 95%, the margin of error on average is +/- 3%.
2 To help better understand the restaurant industry, Toast conducted a blind survey of 507 restaurant decision-makers from November 29, 2022 – December 19, 2022. Respondents were not made aware that Toast was fielding the study. Panel providers granted incentives to restaurant respondents for participation. Using a standard margin of error calculation, at a confidence interval of 95%, the margin of error on average is +/- 4.4%.
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KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: BANKING SOFTWARE RESTAURANT/BAR ACCOUNTING OTHER RETAIL PROFESSIONAL SERVICES DATA MANAGEMENT SPECIALTY TECHNOLOGY SMALL BUSINESS FOOD/BEVERAGE RETAIL FINANCE
SOURCE: Toast
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PUB: 08/02/2023 08:00 AM/DISC: 08/02/2023 07:58 AM
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