Amfil Technologies Inc., (OTC: FUNN), is pleased to provide investors with an overview of IT and Accounting improvements recently implemented to strengthen the Company’s foundation while reducing costs and increasing efficiency.
This is a continuation of last week’s general updates on initiatives undertaken through 2019 and into the pandemic shutdowns before the Company moves on to announcing more item specific updates and events that have been and will be transpiring in the not too distant future. The Company has utilized this difficult time opportunely to continually build and improve on the Company’s operations and growth initiatives.
IT / Development / Software / Reporting
Method/ Process
- Ben Castanie is a former Method / process consultant.
- Last year, Snakes & Lattes underwent ISO 9001:2008 (Total Quality) . we will go through it every 2 years. We are not looking for certification, this is mainly for the Company.
- Imposing quality processes and management.
Efficiency
Increasing efficiency has always been a key area of focus for management. Automation and productivity at the core of the business ensuring our success. We have made many changes to improve efficiency across the board which include training in time management, keeping managers off the computer and on the floors taking care of guests and collaborators. The core of the business is not in the office – it is at the venue level.
Digital / Data
- Removing manual spreadsheets from company data - this tended to be where the source of accounting and other errors would stem from.
Digitization
We have removed all paper spreadsheets from the company, removing a source of potential error. All process regulations, training, and contracts etc have been entirely digitized. The Company has always captured a large amount of data - as much as possible. This allows the Company to analyze key areas of improvement and provides a better understanding of the business. All of the Game-Gurus carry ipads to log game info and data received through customer interactions etc.
SOFTWARE
Software
The Company has implemented software and dedicated tools across the board combined with ipads for the servers, hosts, bartenders, game gurus, and managers to ensure they are mobile and able to track key data points while on or off duty.
Development of Proprietary Software
As many may know. We were planning the development of proprietary software for use in our venues. This initiative has been halted entirely because we have been able to tailor a solution using software off the shelf.
When we first started business, many of these tools were unavailable so we needed to develop our own booking system / wait list management system. We created an ipad based Point of Sale tool which included an entire backend for our employees/HR - functionality included: downloading paystubs, time tracking, game log, training resources, maintenance tools, tipping split, etc.
We will be keeping much of these custom tools which we created while bolstering the system with 3rd party softwares which are becoming uniform in the hospitality industry.
Most software is gravitating towards similar principles:
- Mobility
- Paperless
- Transparency/visibility for staff
- Data collection and analytics
New software integrated:
TouchBistro - our POS system - Simple yet robust
https://www.touchbistro.com/pos-solutions/restaurant-pos/
Avero - Intelligence / Reporting
MarginEdge - Margin calculation, Inventory, Invoice Automation, Supplier Payments
7Shifts - Staff Scheduling
TB Dine - Booking and Waitlist Reservation Software
https://www.touchbistro.com/reservations/
TB Loyalty - Custom App - Customer Loyalty - Gift Cards
https://www.touchbistro.com/loyalty/
TipRolls - Tip Disbursement
Receipt Bank- Document Management (Invoices, receipts)
https://www.receipt-bank.com/ca/
FinTech - Alcohol supplier payments
QuickBooks Online - Accounting software
https://quickbooks.intuit.com/
Fathom - Consolidation tool, KPIs
ACCOUNTING
Internalized Accounting
Accounting used to be outsourced to an accounting firm. We decided to bring back in-house to ensure accuracy and efficiency for the purposes of data tracking and filings.
Accountant has been contracted to guide us in the transition.
We have brought on a Toronto-based accounting contractor with extensive experience with GAAP and the specific issues with US/CAD businesses. This CPA has strong experience in high-growth publicly traded companies. This is a stop gap solution until we hire a CFO and/or in-house CPA to manage finances.
We have parted ways with LiveCA
The multiplication of legal entities was a challenge. We had to find the right level of service. Choosing between smaller firms who recognize the amount of work or larger firms who are not as involved and do not respect our deadlines.
Hire Bookkeeper / Comptroller for the whole company
We took over our daily bookkeeping and automated most of the invoice scanning and uploading by using simple tools. At the moment, our team consists of 1 comptroller and 1 contractor.
Switched Accounting software (Quickbooks Online)
After the last audit, we made the decision to internalize all accounting. We also made the decision to switch our accounting software. Year 2018/2019 and 2019/2020 are almost done. This was a lot of manual work done throughout the COVID-19 downtime.
Standardized Charts of Accounts across the entire organization
Reconciliation of accounts was a challenge to be met. Auditors, accountants, CFO Squad were all wasting precious time to reconcile all accounts. We have standardized this process ensuring future audits and reconciliations will go smoother.
Automation of invoices, statements, and Inventory with software
We are constantly aiming to make improvements to the processes. Although we can improve further, Management is proud of what was accomplished thus far in terms of automation, especially for Invoice Management. The Hospitality industry is notorious for managing a lot of paperwork - invoices are manually written or updated, items are on backorder, deliveries are missed, food prices vary, the number of suppliers are large, et. We aim to tackle these challenges with automation.
Switched payroll provider to keep better control over money disbursement
During COVID-19 we switched from a large payroll provider (Ceridian) to using Quickbooks Payroll. This new solution is offering much smoother integration with accounting and a larger flexibility that we are utilizing.
Staffing and payroll is a large part of the admin work we do. This task used to require 1 full time employee. This is no longer the case due to the efficiency upgrades.
Simplified TIPS processing (Canada Only)
Tips are at the core of the hospitality industry. The disbursement of tips has alway been a time consuming process. Counting money, collecting money, getting exact change, and putting cash into envelopes is no longer practiced at Snakes & Lattes. Tips are automatically calculated, split up, and disbursed to staff bank accounts within a matter of days.
Reconcile European and North American accounting processes
The addition of Morning (Publishing) has presented its own set of challenges. European accounting norms differ from counterparts in North America. This makes GAAP accounting more complex. Our CPA is developing procedures to streamline this process.
Accounting Processes
During the COVID-19 shutdown we reviewed the entirety of our processes, with increased efficiency the goal. We reviewed all accounting processes to make sure they are all mapped out prior to going back to business as usual.. We now have rules for each supplier to ensure no invoices are missed and we drastically diminish the number of unnecessary admin tasks and costs. Some processes were automated, others were eliminated entirely.
The Company eagerly awaits the economy to open back up completely. In the meantime, we will continue to maximize our efforts in other areas and continue improving efficiency in the areas affected by the pandemic.
Stay tuned for another update in the coming days.
Please visit the new website which will be being updated and expanded on over the coming weeks at www.amfiltech.com
For further updates from Snakes & Lattes and its parent company, Amfil Technologies Inc., please follow us on Twitter @AmfilTech
For more information regarding the company, and its related subsidiaries please visit the following websites:
Amfil Technologies Inc. - www.amfiltech.com
Snakes & Lattes Inc. - www.snakesandlattes.com
Morning (Snakes & Lattes Publishing SAS) - https://www.morning.us
GRO3 Joint Venture - http://gro3systems.com
Interloc-Kings Inc. - http://www.interloc-kings.com
About Us:
Amfil Technologies Inc. is the parent company to three wholly owned subsidiaries:
1). Snakes & Lagers Inc. holds the trade name and is the owner of Snakes & Lattes Inc. which currently operates 3 tabletop gaming bars and cafes located in Toronto, Ontario and 1 in Tempe, Arizona. The company is in the process of expanding throughout North America. Snakes & Lattes Inc. was the first board game bar and cafe in North America, is believed to be the largest in the world and has the largest circulating public library of board games in North America for customers to choose from. Snakes & Lattes Inc. currently has a 100+ member staff and recently acquired the exclusive distribution rights throughout Canada for some of the most popular board games in the world. The company also operates a lucrative fulfillment and distribution division and has recently entered into the board game publishing business through the acquisition of Morning which is expected to add significant revenues to the bottom line. For more information on Snakes & Lattes Inc. feel free to visit the website at www.snakesandlattes.com
2). The EcoPr03 GRO3 Antimicrobial System was jointly developed between Amfil Tech and A.C.T.S. Inc. which recently rebranded its technology under Advanced Ozone Integration as an extension of the existing ozone technology being utilized in the food and beverage industry and integrated by A.C.T.S. into companies such as Pepsi, Nestle, Sysco, Sun Pacific and many others. The system is a triple-function sanitization unit capable of naturally eliminating 99.9% of water and airborne pathogens and the typically problematic pests that wreak havoc for cultivators (like aphids, whiteflies and spider mites), as well as bacteria, fungus, microbes and mold on surfaces, all without chemicals. The unit can also constantly regulate a given facility's water supply, oxygenating the water and maintaining a consistent PPM infusion of ozone that prevents the formation of algae, bacteria or mold (allowing for comprehensive water recycling), simultaneously removing the need to use pesticides and/or dangerous, often carcinogenic products to treat production problems, as is common throughout the industry today. This environmentally-friendly solution also eliminates odors, while slightly reducing the air temperature, lowering energy consumption by the HEPA filtration and HVAC systems and could potentially allow for a facilities process to be labeled certified organic in the U.S.A. when the crop is no longer considered illegal on the federal level, otherwise "Clean Green" or "Certified Kind" in the meantime. The EcoPr03 GRO3 Antimicrobial System recently passed product review by a registered USDA certifying agent for use in California as well as Pennsylvania and surrounding states. The subsidiary has developed a strategic partnership with Roto Gro, the creator of proprietary rotary hydroponic technology. More information on this product line can be found on the www.gro3systems.com website or on twitter @GRO3Systems.
3). Interloc-Kings Inc. is a hardscape construction company servicing the Greater Toronto Area. This subsidiary is an authorized Unilock installer. Unilock is North America's premier manufacturer of concrete interlocking paving stones and segmental wall products. Interloc-Kings Inc. has an A+ Rating with the Better Business Bureau (BBB) and a 10/10 rating on homestars.com. Specializing in stone and wood installations between $10,000 and $250,000 per project, Interloc-Kings Inc. has quickly become a top, high quality installation company of outdoor living areas in the GTA. More information on this subsidiary can be found at the website www.interloc-kings.com
Safe Harbor Statement
This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results, new features or services, or management strategies) and other factors discussed from time to time in the Company's OTC Market or Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should,", "will", "expect," "anticipate," "believe," "estimate," "confident," "intend," "plan" and other similar expressions. Our actual results, such as the Company's ability to finance, complete and consolidate acquisition of IP, assets and operating companies, could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company such as a result of various factors, including future economic, competitive, regulatory, and market conditions. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Contact:
Ben Castanie
Snakes & Lattes Inc.
Telephone: (416) 500 2911
Email: ben@snakesandlattes.com
Or
Roger Mortimer
Amfil Technologies Inc.
Telephone: (647) 880-5887
Email: rmortimer@amfiltech.com