Accounts Payable Automation for Restaurants
As technology rapidly improves, consumers are able to order almost anything online—for example, having restaurant food delivered straight to their door. They can make reservations online or order straight from a kiosk, without ever having to talk to a host. Just 20 years ago, the restaurant industry could have never dreamed of how advanced technology in their field would become. However, with the recent advances in technology within sects of the restaurant industry, it’s important that accounts payable departments are not forgotten. Companies on the path to success need to consider accounts payable automation for restaurants.
Back offices should be keeping up with the technology that’s offered to customers. By having high-level accounts payable automation for restaurant industries, companies as a whole are able to save time and money. Fully automated accounts payable allows you to send and receive payments electronically, with increased efficiency and reduced costs. Unfortunately, many restaurants lag when it comes to automating business functions, such as invoice management and processing.
When restaurant owners are hesitant to switch to electronic invoicing, it’s typically because they think it would be too much of a hassle, or that it’s too expensive to make the switch. Luckily, today’s best-in-class accounts payable automation solutions have been proven to save companies money within a year of implementation. Additionally, high-level teams are dedicated to helping your accounts payable department implement quickly and efficiently.
As proof of the benefits of implementing high-level accounts payable automation for restaurants, this major chain decided to make the switch to automating with iPayables and have seen vast improvements. They initially came to iPayables after their previous solution began charging their suppliers fees. This major chain, which processed over 14,000 invoices each month, was drawn to the iPayables’ solution because it doesn’t charge fees to suppliers.
Additionally, this chain’s AP department was able to achieve better centralized control, increase its paper invoicing to over 95%, and decrease turnaround time to less than four days. Thanks to the decreased turnaround time, their department was also able to take advantage of dynamic discounting, earning money back through fast pay discounts.
The result? Better productivity, greater efficiency, less exceptions, and lower expenses.
For chain restaurants, switching to electronic invoicing provides AP personnel the ability to pursue more fulfilling and productive activities—rather than manually inputting invoices, mailing paper invoices, scanning paper into systems, and manually fixing invoice errors and exceptions. With customers enjoying the benefits of the latest advances in technology within the restaurant industry, it’s a no brainer that valued staff should be able to access and profit from high-level technology too.