Soaring food and labor costs have forced restaurants to cut down their margins. As a result, time-consuming tasks such as manual invoice management and accounts payable processes have become unsustainable. The solution lies in automating the core business process such as data entry, GL code, invoice management, and accounts payable. Automation makes it easier for accounting departments by automating the repeatable tasks required to keep a restaurant running.
Keeping every single invoice, in line with item detail is sacrificed in favor of GL coding. Also, sending paper approval invoices leads to unexpected delays. Companies run multiple checks for payments from the seller every week. Establishments skip the crucial task of reconciling accounts since it is time-consuming, and automation can help.
The technology automatically examines invoices and maintains payable accounts that allow the companies to stay on top of their books without investing long hours in low-value tasks. Computerized invoices are an improvement in terms of filing and storage, but they do little to mitigate the challenges of processing and managing invoices that arrive in other formats. Accounts payable automation software helps in organizing all of the company’s invoices in an individual interface.
AP automation software can become a game changer for restaurants since it offers detailed reporting that’s always contemporary—leveraging restaurants’ AP departments to become powerhouses of data-driven insight and cost savings.
Restaurants can take advantage of accounts payable automation system to upload invoices from all their locations into the cloud. Cloud computing can help them process the invoices, and get them approved for payment in mere hours. Such efficiency empowers the restaurant's real-time cost reporting and helps position them to protect their bottom lines.
It’s time restaurants started to treat accounts payable the same way, as a series of tasks, many of which can be automated, leaving only the most delicate or complicated work to be done manually.