Multi-location hospitality businesses operate in a uniquely competitive, challenging environment, where fluid demands and razor-thin margins necessitate ever increasing operational efficiency.
One readily apparent area of improvement for multi-location hospitality companies is accounts payable. With multiple invoices flooding in from many locations, sorting, organizing, and acting on them in a timely manner can become an insurmountable challenge. There are multiple risks associated with the traditional accounts payable mailroom:
- For a multi-location hospitality business, the extra time needed to receive invoices at each location and send them to your AP department for processing can significantly impact the availability of supplies. If, for example, a hotel or restaurant does not stay on top of paying key vendors on time, these vendors will cease distribution, forcing the hotel or restaurant to find another vendor quickly – which could result in a shortage of inventory and supplies, such as food, beverages, clean linens, etc.
- The logistics of processing all of the incoming documents can swell out of control, causing your company to lag behind the competition.
- A paper-based system makes it difficult to receive, distribute, process, control and track invoices.
- Risk of human error is ever-present, as employees have to sort through hundreds or thousands of individual invoices.
Solve the problem with mailroom scanning services
Outsourcing your AP mailroom eliminates the above challenges in one fell swoop. Every incoming invoice becomes a digital document which arrives at your AP office within one business day, eliminating paper and slashing associated costs by thousands of dollars each year.
Here’s how it works:
- We receive all of your company’s mail (for all business locations) via a dedicated P.O. Box daily
- All incoming mail is opened and scanned, with rigorous quality control for all images
- Images are converted into digitized documents, and indexed according to your identification needs
- Your accounts payable office receives all of its documents electronically within 24 hours for processing
- From there, invoices can be forwarded into an automatic workflow (more on this shortly), and distributed for review and approval
Benefits of paperless accounts payable include…
Receiving invoices in multiple locations and forwarding them to your central accounts payable office can take anywhere from a couple of days to a week. In the fast-paced hospitality industry, hinging your business on a cumbersome process can cause your competitive edge to erode.
Outsourcing your accounts payable mailroom lets you cut down on the time expenditure and removes a major hurdle early in the review process. Everything goes to the same P.O. Box, and is then scanned and delivered to you within 24 hours. This expedites document processing significantly.
Reduce human error
A traditional accounts payable process is fertile ground for mistakes and lack of accountability. Paper invoices can be misplaced or sent to the wrong manager for review; and it’s easy to fail to act upon them in a timely manner. Errors like these can add up, causing the level of service to suffer, along with the company’s bottom line.
Scanning and workflow automation removes the likelihood of review errors, adds a layer of accountability into the process, and prevents documents from being lost or misplaced as they travel from person to person.
Gain a competitive edge
Improving invoice processing makes payments faster, and ensures your hospitality business is always stocked up with the inventory and supplies you need to deliver the highest-quality services across all of your locations. Eliminating paper document processing and storage frees up space, funds, and man hours to invest in more demanding areas.
Most importantly, a paperless system of managing accounts payable helps you track and monitor your financial records across all locations. This results in additional insights into how your hospitality business operates, and helps the entire company run with increased transparency and accountability.
All of the above leads to cementing your position in the hospitality industry, where smart resource management can make all the difference when it comes to maintaining a thriving business.
Additional benefits with workflow automation
To make the most of outsourced mailroom operations, it’s important to consider incorporating workflow automation software for maximum control and accelerated decision-making in every area of your company.
Workflow automation adds the following benefits into the mix:
- All invoices are routed to the appropriate persons
- Invoices can be distributed to general managers for approval based on parameters like invoice amount and location
- The need for manual approval of purchase order based invoices is eliminated
For more information on how mailroom scanning services and workflow automation can help your hospitality business thrive, call us at (888) 294-1965.Contact Us to Learn More